Augmented reality (AR) is one of the greatest innovation trends in this modern era, and it’s just going to grow immensely as AR technology usability in mobile phones and different gadgets are increasingly growing around the globe. Augmented reality lets us see the real-life conditions directly before us—trees swaying in the reformation, dogs playing with balls, kids playing soccer—with an advanced digital overlaid on it.
In fact, the truth is the utilization of AR for improving fitness, teaching complex subjects to doctors, preparing specialists, managing drug stores is driving the development of the AR. Advanced navigation systems like google maps use augmented reality to line up route over the road in real-time. Moreover, the lines we see on the football grounds during games that illustrate and analyze games are also possible through augmented reality only.
Furthermore, the global giant of furniture and houseware i.e. IKEA offered an AR app that let’s visualize how the furniture will look in the customers’ home space, incredibility of AR doesn’t stop only here, even military fighter jets use AR technology for altitude and speed projection on their helmet visor.
Many companies have entered the market with plans for Augmented Reality HUDs (Head-up-Displays). There are indications that BMW is coming up with AR HUD in its upcoming premium models. These are the signs of expanded usability of Augmented Reality in various industries also.
The Augmented Reality market is anticipated to grow from USD 10.7 billion in 2019 to USD 72.7 billion by 2024 at a CAGR of 46.6%.
Augmented Reality Market Dynamics
- Increased usage of Augmented Reality in the Healthcare sector
- Increasing investments by government and private institutions on AR-based Startups
- Increase in smartphone users
- Data protection concerns relating to Augmented Reality technology
- Heavy financial requirements and complexity of innovation
- Entry barriers due to stiff competition from existing deep-pocketed giants
The emergence of Augmented Reality applications across E-commerce
Augmented Reality in E-commerce lets consumers review items or experience benefits in their typical lives before actually purchasing it. Utilizing Augmented Reality, consumers can see items and be bound to pick the correct item the first run through. Around 61% of consumers prefer those e-commerce platforms over others who use augmented reality technology in their user interface while 45% of customers believe augmented reality supports their buying decisions. Moreover, around 70% of the customers are believed to be more loyal to the brands that use augmented reality.
Expanding adoption of Augmented Reality for various applications, such as, automotive, healthcare services, entertainment, telecom, infrastructure foundation out in the public and private sectors is one of the main considerations that contribute towards the development of the Augmented Reality market in the Asia-Pacific region. Alongside the increasing utilization of Augmented Reality, the increasing investments by the private and public entities for the growth of new businesses based on Augmented Reality is further making an impressive leap towards the development of the Augmented Reality market in the APAC region. Asia-Pacific Augmented Reality market is anticipated to grow fundamentally at a CAGR of 39.4%.
The usage is not limited to mobile phones only but has expanded at various other sectors like automotive, infrastructure, e-commerce, and the healthcare sector, the contribution of augmented reality in the healthcare sector is incredible which is used to teach upcoming health specialists. Talking about challenges faced by this market is that this market has a very stiff competition among the existing players who are continuously thriving for innovations in the market through their offering, huge investments requirement and complexity of this market is one of the major barriers which disables new players to enter into the market. There is a never-ending global demand for this far-fetched technology thus increasing investments by major players of the market in this sector can be seen, whoopingly increasing growth rate reflects the potential of this market.