Augmented reality market expected to grow by nearly 80 percent each year through 2020
VANCOUVER, Wash., 11 Dec. 2015. Global demand for augmented reality technologies should increase every year by nearly 80 percent and reach $56.8 billion by 2020, predict analysts at market researcher MarketsandMarkets in Vancouver, Wash.
The growing demand for augmented reality technology in consumer, commercial, and aerospace & defense segments would drive the growth of the augmented reality market, analysts say in the report Augmented Reality Market-Global Forecast to 2020.
Augmented reality is a live direct or indirect view of a physical, real-world environment whose elements are supplemented by computer-generated sensory input such as sound, video, graphics or GPS data. The technology functions by enhancing one’s current perception of reality by overlaying artificial information about the environment and its objects on the real world.
Augmented reality initially was developed for the military to help train military personnel by helping them learn about new instruments and weapons. The medical sector also uses augmented reality to train doctors and the nurses.
The use of augmented reality technology is expected to grow sharply over the next five years in aerospace and defense, consumer, commercial, and automotive applications, analysts say.
Major companies such as Google, Qualcomm, and Microsoft will drive augmented reality growth in North America, while associations like EuroVR and the European Association for Virtual Reality and Augmented Reality will drive growth in Europe, analysts say. Aerospace and defense also will drive European growth. The fast-growing commercial sector, meanwhile, will help drive augmented reality in the Asia-Pacific region.
The study breaks down augmented reality growth by market sector such as aerospace, defense, medical, consumer, and commercial; by hardware such as sensors, semiconductors, and displays; and by software. The study also analyzes display types such as head-mounted display, head-up display, handheld device display, and spatial display.
The major market players covered in the report are Google Inc., Qualcomm Inc., Microsoft Corp., and Samsung Electronics Co. Ltd., as well as startups like Magic Leap Inc.
For more information contact MarketsandMarkets online at www.marketsandmarkets.com.