According to the Graphical Research new growth forecast report titled “Asia Pacific Augmented Reality Market analysis based on Component, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024”, estimated to exceed USD 10 billion by 2024.
The increasing adoption of AR smart glasses in the tourism sector is expected to grow over the coming years in the Asia Pacific AR market. Several built-in features of the devices, such as microphones, GPS, and camera, help in providing information and data to users. Moreover, the growing importance of these devices for navigation purposes in the tourism sector is helping the tourists to link the virtual map with the real roadways. The growth of this sector in the Asia Pacific AR market is proving to be an opportunity for the players of the industry to offer their products in this segment of the market.
The growing demand for heads-up displays in the automobile sector can be witnessed in the Asia Pacific AR market owing to the strong presence of major automobile players. Several car manufacturers are integrating this solution in the Asia Pacific AR market. For instance, in August 2016, Volkswagen introduced heads-up display in Volkswagen Passat. It is a transparent display, which provides information regarding navigation, speed, and guidance. Similarly, BMW introduced color heads-up displays in BMW-3 series. Indian players such as Tata have also integrated this technology with Tata Nexon to enhance the driving experience.
The military & defense sector is expected to witness a high demand for the AR technology over the coming years in the Asia Pacific AR market. Countries including India, China, and Japan have strong a military presence and are adopting advanced technologies. The applications of the devices for training the soldiers and providing them with experiences of a real-life war situation are growing at a rapid pace. Simulation-based training is provided to the soldiers, helping in them in tough & critical conditions and places & environments. Helmet mounted displays are used for such purposes, which are embedded with GPS devices and systems to track the locations of the enemy units.
Key players operating in the Asia Pacific AR market are Niantic, Inc., Nintendo Co., Ltd., Samsung Electronics, Sony Corporation, Microsoft Corporation, Google Inc., AccuVein, Inc., and Medsights Tech Corp. The players in the Asia Pacific AR market are targeting their products in the automobile sector wherein a high demand for these devices can be witnessed. They are adopting several strategies to capture a wide customer base through product differentiation, mergers, acquisitions, and new product developments. For instance, Samsung is planning to launch AR headsets by September 2018.
Segments we cover:
Asia Pacific Augmented Reality Market, By Component
- Head-mounted display
- Heads-up displays
- Smart glasses
Asia Pacific Augmented Reality Market, By Application
- Aerospace & defense