Albany, New York, March 14, 2017: MarketResearchReports.biz has recently announced the addition of a detailed market research report analyzing the global market for augmented reality. The report, titled “Global Augmented Reality Market 2017-2021,” states that the market will exhibit a staggering 65% CAGR over the period between 2017 and 2021, driven chiefly due to the rising usage of augmented reality in the advertising sector.
In terms of product type, the global augmented reality market has been segmented into mobile devices and HMDs (head mounted displays). Of these, the mobile segment dominated the market in 2016 and is expected to retain dominance over the report's forecast period. One of the key factors driving this segment's growth is the rising number of companies that are launching AR apps to enable an enhanced way of interaction with the real world. The number of consumers viewing AR content is also adding to the growth prospects of the mobile segment.
Of the key end-users of the augmented reality technology, including enterprise and consumer, the enterprise segment is presently the dominant contributor of revenue to the global market and is expected to continue to lead in the forthcoming years as well. As tablets are the most convenient devices for using augmented reality solutions and applications, their increased usage in the enterprise sector has helped the market generate a major share in its revenue.
From a geographical perspective, the report examines the augmented reality market across regions such as Americas (North America and South America), APAC (Asia Pacific), and EMEA (Europe, Middle East and Africa). Of these, the market in Americas accounted for the dominant share in the global market in 2016. The region is expected to continue to have a strong hold on the global market throughout the forecast period as well, gaining traction on the back of the rising use of mobile devices with augmented reality apps and the high rate of adoption of technological advances.
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Moreover, the rising funds diverted towards the increased use of AR technology in products manufactured by companies such as Google, Intel, Apple, and Qualcomm are leading to an increased awareness regarding the technology among consumers. The study also mentions the ability of the region to manufacture economical AR hardware as a key factor strengthening the technology’s overall rate of adoption among masses.
The vendor landscape of the global AR market is exceedingly fragmented owing to the presence of a large number of companies and is still in early developmental phases. The market features a very few number of established companies as the poor consumer awareness regarding AR products and solutions is making the competition largely undemanding. Creation of innovative AR apps and crowdfunding are some of the most trending strategies adopted by players in the market to increased consumer awareness.
Some of the key vendors operating in the global AR market are Atheer Labs, Atheer Labs, Apple, Cinoptics, Blippar, Catchoom, Aurasma, Laster Technologies, HTC, DAQRI, Lumus, Qualcomm, Rockwell Collins, Optinvent, Sensics, Total Immersion, NGRAIN, Sieko Epson, Technical Illusions, Vuzix, Wikitude, and WeAR Studio.
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