Augmented Reality is an enhanced version of reality. It blurs the line between what is real and what is computer generated by empowering the senses. Here, live direct or indirect views of physical world are augmented and superimposed by computer graphics over a user’s view of the real world. It adds graphics, haptic feedback and sounds to the natural world as we know it. Thus, it enhances the user’s perception of reality. On a scale, it lies between Virtual Reality (which creates computer generated environments) and the real world, being closer to the latter.
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This market is extremely competitive and the big players are making huge investments in research and development to come up with innovative products to get the first mover advantage and gain the maximum foothold.
The dominance of Smart Phones, tablets and other smart devices are bolstering the demand of the Augmented Reality hardware and software. The advancement in human machine interface which has brought a more interactive and informative interface has boosted the demand and helped the industry move forward at a rapid pace. The applications of Augmented Reality in various sectors such as education, health care, e-commerce, construction, retail, entertainment, media, automotive etc. are the major reason behind the growth of the industry.
The market is segmented on the basis of component, display and application. On the basis of component, the market is divided into Hardware and Software in which the Hardware includes, glasses, head mount displays etc. With big players investing in the Hardware segment this going to grow at a robust pace where as the software market is expected to dominate. Various industries are using the application of Augmented Reality such as e-commerce, construction, retail, entertainment, media, automotive etc.
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The maximum share of the market is taken by North America, which is followed by Western Europe and APAC Regions. Although, the APAC region is set to witness the highest growth owing to its increase in globalization, urbanization and the tremendous increase in the demand of Augmented Reality in the region.
Some of the major players in the market include Google, Inc., Microsoft Corporation, Sony Interactive Entertainment LLC, HTC Corporation, and Oculus VR LLC.
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