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Augmented Reality Market Growth | Industry Analysis, Size, Share, Growth by 2024

Author : Ronak Bora | Published Date : 2020-08-26 

Rapid adoption of the technology in aerospace & defense is expected to drive the augmented reality market growth. Companies are investing in leveraging the technology to improve manufacturing processes, reduce costs, and save time. For instance, Boeing is using Google Glass to construct aircraft wire harnesses. The technology helps technicians in building hugely chaotic and complex wire webs to connect electrical systems in the aircraft.

AR is a highly niche technology and the vendors are filing patents for all their new advancements. This is restricting the knowledge transfer among industry participants, restraining the augmented reality market growth. Furthermore, the technology is expensive to implement and thus remains inaccessible for small and medium businesses. The high capital that is required to procure devices to implement the technology reduces its adoption.

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Having established itself as a rather prominent vertical of the technology sector, augmented reality market has witnessed phenomenal gains, in terms of remuneration over the recent years. In the field of software, this technology is already approaching mainstream awareness, primarily on account of the profound contribution of renowned tech giants like Blippar, PTC, Daqri, Upskill, Samsung Electronics Co. ltd., Magic Leap, Facebook Inc., and Apple. While the increasing popularity of Apple’s flagship augmented reality technology, ARkit has already created a huge buzz in the augmented reality industry, the American conglomerate’s latest breakthrough, iPhone X is an exemplar precedent depicting the signs of penetration of the business space in the territory of smartphone hardware as well. Reportedly, the advanced TrueDepth camera of the product not only include Portrait Mode and FaceID feature, but can also detect users’ 3D data and dynamic expression via a unique facial recognition function, Animoji. Though the competitive terrain of augmented reality market is all inclusive of breakthrough innovations from other rivals as well, Apple, undeniably, has turned out to be one of the most active promoters of AR technology lately.

Primarily backed by the fact that AR technology has already made profound inroads in the automotive domain since the inception of 21st century, experts claim, augmented reality industry from this particular business sphere is set to gain exceptional proceeds over the coming years. Big shot automakers across the globe have been increasingly deploying this technology in a bid to bring next version vehicle manuals. Volkswagen’s MARTA (Mobile Augmented Reality Technical Assistance) app that provide a thorough repair assistance to amateur mechanics can be placed as a testament to the aforementioned fact. Add to it, the race to develop self -driving vehicles that is presently heating up the automotive space, is also expected to open up new growth opportunities for augmented reality market. Though automotive giants are highly excited with the changing trend, there is a still a wave of inhibition among the consumers due to dearth of proper know-how. Experts believe, increasing integration of AR technology in automobiles would bridge the gap, gradually encouraging consumers to get accustomed with the new technology. From navigation to improving automobile control, automotive sector, as per experts’ opinion, is reportedly one the most remunerative growth avenues for augmented reality market.

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Germany augmented reality market is expected to grow at a fast pace over the forecast time span owing to increasing applications of the technology in the automobile industry. In the race to develop driverless cars, manufacturers, such as Audi and BMW, are implementing the technology in automobiles to increase the level of self-driving capabilities. The manufacturers are also implementing the technology in manufacturing processes to improve the operational effectiveness.

Table of Contents (ToC) of the report:

Chapter 3    Augmented Reality Market Insights

3.1    Industry segmentation

3.2    Industry landscape, 2014 - 2024

3.3    Industry ecosystem analysis

3.4    Capital Investment

3.5    Notable Mergers & Acquisitions in the AR market

3.6    Technology & innovation landscape

3.6.1    Augmented Reality Earbuds

3.6.2    Smart Glasses for Blind People

3.6.3    Augmented Reality Helmet

3.7    Regulatory landscape

3.7.1    Digital Millennium Copyright Act (DMCA)

3.7.1    Communications Decency Act (CDA)

3.7.2    Child Online Protection Act (COPA)

3.7.3    Federal Trade Commission (FTC)

3.8    Industry impact forces

3.8.1    Growth drivers

3.8.1.1    Emerging AR applications across e-commerce and retail

3.8.1.2    Increasing investments in the AR technology

3.8.1.3    Rising demand in medical and automotive industry

3.8.1.4    Increasing adoption of AR enabled smart glasses

3.8.2    Industry pitfalls and challenges

3.8.2.1    Privacy concerns pertaining to the AR technology

3.8.2.2    Financial constraints and complexity

3.9    Growth potential analysis

3.10     Porter’s analysis

3.11     Competitive landscape, 2016

3.11.1    Strategic landscape

3.12     PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/augmented-reality-ar-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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