Augmented reality is the direct or indirect view of physical objects over the user’s field of view. It adds graphics, sounds, and smell to the natural world as it exists. Augmented reality gets the components of the digital world into a person’s perceived real world. Augmented reality uses both hardware and software component such as eye glasses, contact lenses, head up display, virtual retinal display, spatial display and software development kit.
Both video games and smartphones are driving the development of augmented reality market. Soldiers, tourists, medical, e-commerce can benefit by hand -made a display (HMD) to place computer-generated graphics in their various field of vision. These are the key factors which are fueling the market growth of augmented reality. Further, retail and commercial are major sectors for the growth of augmented reality market in near forecast period. This technology in the retail merchandising process helps to boost business in both display design and consumer packaging goods. The gaming sector is also estimated to show rapid growth in this market. However, the product does not look 100% real, since they are a digital reaction and not photos which can hamper the augment reality market growth.
By the application, the augmented reality market is segmented into aerospace & defense, automotive, retail, e-commerce and other applications. Retail and medical sector have led augmented reality (AR) market. As retailers are trying to enter the online shopping industry but a lack of interaction with physical products became a barrier to making purchases. Hence, AR offers virtual trial rooms which can allow customers to try products online. For instance, De Beers has an application which allows consumers to virtually try on jewelry. Thus, technological advancement is expected to offer alluring opportunities over the forecast period.
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Geographically, Asia Pacific dominated augmented reality (AR) market due to the adoption of augmented reality through mobile apps. China is witnessing a rapid growth as several chipset manufacturers are planning to adopt AR technology by immensely investing funds in it. Many companies in North America are investing in augmented reality market through collaboration and strategic partnership with another player. Europe is another leading regional market and is expected to witness noteworthy growth in the near future. Europeans are also investing their funds in augmented reality market. The developing economies in Latin America also have a potential market for the growth of the augmented reality (AR) market.
The major players in augmented reality (AR) market are Immersion, Magic Leap, Daqri LLC, Apple, Blippar, Sony, Wikitude, Microsoft, PTC, Google, Infinity Augmented Reality, CyberGlove Systems Inc, ODG, Eon Reality, Inc., and Samsung Electronics among others.