A recent article on Consumer Electronics Net discusses the Augmented Reality Market Analysis to 2024 report by Grand View Research that has been released.
Significant points from the report include:
- The global AR market is predicted to reach $100.24 billion by 2024
- The hardware segment is expected to increase at a compound annual growth rate (CAGR) of more than 90% by 2024
- The software segment is expected to increase at a CAGR of more than 55% from 2016 to 2024
- The head-mounted display segment is predicted to increase at a CAGR of almost 70% from 2016 to 2024, dominating the market
- It is anticipated that smart glasses adoption by consumers will significantly increase
- The automotive segment is expected to grow at a CAGR of more than 70% by 2024
- In the automotive sector, virtual technology is being utilised more and more due to increased model and equipment variants in design and development of vehicles
- Volkswagen have used AR to save time and cost in product development; virtual data is overlaid onto design models so that components can be analysed
The AR market in Asia Pacific is predicted to reach more than $44.30 billion by 2024, and China is expected to drive regional growth due to increased AR devices and mobile apps adoption.
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