The augmented reality market is likely to exhibit remarkable growth in the coming years due to growing demand in the healthcare sector. Factors, such as high adoption of smartphones and escalating demand for smart devices, can drive the market in the years to come. Increasing popularity of e-commerce and growing adoption of digital media is also expected to bode well for the market. Additionally, rising awareness regarding tracking customer transactions, sales record, and generation of bills can have a positive impact on market growth. Growing penetration of AR devices in the gaming and entertainment sector is also one of the major driving factors in the market.
Technological progressions in various industries, including consumer electronics and automotive, are also expected to fuel the demand for the technology. In addition, demand for AR is likely to grow in the manufacturing, retail, and healthcare sectors in order to provide education and training. For instance, those working in engineering can use augmented reality to improve working on the job. As, technical information presented in a 3D format can be processed faster and efficiently by the human mind.
Growing need for 3-D visualization in the healthcare sector is expected to create lucrative opportunities for the market. The technology can be used for various purposes, such as medical education and training, rehabilitation, and surgeries. AR-based applications are used to facilitate better care for the patients. For instance, AccuVein AV400 Vein Finder is a handheld scanner that makes use of vein visualization technology. It is designed to help healthcare professionals locate veins at the first attempt, thereby reducing pain and time. AR-based apps are beneficial for doctors as well as patients. For instance, EyeDecide app developed by OrcaMD helps to educate patients regarding conditions, such as cataracts and Age-related Macular Degeneration (AMD). Orca care is providing interactive 3D content and multi-sensory tools to support patient education on diagnosis and treatment.
AR technology comprises different hardware products, such as semiconductor components, 3D cameras, displays, and sensors. Various types of devices, such as head-mounted displays, handheld devices, and head-up displays, are also crucial in augmented reality systems. Head-up displays (HUDs) are extensively used for the augmentation of images in the automotive sector, whereas aerospace and defense employs them for training purposes.
The market for HUDs based on AR technology is still in the evolving phase and is anticipated to commercialize in the years to come. AR-based HUDs are used for navigation in automotive and aircrafts. Information, such as speed, roadmap, and other necessary details, can be displayed at the windscreens to assist the driver in driving safely. Head-up displays are anticipated to hold a prominent share in the market due to increasing applications in automotive, and aerospace and defense sectors. For instance, Spectra7 Microsystems Inc. introduced its new DreamWeVR products that support AR/VR/MR head-mounted displays. The company has 36 patents in the field of active cables. Moreover, the company’s IC’s are capable of restoring the display and camera data signals.
North America is one of the prominent regional markets owing to constant technological developments, and high commercialization of VR and AR. Increasing use of smartphones, development of smart electronic devices, and growing adoption of the technology for healthcare applications are likely to boost regional growth. The U.S. and Canada are the key contributors to regional market growth.
Asia Pacific is expected to witness strong growth in the coming years due to adoption of novel technologies and technological advancements. Presence of numerous display panel manufacturers in the region is also expected to support regional growth. In addition, increasing spending on commercial and defense applications is anticipated to increase the use of the technology. Countries, such as Japan, China, and South Korea, are projected to contribute significantly to regional growth. Growth of the automotive and healthcare sectors is expected to boost the growth of AR and VR technology in Japan.
Some of the leading companies operating in the augmented reality market are Hologic, Inc.; Blipper Inc.; Qualcomm Technologies Inc.; Infinity Augmented Reality Inc.; and Osterhout Design Group.
Research Support Specialist, USA