A new report from Market Insights Reports shows that large US technology companies are still in the lead in terms of trends and developments in the augmented reality (AR) space. The report also predicts areas where augmented reality may be important in the next five years.
The report, Global Augmented Reality Market Outlook 2024: Global Opportunities and Needs Analysis, Market Forecasts, 2018-2024, is designed to showcase market size, growth, and top market participants and growth areas.
The report pointed out that people's interest in AR development is largely due to the popularity of smartphones and the continuous penetration of smartphone technology in new markets. Applications such as Pokemon Go have had a major impact on them, raising awareness of the technology by the public and businesses.
There are indications that many industries are beginning to use AR technology for product demonstration purposes and to enhance customer service and training, for example in the military, which can help provide real-world experience. Unlike virtual reality (VR), companies tend to use AR technology because it does not require additional hardware.
In 2016, the global VR and AR market was $5.2 billion, of which AR accounted for 40% and $2.1 billion. The report predicts that the AR market will expand at a rate of 60.9% and will reach a valuation of $94.6 billion by 2024.
North America is currently the region with the highest revenue in the global AR market, with revenues exceeding $1.3 billion, followed by Europe with 18% revenue. The UK is a leading force in the European region with a 5% market share. Due to the rapid economic growth in the Asia Pacific region, the Asia Pacific region is expected to be the fastest growing region.
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