AR market to grow rapidly, says report

AR market to grow rapidly, says report

Market news |
According to the latest research report from MarketsandMarkets, the augmented reality (AR) market is expected to grow from $2.39B in 2016 to $61.39B by 2023, at a compound annual growth rate (CAGR) of 55.71% between 2017 and 2023.
By Rich Pell

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The increasing demand for AR devices and applications in healthcare, increase in demand for AR in the retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market.

Head-up displays (HUDs) for the augmentation of images are presently used in automotive, and aerospace and defense sectors for training purposes – the HUD market is still in the developing phase and is likely to commercialize in the near future. The recent Consumer Electronics Show (CES) 2017 demonstrated enormous opportunities and variations for head-up displays using the augmented reality, where the head-up display with AR was one of the most talked about innovations.

Head-up displays could be used for navigation in airplanes and automotives. The information on a roadmap and the speed along with the other necessary details in the line of sight would be displayed on windscreens enabling the driver to drive safely. The use of head-up displays in the applications such as automotive, and aerospace and defense would help the market to grow at a higher rate.


Augmented reality technology offers remarkable results in terms of visual effects when used in gaming and sports broadcasts. There are some AR gaming applications in which players can create virtual objects and characters and then link those digital creatures to defined locations in the real world. Players can then easily interact with those digital objects in the real world.

The demand for software apps is high in the consumer sector since gaming applications are used in devices such as smartphones and tablets. Even in entertainment, the demand for the development of AR apps is high to enhance the user experience in different areas such as sports broadcasting, gathering information through social networking sites, and so on. The use of head-mounted displays for gaming and entertainment will also be a major boost to the augmented reality market.

Being an emerging economy, Asia Pacific is witnessing major changes in the adoption of new technologies and advancements. Due to the presence of most of the display panel manufacturers in the region, APAC will see an increasing adoption of latest technologies and is expected to hold a major share of the augmented reality market during the forecast period.

www.marketsandmarkets.com

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