Global Augmented Reality Market Research and Forecast 2017-2022

Posted by Orion Market Research on July 25th, 2018

Augmented Reality is a combination of both real scene viewed by a user and virtual scene generated by a computer that makes the scene more useful with additional information. Integration of digital information with the user’s environment in real time is enabling a significant wave of computing power through a spatial computing revolution.  The global augmented reality market is anticipated to grow at a significant growth rate during the forecast period. The major factors that are augmenting the growth of the market includes technological advancement, increasing adoption of augmented reality technology in healthcare and automotive industries, growing advertisement through AR technology and so forth. R&D and technological advancement enables to provide innovative products such as Google tango, Google Glass’s VIPAAR, CastAR, AR glasses, Zappar and so on. Various technologies that are used in AR across the globe includes optical projection systems, monitors, hand held devices and wearable display systems. Furthermore, emerging applications across e-commerce market and adoption of AR technology for effective advertising are also predicted to be major factors that are fuelling the growth of the market.

Browse full report at: Global Augmented Reality Market Research

Moreover, rising adoption of tablets and smartphones are boosting the market growth since most of them are used for AR technology which is increasingly adopted across the globe.  Globally, Pokémon Go brought augmented reality into the mainstream, setting app store records in the process.  Technology such as cast AR continues to advance at significant rate. The companies are investing heavily in this new immersive technology. Global giants such as Facebook and Google are contributing significantly in the AR and VR technology. Facebook acquired more than 10 AR and VR technology companies since 2013 and more such merger and acquisition are predicted in near future. Global technology key players including Google, Microsoft, Facebook, Snapchat and Apple are exploring this technology considerably. In the recent years, the core AR software which is known for delivering augmented reality service has started developing. These include Handhelds and mobile devices, primarily smartphones and tablets, built-for-purpose mobile workforce devices, Head-up displays (HUDs) for windshields, screens, visors, head mounted displays (HMDS), glasses, goggles, helmets, contact lenses, virtual retina displays, spatial displays and others in R&D.

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Electronic commerce has been growing considerably over the past few years and it is predicted to grow further due to rising demand and technological advancement. The rise in the number of people using Smartphone, tablets and the gadgets to connect to the information space is proof of the reach of the internet as the most effective medium of trade. As more and more businesses move sections of their operations onto the Internet, it will diminish the boundaries between conventional and electronic commerce. Moreover, augmented reality has become marketing trends for increasing customer engagement. Augmented Reality enables Smartphone users to locate their phones’ cameras at certain objects which can be either a print advertisement or even a coffee cup to activate a 3D video. The growing demand for user engagement along with enhanced customer service across the application like real estate, retail and healthcare also contribute to the augmented reality market. However, lack of awareness, connectivity issues and high user expectation are affecting the market growth across the globe.