According to a new market research report “Augmented Reality Market by Component (Sensor, Display, & Software), Display Type (Head Mounted, Head-Up, Handheld, & Spatial), Application (Aerospace & Defense, Consumer, Commercial), and Geography – Global Forecast to 2020”, the total augmented reality market is expected to reach $56.8 Billion by 2020, at a CAGR of 79.6% between 2015 and 2020.
The augmented reality technology would drive the specialized applications in the diverse fields. The augmented reality was initially developed for the military purpose to train the military personnel.
It would help the military personnel to be aware of the new instruments and weapons. Augmented reality technology is also used in the medical sector to train the doctors and the nurses to help the patients treat better.
The gaming experience has been much more fruitful with the augmented reality being used in generation of the games.
The augmented reality market is expected to exhibit a high growth in the next five years. The use of augmented reality technology in sectors such as aerospace & defense, consumer, and commercial would be high in the coming years.
The applications such as aerospace & defense and automotive would also help boost the augmented reality market.
The presence of major companies such as Google, Inc. (U.S.), Qualcomm, Inc. (U.S.), Microsoft Corporation (U.S.) in the North American augmented reality market is likely to boost the market growth in the region.
The European augmented reality market would follow North America in terms of market growth. The associations such as the EuroVR, the European Association for Virtual Reality and Augmented Reality and the growth of automotive and aerospace & defense sector in the region would help the growth of European augmented reality market.
The Asia-Pacific AR market is likely to be driven by fast-growing commercial sector in the region.
The major market players covered in the report are:
- Google, Inc. (U.S.),
- Qualcomm, Inc. (U.S.),
- Microsoft Corporation (U.S.),
- Samsung Electronics Co., Ltd. (South Korea).