The Global Augmented Reality Market size is expected to reach $89 billion by 2026, rising at a market growth of 46. 3% CAGR during the forecast period. With the help of augmented reality, a virtual image can be superimposed on a real-world view of the user.
New York, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Augmented Reality Market By Component, By Device, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06021496/?utm_source=GNW
Digital information is included into the physical environment whose components are increased with inputs like sound, video, or graphics. The factor boosting the growth of the augmented reality market is the rising penetration of advanced technologies across industries like retail, consumer electronics, and automotive. Also, the growth of the market is boosted by the growing adoption of mobile devices around the world, because it seems to be the most suitable form of augmented reality.
The major factor that boosts the augmented reality market growth is the rising adoption of AR-integrated smart glasses. The demand for smart glasses is rising due to their ability to combine the vision of the user with the virtual world seamlessly. Such glasses utilize a blend of sensors, smart software, display, accelerometers, and internet connectivity to add relevant information to the wearer’s views. For several domestic and professional uses, AR-integrated smart glasses are rapidly being utilized. Several innovative products are being introduced by the different market vendors such as Microsoft HoloLens and Google Glass Enterprise Edition 2. The growing adoption and constant introduction of such innovative products will boost the development of the augmented reality market during the forecast years.
Due to the outbreak of the COVID-19 pandemic around the world, various industries have been impacted in both a positive and negative manner. As the world fights with the global pandemic, the global economy has significantly hampered. However, the augmented reality market has been positively impacted by COVID-19. AR solutions are anticipated to contribute significantly to the healthcare sector in order to contain the spread of COVID-19.
Based on Component, the market is segmented into Hardware and Software. Hardware devices held a significant revenue share of the augmented reality market. This is credited to their higher adoption in commercial and enterprise applications. These devices include a pair of smart goggles with accessories like camera trackers, monitors, headphones, and storage.
Based on Device, the market is segmented into Head Mounted Display, Head up Display, Hand Held Devices, Smart Glass and Others. The Head-Mounted Displays (HMD) and Head-up Displays (HUD) markets are estimated to develop at a fast pace in the forthcoming years. This is credited to the rising demand in different industries that include military & defense, research, aerospace, gaming, and healthcare.
By End User
Based on End User, the market is segmented into Consumer, Enterprise, Commercial, Healthcare, Automotive, Aerospace & Defense and Others. Deployment of technology in the gaming industry will permit users to examine the physical environment and offer an improved experience by incorporating visual & audio content. With the help of this technology, a user is offered an interactive experience of a real-world environment on tablets, smartphones, and portable gaming systems. The rising safety demand and enhancing the Situational Awareness (SA) among pilots will boost device adoption in the aviation industry.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The U.S. and Canada are expected to dominate the market share of North America. This is owing to the technological developments and the rising popularity of augmented reality enabled devices in the region. The region permits quicker implementation of advanced technologies because it has a well-built infrastructure.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, Inc., Alibaba Group Holdings Limited, Samsung Electronics Co., Ltd., Apple, Inc., and Microsoft Corporation are the forerunners in the Augmented Reality Market. Companies such as PTC, Inc., Qualcomm, Inc., Vuzix Corporation, Lenovo Group Limited, and Sony Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google, Inc., Apple, Inc., Microsoft Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Sony Corporation, Qualcomm, Inc., Vuzix Corporation, PTC, Inc., Lenovo Group Limited and Alibaba Group Holdings Limited.
Recent strategies deployed in Augmented Reality Market
Partnerships, Collaborations, and Agreements:
Dec-2020: Vuzix Corporation collaborated with Pixee Medical, a France-based medical company. Following this collaboration, Pixee Medical placed follow-on M400 Smart Glasses to help the commercialization and rollout of the Pixee Medical augmented reality navigation system across Europe.
Dec-2020: Google came into partnership with ModiFace and Perfect Corp. In this partnership, Google introduced a digital try it on experience for some cosmetics-related queries using augmented reality. It aimed to visualize thousands of eyeshadow shades and lipsticks from brands such as L’Oreal, MAC Cosmetics, Black Opal, and Charlotte Tilbury.
