Augmented Reality Hardware Market is Expected to Reach USD 218.79 Billion By 2028
Escalating demand for Augmented Reality Hardware from the automotive industry is a significant factor estimated to stimulate market demand.
Augmented Reality Hardware Market Size – USD 3.46 Billion in 2020, Market Growth – CAGR of 68.0%, Market Trends – Application of Augmented Reality Hardware in training and teaching
The global Augmented Reality Hardware market is expected to reach USD 218.79 Billion by 2028, according to a new report by Reports and Data. Escalating demand for Augmented Reality Hardware from the automotive industry is estimated to stimulate market demand in the upcoming years. At CES 2019, several car manufacturers displayed on-the-road AR solutions. For instance, Genesis G80 makes use of several features to confirm accuracy, comprising tracking the driver’s line of sight to make sure that holographic overlays are always in the right spot. In place of looking down at a GPS panel in the dashboard, arrows would be visible to the driver on a heads-up display (HUD) to provide live navigation.
Collaborative works, like conference calls, often lose their effectiveness owing to the lack of face-to-face interaction. Augmented Reality Hardware by creating mixed-reality settings enables everyone on a conference call to see each other in an environment, which is more socially conducive.
Application of Augmented Reality Hardware in training and education is anticipated to propel the market growth in the forecast period. By deployment of Augmented Reality Hardware technology, information or data can be delivered to a trainee or student in real-time. Augmented Reality Hardware systems give an improved sense of vision and remove the objects and vulnerabilities which eventually result in best-practice. Augmented Reality Hardware is found to be worthy by reducing the amount of risk and the cost rates associated with training.
Retailers use Augmented Reality Hardware to exhibit more products than they could fit in their physical store location. Stores with space constraints, like ones located in urban areas, may thus compete on product selection with stores/brands with more space.
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Key participants include Microsoft Corporation, Google, Magic Leap Inc., Osterhout Design Group, Zugara Inc., Upskill, MAXST, PTC Inc., DAQRI LLC, and Wikittude GmbH among others.
AR also empowers retailers to personalize the product offering effortlessly, and give tailored promotions by personal preferences. Customer preferences can be collected in various ways, e.g., by using analytics tools.
High cost associated with Augmented Reality Hardware and issues pertaining to reality modification may create hindrances in the growth of the market in the forecast period.
Further key findings from the report suggest
- Superimposition based AR uses object recognition in to substitute an entire object or a part of it with an augmented view. In pharmaceuticals, a medical professional can use this technology to superimpose an X-ray view of a patient’s fractured or broken bone on a real image to get a clear picture of how much damage has happened.
- Head mounted displays contributed to significant market share in 2020 and is expected to maintain its dominance throughout the forecast period, with a growth rate of 73.5%. Several companies in the market are working on the development of head mounted displays for Augmented Reality Hardware with advanced features.
- The increasing deployment of these devices in aerospace, defense, healthcare, manufacturing, education, navigation, gaming, sports, and entertainment among others is expected to boost market demand in the future.
- The application of Augmented Reality Hardware in the automotive sector is expected to grow at a rapid rate of 67.5% in the forecast period owing to an increase in deployment of such devices in automobiles.
- Popular for its head-mounted displays, DAQRI has also developed a Smart HUD for automakers, and at present 150,000 vehicles on the road use the display.
- DAQRI spun off its automotive AR business to a separate business entity known as Envisics in 2017. With the spin-off, the company’s Smart HUD will employ software-defined light (SDL) technology, which generates the AR imagery on the system.
- The Asia Pacific region is expected to dominate the market in 2028 and is forecasted to grow at a rate of 72.2% in the forecast period. The increase in research and development in APAC and the growing acceptance of newer technologies in the region are the drivers for the AR market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/augmented-reality-hardware-market
For the purpose of this report, Reports and Data have segmented global Augmented Reality Hardware market on the basis of hardware component, hardware type, AR type, application, and region:
Hardware Component Outlook (Volume, Thousand Units; Revenue, USD Million; 2020-2028)
Hardware Type Outlook (Volume, Thousand Units; Revenue, USD Million; 2020-2028)
- Head Mounted Display
- Head Up Display
AR Type Cause Outlook (Volume, Thousand Units; Revenue, USD Million; 2020-2028)
- Projection Based AR
- Recognition Based AR
- Location Based AR
- Outline AR
- Superimposition Based AR
Application Outlook (Volume, Thousand Units; Revenue, USD Million; 2020-2028)
- Aerospace & Defense
- Gaming, Sports, & Entertainment
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Regional Outlook (Volume, Thousand Units; Revenue, USD Million; 2020-2028)
- North America
- Asia Pacific
- Latin America
Conclusively, all aspects of the Augmented Reality Hardware Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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