As the virtual reality (VR) and augmented reality (AR) markets have grown in recent years analysts have been predicting their growth and overall value. Today sees a new report by Grand View Research, Inc., on the AR market which expects it to grow to $100.24 billion USD by 2024.
Due to recent advances in hardware technologies and sophisticated mobile software, AR is expected to witness substantial growth. Emerging trends such as wearable devices, and Internet of Things (IoT) are anticipated to drive demand as they provide a more interactive and immersive user experience.
Companies such as Microsoft with it’s mixed reality (MR) HoloLens and the secretive Magic Leap are just two players in this expanding field. Then there are apps like Blippar for smartphones that allows users to scan objects to reveal further information, or retail stores like John Lewis who are experimenting with AR in its stores.
Findings in the report include:
- The hardware segment is estimated to grow at a CAGR of over 90% over the forecast period
- Increasing penetration of smartphones and tablets are expected to drive the software segment, growing at a CAGR of over 55% from 2016 to 2024.
- The head-mounted display (HMD) segment is anticipated to dominate the market growing at a CAGR of nearly 70%from 2016 to 2024. It can be attributed to the increasing scope of applications across the military, medicine, scientific visualization, manufacturing, education, training, navigation, and entertainment.
- Asia Pacific AR market is estimated to reach over USD 44.30 billion by 2024. China is anticipated to drive regional growth with the increase in adoption of AR devices and mobile apps.
And it’s not just market research companies predicting what the future may hold, VRFocus recently reported on Lord of the Rings director Peter Jackson giving his support behind AR and MR technology, saying: “In 10 years I expect that mixed-reality technology like Magic Leap will be used as much as, if not more than, smartphones.”
As the AR market grows and develops VRFocus will bring you the latest announcements and updates.