Augmented Reality (Ar) Market Size, Emerging Trends and Outlook to 2024: Hexa Reports

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Augmented Reality (AR) Market Analysis, Share and Size,

Emerging Trends, Growth, Overview, Outlook And Segment

Forecasts To 2024

The Augmented Reality (AR) Market size is expected to reach USD 100.24 billion by 2024, according to a

new report by Grand View Research, Inc. The AR market is expected to witness a substantial growth

owing to advances in hardware technologies and sophisticated mobile software.

Emerging trends such as mounting convergence between wearable devices, AR, and Internet of Things

(IoT) are anticipated to drive demand. The convergence amongst these technologies is expected to

provide more interactive and immersive user experience.

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AR has been used efficiently in marketing and PR initiatives for television, motion picture and other

media promotional campaigns. Hence, growing adoption of AR technology by the entertainment sector

is projected to drive the market over the forecast period.

Rising conceptualization in entertainment-related plans is observed as a lucrative opportunity for the

industry. For example, Magic Leap, an augmented reality company, is developing a technology called as

Dynamic Digitized Lightfield Signal that shines on the retina of the user and allows interaction between

fictional characters and the real world.

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Further key findings from the report suggest:

The hardware segment is estimated to grow at a CAGR of over 90% over the forecast period. Companies

such as Sony and Microsoft are expected to commercialize their devices in 2016, which is expected to

bolster growth over the forecast period. Further, several companies are working on enhancing the

quality of sensors and processors used in AR devices. For instance, Google has collaborated with the chip...