Augmented Reality Market to Grow at 65% CAGR Through 2021, Reports Technavio

According to the latest market study released by Technavio, the global augmented reality (AR) market is expected to grow at an impressive CAGR of more than 65% during the forecast period.

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Technavio has published a new report on the global AR market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Augmented Reality Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

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The market research analysis categorizes the global AR market into three major product segments. They are:

• Mobile devices
• Smart glasses
• Head-mounted displays (HMDs)

Global AR market by mobile devices

The global AR market by mobile devices is expected to grow at a CAGR of close to 78% by 2021. In 2017, several large companies such as Facebook, Apple, and Google are expected to launch augmented reality apps that will enable improved interaction with the real world.

The awareness and interest in augmented reality technology are increasing among users, which will result in the development of phones with integrated dual cameras at the back along with depth sensing cameras. This may not generate revenue immediately, however, with the development of new content, consumer-specific AR apps will start generating revenue.

“The adoption of mobile AR in enterprises will increase significantly due to the ease of use and convenience offered by mobile devices. DHL, a leading logistics company, has shown immense interest in using mobile AR for logistics. The company is expected to slowly develop apps for warehousing, optimizing transportation, and last-mile delivery,” says Chetan Mohan, a lead analyst at Technavio for human machine interface research.

The use of AR technology is also increasing in sectors such as healthcare, retail, travel, service and maintenance, and advertising. Constant innovations in AR technology will continue to drive the market till 2035.

Global AR market by smart glasses

The global AR market by smart glasses is expected to grow at a CAGR of more than 69% by 2021. The ASP of smart glasses is expected to remain the same throughout the forecast period. This is because these devices are mostly used by consumers in the enterprise sector. They are not price conscious and want the best quality devices. Smart glass manufacturers will integrate advanced processors and sensors in their products. Manufacturers will also try to integrate high-level optical systems to give more clarity to end-users.

Global AR market by HMDs

The global AR market by HMDs is expected to grow at a CAGR of over 35% by 2021. HMDs are widely used by enterprises in the healthcare and engineering sectors along with the government in the defense and aviation sector. The present market offerings are expensive but are also more sophisticated in terms of functionality. They are custom-made to suit certain applications for these niche segments. Moreover, as the product is in the development stage, awareness is poor, and it is not user-friendly. With mass production not expected until the end of the forecast period, the market will experience slow growth for this segment.

“However, advanced HMDs, embedded with AR technology, will witness a high adoption rate during the forecast period due to the increase in defense spending on advanced weaponry,” says Chetan.

Some of the top vendors highlighted by Technavio’s hardware and semiconductor market research analysts in this report are:

• Apple
• Qualcomm
• Rockwell Collins
• Sensics
• Technical Illusions

Browse Related Reports:

• Global Mobile Augmented Reality and Virtual Reality Apps Market 2016-2020
• Global Virtual Reality in Gaming Market 2016-2020
• Global Virtual Reality Content Market 2016-2020

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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