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 The AR Market size is expected to reach USD 100.24bn by 2024, according to a report by Grand View Research, Inc. The AR market is expected to witness a substantial growth owing to advances in hardware technologies and sophisticated mobile software. Market conclusions and predictions by The Company of Thought (TCoT).
The combination and interchangeability of the terms virtual reality (VR) and augmented reality (AR) continue to confuse buyers. AR enhances reality and leaves you in it, whereas VR takes you into a virtual world. AR involves interaction in real time – as well generating data in real-time. AR has various applications which include video games (physical interaction with 3D models), presentations, television, theme park, and simulations (such as driving and flying).
Five of TCoT’s conclusions are:
- Although significant investment continues to be high in VR by big players in the market (Facebook, Samsung, Sony, and so on), we still find that AR will have a more immediate adoption rate. Content for both is still limited.
- Devices have become cheaper quickly in the VR market and now e-learning simulators have a true opportunity to develop. The development cost and lack of existing content are still a risk and will remain like this for the foreseeable future.
- In the AR field, many fun projects are starting to emerge and, with the likes of Microsoft starting to reveal more and more of their Hololens technology, the understanding of its potential is reaching individuals at all levels.
- Rising conceptualization in entertainment-related plans is seen as a lucrative opportunity for the industry. For example, Magic Leap, an AR company, is developing a technology called Dynamic Digitized Lightfield Signal that shines on the retina of the user and allows interaction between fictional characters and the real world.
- The key industry participants include AU Optronics Corp., Cambridge Display Technology Ltd., LG Display Co., Mitsubishi Electric Corporation, Panasonic Corporation, Sony Corp., and Toshiba Corp. Players in this market engage in frequent merger and acquisitions (M&A) activities to increase their product portfolio and geographical presence to gain competitive advantage.
Three predictions
- Emerging trends such as mounting convergence between wearable devices, AR, and Internet of Things (IoT) are anticipated to drive demand. The convergence among these technologies is expected to provide more interactive and immersive user experience.
- AR has been used efficiently in marketing and PR initiatives for television, motion picture and other media promotional campaigns. Hence, the growing adoption of AR technology by the entertainment sector is projected to drive the market over the forecast period.
- The head-mounted display (HMD) segment of the market is expected to dominate the market, growing at a CAGR of nearly 70 percent from 2016 to 2024. It can be attributed to the increasing scope of applications across the military, medicine, scientific visualization, manufacturing, education, training, navigation, and entertainment. The other factors driving demand include better content connectivity, enhanced user-experience and improved Field of View (FOV).
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July 2016 |
