Augmented Reality Forecasted to Reach $100 Billion by 2024
A recent article by Reportlinker Insight predicted that Augmented Reality will be worth $100 billion, and grow at a compound annual growth rate of 55% in 8 years’ time. It is anticipated that areas of hardware technology to have the most growth will be automotive and head-mounted displays (70% CAGR each). The largest AR market is Asia-Pacific, which is expected to reach a minimum of $44.3 billion by 2024.
An article by PRNewswire, reporting on the findings, claimed that a significant contributor towards the growth of AR is new technologies such as wearables and the Internet of Things (IoT).
Potential uses of AR listed include:
• Increasing brand awareness
• Virtual store maps
• Interactive ads
• Offering customers discounts and coupons
• Bridging the gap between on- and off-line shopping
• Allowing customers to view products in their home before purchasing
In Augmented Reality retail apps, it’s predicted that $30 billion will be invested by 2020. Other statistics listed include:
• From 2014 to 2019, the AR market is predicted to grow at a CAGR of 88.5%
• From 2016 to 2020, the healthcare ARVR hardware market is expected to grow at a CAGR of 29.2% (43.7% of the ARVR market)
• From 2016 to 2020, the automotive AR market is anticipated to grow at a CAGR of 17.9%
In addition, the article states that Snapchat is currently interested in developing a Hololens-type AR wearable, allowing objects to be placed in users’ vision without the use of a mobile device. The Financial Times reported that Snapchat’s headset prototype is in production and that the company recently began hiring AR experts from tech organisations.