Augmented Reality Market Report| Size, Growth, Demand, Scope, Opportunities and Forecast 2030
Augmented reality (AR) is on the brink
of transforming the entire industrial workplace as well as consumers’
lifestyle. As per latest studies, the global augmented reality market is
expected to grow at a tremendous over the forecast period, 2020-2030.
The ability of AR technology to combine real world with
super-imposed images is attracting a humongous user base, with the number of
mobile AR users slated to reach 2.4 billion by 2023, globally, as per Statista.
While tech giants have been extensively focusing on R&D
activities in AR technology, SMEs and start-ups are also showing good signs.
Case in point, NTT Docomo has invested US$ 280 Mn in Magic Leap, an AR start-up.
Furthermore, players identifying the untapped potential of augmented reality
will be better placed for outsized returns.
Market
to See Demand Upsurge in Automotive Sector
The automotive industry has been the early adopters of augmented
reality technology and continue to be a major driver in its capital
performance. Majority of automobiles incorporate AR-based heads-up displays
(HUD) that predict information such as state of the vehicles’ systems, speed
and mileage, and navigation directions.
Several high-end car models – Toyota Camry, Chevrolet Camaro,
and BMW 7 Series – come with AR-based HUDs. Studies find that the adoption of
AR-based HUDs is poised to reach about US$ 7 Bn by 2027.
The automotive industry is a conducive ground for innovation and
automobile giants are heavily investing in AR automotive technologies that
rethink the driving experience. ABI Research reveals that the overall market
revenue of AR automotive technologies will surpass US$ 5 Bn in 2022, expanding
at 177% CAGR.
Augmented Reality Market – Growth
Restraints
While AR technology aids businesses in advancing their processes
and services further, its implementation is cost-prohibitive, and requires
methodical expertise. As such, application of AR is limited to large-scale
enterprises. AR technology helps in generating, analyzing, and gathering
crucial data sets, thus, putting users’ privacy at risk.
Moreover, AR systems that capture surroundings in real time
raise legal concerns akin to that of shooting videos or pictures of casual
individuals or their property, which is prohibited. AR technology is highly
addictive further leading to health problems such as lack of concentration, eye
problems, and chronic pain.
Impact of COVID-19 Pandemic on Augmented Reality Market
While the augmented reality market has been following a positive
growth trajectory, the coronavirus (COVID-19) pandemic is providing further
boost to market growth. Reduced on-site staff due to physical distancing
regulations is hindering the operational efficiency of several companies.
However, AR is finding immense usage amid the pandemic,
especially in remote assistance. AR-enabled remote assistance offers live video
conferencing experience between multiple users. In addition, it allows the
users to add annotations that stick to the elements in the scene, and thus,
remain in same place in the physical world as perceived by participants.
Such use cases promote highly efficient collaborative between
employees working from home, as such, help address the impacts of decreased
staffing, travel restrictions, and physical distancing.
Regional Analysis of Augmented
Reality Market
North America and Europe continue to hold leading share in
augmented reality market, backed by presence of established technology
pioneers. As per Statista, by 2021, the number of AR users is expected to hit
85 million in the US alone. Further, the International Data Corporation (IDC)
reveals that the US and Western Europe will witness the fastest growth in AR/VR
by 2023 – 104.2% CAGR, and 96.1% CAGR respectively.
Going forward, Asia Pacific (APAC) is slated to show robust
growth in augmented reality market over the following decade. Subsequent
development of AR devices and software for commercial sector in countries such
as China is propelling the market growth in this region. Regional players are
investing in R&D to launch various smartphone applications to ensure huge
consumer penetration.
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