Feb 25, 2020 (Xherald via COMTEX) -- The global augmented reality market was valued at USD 0.35 billion in 2018, and is expected to register a CAGR of 151.93% over the forecast period (2019-2024).
The report presents an in-depth assessment of the Global Augmented Reality including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Global Augmented Reality investments from 2020 till 2024.
Augmented reality is likely to present a completely new way to engage and expand the abilities of retailers. The possibilities of augmented reality are endless, especially when combined with the ever-evolving wireless technology, which enables the integration of mobile devices and home appliances, in order to provide an enhanced connected experience for the end users. Huge potential opportunities in biotechnology and healthcare are expected to drive the growth of the augmented reality market over the forecast period.
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Top Leading Manufactures-
Google LLC (Alphabet Inc.), Seiko Epson Corporation, Vuzix Corporation, Osterhout Design Group (ODG), Realwear Inc., Toshiba Corporation, Daqri LLC, Meta Company, Optinvent S.A., Atheer Inc., Blippar.com Limited, Vuforia (PTC Inc.), Leap Motion Inc., Wikitude GmbH, Infinity Augmented Reality Inc.
Augmented reality (AR) achieved product realization slowly, owing to the complex nature of the technology. Microsoft Hololens project started in 2010, took six years for development, and launched the developers' edition in the first quarter of 2016. Magicleap, the secret AR startup, which raised over USD 1.9 billion, is launching a product after seven years of development.
The increasing adoption and availability of cloud have been major drivers for the market studied, as cloud provides the platform and infrastructure to address the scalability limitation of on-premise AR experiences.
The current market scenario has observed a greater focus on creating content and tools with more smartphone compatibility. This is expected to be driven by photorealistic AR, enabled by the combination of software and hardware advances, one of the most significant launches of dedicated AR frameworks in the smartphone operating systems.
Hardware Segment to Witness Significant Growth
Most of the companies, like Daqri, Meta, ODG, Vuzix, Optivent, etc., made AR headsets with a focus on enterprise applications for their devices. However, social media giant, Snapchat, which introduced AR to mobile phones through its social media platform, also launched its first version of AR glasses, V1, in 2016. The company was only able to sell about 150,000 pairs and registered a USD 40 million write-off on the hardware business, after ordering 800,00 pairs from a Chinese supplier.
AR devices available currently in the market have controlling systems embedded in the head-mounted devices or as a separate accessory. However, notable developments in the AR glasses, like gesture-controlled and voice assistant-controlled AR devices were launched in 2017.
Lucyd was created by an IP investment firm, Tekcapital, which is developing ergonomic AR glasses based on 13 disruptive AR patents. The Lucyd Lens smart glasses are built on an in-house decentralized blockchain called Lucyd Lab AR, which is powered by the LCD token, which organically drives content creation.
Through this design, the company aims to use community-driven content development to create the AR-driven blockchain with mass appeal. The company plans to introduce the blockchain-based AR smart glasses named Lucyd Lens in Q1 2019.
Going forward, such innovations in hardware, in terms of ergonomics, i.e., reduced size and weight, and making headsets look more like traditional eyewear, are likely to increase the acceptance of AR devices by consumers, in addition to the enterprise users.
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What are the market factors that are explained in the report?
- Key Strategic Developments : The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.
- Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
- Analytical Tools: Global Augmented Reality Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2014 to 2020 and forecasts until 2024 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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