Latest Report Has Augmented Reality Market to be Worth $61 Billion by 2023
Report by Markets and Markets shows that AR growth will be driven by business and Enterprise applications.
A new research report published by Markets and Markets shows that the market in augmented reality (AR) is expected to grow from $2.39 billion (USD) in 2016 to $61.39 billion by 2023.
The report indicates that rising demand for AR Heads-Up Displays (HUDs) in areas such as healthcare, retail and e-commerce will drive the growth. The market in AR HUDs is still in early phases of development, though new innovations in how the technology could be used have begun to appear. The Consumer Electronics Show 2017 showed potential uses for AR HUD technology including navigation for airplanes, cars and commercial road vehicles, with things like maps, speed indicators and other safety details displayed on the windscreen, creating less of a distraction to the driver or pilot.
The recent re-launch of Google Glass as Google Glass Enterprise Edition has highlighted the growth in demand for AR technologies from the business sector, with areas such as manufacturing, quality control, inventory and design developing AR software. The report from Markets and Markets also points out the potential for entertain applications, such as sports broadcasts as well as the videogame applications that have already begun to see some use. The report predicts that head-mounted AR displays for gaming and entertainment will be a major boost to the AR economy, especially with the addition of Apple to the market.
Major players in the AR market at present, as indicated by the report, are Google, Microsoft, DAQRI, Blippar, Magic Leap, Wikitude, Zugara, PTC Inc and Osterhout Design Group. The market is currently dominated by companies based in the USA and Europe, though the report predicts this will change rapidly as companies based in APAC countries such as Japan, China, India and South Korea gear up their own AR offerings.
The full report is available to read on the Markets and Markets website.
VRFocus will continue to bring you news on developments within the AR and VR sectors.