Major players in the augmented reality devices market are Sony, Oculus, Samsung Electronics, HTC, Google, Google, Microsoft, Intel Corporation, PTC, and Seiko Epson Corporation.
The Global Augmented Reality Devices Market is expected decline from USD 3.55 billion in 2019 and to USD 2.94 billion in 2020 at a compound annual growth rate (CAGR) of -17.3%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 7.37 billion in 2023 at CAGR of 35.91%.
The augmented reality devices market consists of sales of augmented reality devices and related services. Augmented reality devices provide an interactive experience of real-world environment by integrating digital visual content and audios into the real-world environment. Augmented reality devices include head-up displays, holographic displays, smart glasses and others.
The North American market is the largest market for Augmented Reality Devices and is expected to continue to be the largest market during the forecast period.
Augmented reality devices manufacturers are increasingly investing in the integration of augmented Reality (AR) and virtual reality (VR) technologies. Combination of virtual and augmented reality enables users to both see and interact with digital content at the same time. For instance, Spatial, an augmented reality company has developed a platform to enable interactive conference call, where the users can interact with their surroundings without any physical presence. With the combination of AR and VR technology, the users of the application can also witness pin boards and whiteboards.
The augmented reality devices market covered in this report is segmented by type into head-mounted display (HMD), head-up display (HUD). It is also segmented by application into consumer, commercial, enterprise, healthcare, aerospace & defense, energy, automotive.
The disruptions in the supply chain caused by the coronavirus outbreak during 2020 are likely to limit the growth of the market. Lockdowns are being experienced in many countries worldwide affecting the supply and demand chains of many sectors including AR and VR devices market. According to SDC supply and demand chain executive magazine published in March 2020, the shipments for AR and VR is likely to record a decline of 10.5% (Year-over-Year) in the first quarter and 24.1% (Year-over-Year) in second during 2020, owing to supply constraints as factories are open at much lower capacities, which in turn is resulting in component shortages. Thus, the supply chain disruption is likely to have a negative impact on the growth of the augmented reality devices market during the forecast period.
On August 29, 2018, Apple acquired Akonia Holographics for an undisclosed amount. Akonia Holographics, founded in 2012 and is headquartered in USA. It uses its HoloMirror technology to produce augmented reality headsets that are thin, transparent and light-weight. The acquisition will help Apple design and develop augmented reality devices using Akonia’s HoloMirror technology.
The increasing use of augmented reality (AR) devices in the medical field is driving growth in the AR devices market. AR devices are increasingly being used by surgeons for pre-surgical planning. Surgeons can create 2D or 3D images of patient anatomy and overlay them on to the patient’s body for accurate surgical planning. For instance, the Open sight augmented reality system developed by Novarad allows surgeons to visualize into the patient while simultaneously looking at the patient in real time. This enables surgeons to accurately plan for a surgery. Augmented reality is also being used to find the accurate position of veins under a patient’s skin during blood transfusion. For instance, AccuVein uses projection based augmented reality to view real time image of veins under the surface of the skin during blood transfusion.
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Ankur Gupta, Head Marketing & Communications