Augmented Reality Market Opportunities and Challenges

Northbrook, USA, 2020-Jan-27 — /EPR Network/ —

The augmented reality market is estimated to grow from USD 10.7 billion in 2019 and projected to reach USD 72.7 billion by 2024; it is expected to grow at a CAGR of 46.6% from 2019 to 2024. The most significant factor driving the growth of this market is surge in adoption of augmneted reality in healthcare sector. Augmented reality is of great value when used in medical universities using AR to enhance the learning skills of students and working professionals. The main applications in medical education include representation of mechanisms in space and time dimensions in physiology and 3D/4D visualizations of anatomy structures. For medical students, AR can help by providing training to them through interactive knowledge of surgical procedures and human anatomy.

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On the other hand, factors such as concerns regarding security and privacy are the significant factors restraining the growth of the augmented reality market. However, huge investments from enterprises for smart manufacturing will be a major driver for the enterprise industry growth in the AR market. The companies having factories at different locations can make use of AR and employ a small number of engineers to manage a large setup. The use of remote collaboration using the AR technology to manage machines and other configurations remotely would help in the effective management of the enterprises.

Augmented reality (AR) is among the most promising upcoming technologies that is likely to change the perception of reality. There are more practical applications in AR than its counterpart VR. The use of AR technology completely changes the concept of user’s perception of interaction with the real world with 3D virtual objects in real-time and drives the abilities of and opportunities in different industries and applications. This technology enhances the perception of reality, thereby enhancing the user experience and providing data about the consumer’s immediate environment. Smartphones have been identified as the most promising device for the AR market in the future with the increased use of mobile augmented reality, which is expected to benefit the AR software market.

Head-mounted displays are expected to lead the overall AR hardware market as these devices are expected to be used on a large scale in enterprise and consumer applications. The head-up display segment is expected to grow at a higher rate owing to its use in automotive and aerospace & defense verticals.

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The software segment would lead the overall AR market by 2024. This is owing to the increased use of smartphones, tablets, and other handheld devices for the implementation of AR technology. APAC is expected to lead the AR market and is likely to witness the highest growth rate in the market by 2024. Increasing R&D activities and the growing acceptance of newer technologies are the drivers for the APAC AR market. North America was leading the global AR market in 2018, though APAC is expected to surpass North America by 2020, and lead the market through 2024.

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