Technavio Forecasts Worldwide Augmented Reality (AR) Market to Reach

NEW YORK, Jan. 19, 2022 /PRNewswire/ — There has been a constant rise in many automobile companies that are using AR and AI technologies to strengthen their presence in the market. The use of AR in cars is estimated to increase significantly as per the latest research report of “Augmented Reality Market – Forecast and Analysis“.

If we look back at the historic data, for instance, in November 2019, Starbucks built its holiday-themed AR effects using Facebook’s Spark AR platform with new computer vision technology.

Key Augmented Reality Market Report Highlights:

1. Market growth 2020-2025: USD 108.57 billion

2. Growth momentum & CAGR: Accelerate at a CAGR of 31.60%

3. YoY growth (%): 29.15%

4. Performing market contribution: APAC at 35%

5. Key consumer countries: US, China, Japan, Germany, UK, and Canada

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Regional Market Analysis

With 35% of the growth originating from APAC, this region will record a fast growth rate during 2021-2025.

The strong presence of the number of automobile giants in the region is rising the demand for Head-up Displays (HUDs) in the APAC market region. Additionally, these players are integrating AR technology to provide an excellent driving experience.

Apart from Head-up Displays, the two key reasons for the increasing augmented reality market’s growth in APAC are:

• Additionally, the military and defense sector is expected to exhibit a high demand for AR technology in the coming years. AR technology is used to develop applications for training soldiers. These applications are used to create a real-life war situation to provide training to soldiers. For instance, Volkswagen introduced a HUD in Volkswagen Passat. It is a transparent display, which provides information regarding navigation, speed, and guidance. Similarly, BMW introduced color HUDs in the BMW-3 series.

• India, China, and Japan are among the countries with a strong military foothold and are constantly adopting advanced technologies. Simulation-based training provided to soldiers assists them in tough, critical environments. As a result, the demand for augmented reality (AR) in APAC is expected to increase.

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Key Vendors and Vendor Strategies

Alphabet Inc., Dynabook Inc., Facebook Inc., Microsoft Corp., PTC Inc., Qualcomm Inc., Samsung Electronics Co. Ltd., Upskill, Vuzix Corp. and Zugara Inc. are a few of the key vendors in the augmented reality market.

The vendors in the market are constantly focusing on deploying various organic and inorganic growth strategies to compete in the market. Additionally, established industry participants are expected to acquire or enter into partnerships with small…