global augmented reality market size revenue worth over $165bn by 2024

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Augmented Reality Market share forecast to grow at over 80.8% CAGR from 2016 to 2024: Global Market Insights Inc.


Commercialization of devices such as HMDs and smart glasses by companies including Microsoft and Sony will fuel augmented reality market growth. Increasing enterprise focus to improve the quality of processors and sensors deployed in AR devices is also set to positively impact revenue.

Software segment of augmented reality market will benefit from the escalating demand for software apps for various applications such as gaming, entertainment, and retail sectors.

Head-mounted displays will account for over 50% of the augmented reality market share by 2024, mainly due to the rising demand in various applications such as medicine, military, scientific visualization, education, manufacturing, training, navigation, and entertainment. In addition, factors such as enhanced user-experience, improved content connectivity and enhanced Field of View (FOV) are forecast to contribute to the growing augmented reality market size.

Key Insights from Augmented Reality Market:


Automotive applications for augmented reality market are expected to grow at over 80% CAGR from 2016 to 2024 owing to the increasing technology implementation in vehicles. Volkswagen uses spatial AR to project data on vehicle design models and analyze components, which saves time and cost.

China augmented reality market is anticipated to observe substantial growth over the future due to increasing investments in the manufacturing operations to develop advanced devices such as smart glasses. Rising penetration of mobile augmented reality market is expected to contribute to the overall growth. A significant number of AR apps are making inroads in the regional industry, creating a huge demand for advanced software.

Companies accounting for augmented reality market share include Blippar, Magic Leap, Microsoft, Sony, Google, Total Immersion, Daqri LLC, Apple, ODG, Wikitude, etc. Technology providers are exploring opportunities in the industry and developing several platforms for automotive, medical and industrial applications.

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Germany Augmented Reality Market size, by application, 2014-2024 (USD Million)


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Application TrendsIndustrial applications accounted for over 25% augmented reality market share in 2015. Several industry players are developing AR for the industrial sector to leverage the full potential. Rising demand to handle complex machinery, assemble and maintenance will propel augmented reality industry growth.

Regional TrendsChina augmented reality market is predicted to witness significant growth and drive the Asia Pacific AR industry over the next few years. Increasing funding and investment in the technology is expected to augment the regional demand. Increasing penetration of smartphone & tablets and huge number of manufacturers based in the countries including China, South Korea and Taiwan.

Competitive Market ShareAugmented reality market leaders include Magic Leap, Sony, Blippar, Microsoft, Google, Infinity Augmented Reality, etc. Other notable players that account for augmented reality market share include Total Immersion, Apple, Daqri LLC, ODG, Wikitude, among others. Industry participants are engaged in establishing relationships with the third parties to increase the ability of their technologies and address the needs of the prospective customers.

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