Oct-2020: Vuzix Corporation deployed M400 Smart Glasses to SHL Group, the world’s largest privately-owned designer, developer, and manufacturer of advanced drug delivery systems. These smart glasses allow vendors to connect with technical experts to perform troubleshooting and remote inspection without having to be on-premise.
Oct-2020: Vuzix Corporation entered into a partnership with the Children of War Foundation (COWF). The partnership aimed to further the access to medical and surgical education by using Vuzix M400 Smart Glasses to connect healthcare professionals and surgeons providing disadvantaged populations in cooperation with United States-based academic hospital institutions.
Oct-2020: Sony collaborated with Apple for Augmented Reality (AR) and Virtual Reality (VR) technology that is used in its reported AR headset. Under this partnership, Sony received an order for a microdisplay using an organic EL panel. The display is small in size and lightweight in design and features high image resolution, as well as a digital camera viewfinder.
Sep-2020: Qualcomm partnered with LG Uplus, a South Korean cellular carrier. The partnership aimed to develop 5G-based extended reality (XR) content that covers all immersive content such as AR and VR, which includes Japan’s KDDI Corp., China Telecom Corp., Bell Canada, and Qualcomm.
Jul-2020: PTC announced an agreement with the University of Sheffield Advanced Manufacturing Research Centre (AMRC). The agreement combined the two organizations and came after VEC played a crucial role in remotely transferring manufacturing expertise safely to several new production lines supporting the build of over 13,000 ventilators for the VentilatorChallengeUK Consortium (VCUK).
Jun-2020: Vuzix partnered with TensorMark, an AI biometric security & identity management platform. Under this partnership, Vuzix allows venue operators to use the Augmented Reality (AR) in the Blade Smart Glasses coupled with the computer vision features developed by TensorMark to certify an individual’s test credentials in real-time, as places like sports arenas, office buildings, and concert venues, who desperately want to find a solution that allows them to safely reopen to the public without increasing the possibility of spreading the virus.
Apr-2020: Apple Maps entered into a partnership with Dent Reality, an augmented reality startup. This partnership aimed to allow a broad range of implications for the Cupertino tech giant in the Apple Indoor Maps program and augmented reality programs as a whole.
Feb-2020: Google collaborated with Burberry, a British luxury fashion house. Under this collaboration, Burberry launched a new Augmented Reality (AR) shopping tool by using Google Search technology. The AR tool helps users to experience Burberry products embedded in the environment around them, improving their research and shopping experience online.
Feb-2020: Samsung came into partnership with BTS, the Korean boy band. Under this partnership, Samsung provides an AR service that Galaxy phone users can download to access a virtual reality experience of Connect, BTS, which features a series of art exhibitions in five cities around the world including New York City.
Jan-2020; PTC came into partnership with Magic Leap, an augmented reality hardware creator. The partnership aimed to allow users to integrate Vuforia Engine, PTC’s flagship industrial AR platform, with Magic Leap’s wearable headset.
Dec-2019: Qualcomm Technologies came into partnership with Niantic, an American software development company. This partnership helped to move the entire AR industry forward as we work together with Qualcomm Technologies to define a true end-to-end architecture that includes hardware, software, and cloud technologies.
Nov-2019: Lenovo entered into a partnership with Varjo Technologies Oy, an industrial-grade virtual reality and mixed reality hardware and software developer. Lenovo’s ThinkStation Series portfolio supports Varjo’s tethered augmented reality (AR) and virtual reality (VR) headsets.
Sep-2019: Alibaba Group entered into a partnership with Perfect Corp, the world’s leading augmented reality (AR) Beauty Company. This partnership seamlessly combined its advanced YouCam Makeup AR virtual try-on technology into Taobao and Tmall online shopping experience, promoted the beauty shopping journey by bringing innovative new virtual tryouts to consumers in China.
Jun-2019: Microsoft collaborated with Airbus, the aircraft manufacturer. Under this collaboration, Airbus begins to offer augmented reality software to its customers and also sell off-the-shelf applications that include training, remote collaboration, and maintenance solutions, that the company has built through its own experience with the AR headset.
