Augmented Reality integrates the real-world environment with computer-generated information using graphics and sound and forms an artificial perception of the real-world supplementing it with contextual information.
Augmented Reality Market is expected to reach $30 billion in 2022 with a CAGR close to 80%, according to infoholic research. The market is primary driven by increasing technology penetration in healthcare, retail, e-commerce and automotive industries. The rising usage of mobile devices like smartphones and tablets who have built in augmented reality functionalities are becoming an important tool as it enhances smooth business workflows as well as contributing in industry growth.
Augmented Reality enabled computing platform are merging the real world with virtual objects providing realistic and personalized experiences with different devices
Smart Glasses: It has the capability to integrate augmented reality and provide live information during different activities by projecting images at a high resolution, including 3D images. Optinvent Ora’s Smart Glass helps to enhance augmented reality experience when using AR related apps. It also projects images at a high resolution which makes watch videos and playing games more exiting.
Mobile Devices: It makes AR technology extremely feasible and will help accelerate AR’s adoption to the masses and create an ecosystem which will mirror the entire AR industry. One good example would be a smart phone with advanced technology like Google Tango which offers realistic augmentation which can precisely show how a piece of furniture fits in a living room.
Head-Mounted Displays: It is a display device has a small display optic in front of one or each eye and is worn on the head. They are designed for personal use and the information they present is hidden from others. It is very suitable with AR applications and are available in wide mobile environment. It provides special and realistic effects while playing video games and is very helpful in aviation, engineering, and medicine fields.
AR related software and services is expected to have large user base is expected to be one of the major revenue earners for advertising, enterprise, TV/film and consumer based apps like Facebook and others. These apps will drive millions of users creating a hardware price points oriented market which will drive large hardware revenues for device makers.
The market will be dominated by AR related games as provide a unique and realistic experience taking the gaming world to a complete different world. Entertainment related sectors like films and theme parks are also expected to adopt AR related technology to a greater extent in the coming years.
Microsoft holoLens augmented reality headset device has been one of leaders in the market. It has received more than 50 million visits by 2017 and its new features are expected to widen its market scope in the coming years. Apple has been constantly trying work on including next iPhone with hardware-level Augmented Reality. Google’s Tango platform as well as Lenovo Phab 2 smartphone have already released hardware-level Augmented Reality versions. Smartphones software in the future will include additional hardware like depth-sensing camera. This technology is expected to be available on iPhone, Samsung Galaxy and the Google phones by 2018.