Augmented reality once considered as gaming technology now enjoys a significant attention in the consumer market. The technology enables levels of customer engagement and makes a significant impact in the consumer market. Now, it permits brand awareness and loyalty programs for customers based on their feedback and experience.
Technology has highly proven that it can make a significant impact on buyer decisions in vast sectors like travel and tourism, retail management, and education. Even for training purpose, interactive based simulators are used against the paper-based training environment. Several businesses are now acknowledging the fact and most of the businesses are now emphasizing on offering the AR based experience on a high-level.
According to the report published on Upmarketreasearch on Augmented reality, the market is driven by factors such as enormous demand from healthcare, retail, and e-commerce domain. Additionally, increase in investment and extensive R&D is likely to boost up the market during the forecast period. Other factors such as rise in digitization, advanced technologies, rise in awareness and adoption of enhanced healthcare services and consumer inclination towards gaining a virtual reality experience pumps the market growth in the near future.
By offering, the market segmentation includes hardware and software. Hardware device is likely to dominate the segment growth owing to the use of multiple hardware for AR scenarios. User-friendly features of hardware also contributes to the market development.
Application segment for augmented reality market includes enterprise, entertainment, commercial, healthcare, automotive and consumer appliances. Healthcare and commercial applications are expected to contribute to the market development in the near future due to rise in investment and increase in e-commerce applications. Entertainment sector follows the healthcare domain in the market development thanks to virtual gaming and applications.
Device segment for augmented reality market comprises handheld device, gesture tracking, HMD and HUD. Handheld device and gesture tracking devices have paved their way for market growth to offer user-friendly approach to end-users.
Geographically, the augmented reality market comprises North America, South America, Europe, Asia-Pacific, Middle East and Africa.
Asia-Pacific market is anticipated to gain a significant market traction in the forecast period due to deployment of virtual reality in emerging economies and rapid growth of industries in countries like India and China. Factors such as significant investments in manufacturing operations to develop latest technology and extensive R&D is likely to fuel the market growth in this region.
Europe is the next lucrative market for augment reality since the booming growth in industrial and automobile sector. Effective collaborations, merger and acquisitions are some recent trends followed by key players in this region. Rise in use of AR technology for defence and space operations is another reason accounting for market growth in this region.
North America augmented reality market is expected to show a constant growth in the regional as well as international markets owing to the continuous improvements in technology.
Prominent players in the augmented reality market include Oculus, Sony, Samsung, Google, HTC, PTC, Wikitude, DAQRI, Blippar, Magic Leap, Upskill, Visteon, Eon Reality, Continental and Vuzix.