May-2019: Vuzix signed a partnership agreement with ePlay Digital, a mobile game creator and publisher specializing in sports, esports, and entertainment. In this partnership, ePlay released sports, esports, and entertainment games and apps for Vuzix AR glasses, and increased ePlay’s presence on AR platforms such as wearables and the Vuzix App Store.
Jan-2019: Alibaba signed a collaboration agreement with Lancôme, a French luxury perfumes, and cosmetics house. Under this collaboration, Alibaba Cloud launched an Augmented Reality game in Hong Kong and allowed users to capture an online and offline experience through a mobile app and the opening of the Lancôme pop-up store in Harbour City.
Acquisition and Mergers:
Jun-2020: Google acquired North, a company focused on building augmented reality glasses. Following this acquisition, North’s technical expertise helped Google to invest in its hardware efforts and ambient computing future.
Jun-2018: PTC acquired Waypoint Labs, the American startup. The acquisition allowed trainers to build a three-dimensional set of instructions for workers in real-time using an AR headset such as the Microsoft HoloLens. PTC provided an interactive, real-time training environment for industrial settings.
Product Launches and Product Expansions:
Nov-2020: Google introduced a virtual Diwali experience that everyone can be a part of, through a new Augmented Reality (AR) experience. Google Arts & Culture has partnered with over 20 cultural heritage organizations to launch Diwali Home that Decorates your space virtually with diyas (lamps), detonates virtual anar (firecrackers), for some explosive, playful fun, and watch how your space sparkles.
May-2020: Apple launched a new Augmented Reality (AR) app called the Gobi Find My app is also likely to get some new AR features. Gobi app allows users to get more information about things around them through an augmented reality experience on the phone.
May-2020: Sony introduced an app, Envision TV AR. This app runs on Android phones with ARCore capabilities and Apple devices with iOS 11.3 or later. This app makes it easier to choose which Sony TV you want to buy, screen size and then point your phone toward the area you would like to put the TV set. Afterward, the same picked TV magically appears on the phone’s screen blended with your home interior.
Feb-2020: Apple updated its augmented reality (AR) Quick Look feature. This update allows merchants to sell their products in-app for an instant AR experience.
Feb-2020: Qualcomm Technologies introduced a new extended reality, Qualcomm Snapdragon XR2 Platform. This platform allowed XR reference design that packs superior performance, immersion, and interactivity. Building four generations of XR reference design expertise with breakthrough foundational technology, the reference design simplifies complex technologies and allows customers to bring the next generation of premium-quality augmented reality (AR), virtual reality (VR), and mixed reality (MR) devices to consumers and the enterprise in 2020.
May-2019: Lenovo launched an augmented reality (AR) device, ThinkReality A6. It aimed to improve productivity for enterprise workers, along with a software platform for app creation. The ThinkReality A6 is a heads-up, hands-free mobile visor that overlays 3D graphics onto real-world environments.
Apr-2019: PTC introduced its Vuforia Expert Capture augmented reality (AR) solution. This solution aimed to improve workforce productivity, quality, safety, and compliance. Vuforia Expert Capture allowed industrial enterprises with a faster, more efficient way to permitted front-line workers with the relevant information they need to get the job done quickly and accurately the first time.
Mar-2019: Google introduced new features in Google Search. The new features utilize a combination of the camera, computer vision, and AR to overlay information and content onto one’s physical surroundings. AR features roll out in search results allowing users to view and interact with 3D objects.
Feb-2019: Microsoft introduced a new version of its augmented reality headset. This headset detects where its users are looking and tracks the movements of their hands. HoloLens 2 wearers make it easier to touch and interact with graphics superimposed over their real-world views.
Scope of the Study
Market Segments covered in the Report:
• Head Mounted Display
• Head up Display
• Hand Held Devices
• Smart Glass
By End User
• Aerospace & Defense
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Google, Inc.
• Apple, Inc.
• Microsoft Corporation
• Samsung Electronics Co., Ltd. (Samsung Group)
• Sony Corporation
• Qualcomm, Inc.
• Vuzix Corporation
• PTC, Inc.
• Lenovo Group Limited
• Alibaba Group Holdings Limited.
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