March 19, 2020
As per the report titled ‘Asia Pacific Augmented Reality (AR) Market Size By Component, Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024’, available with Market Study Report LLC, Asia Pacific augmented reality (AR) market is projected to surpass USD 10 billion by the year 2024.
Growing adoption of AR powered smart glasses in the tourism sector is expected to boost the growth of augmented reality (AR) market in APAC. Several built-in features of AR devices like GPS, microphones, and cameras help in presenting an enhanced visual representation of information to the users. This factor coupled with increasing use of these devices for navigational purposes through the linking of virtual map with real roadways will propel the market growth in the forthcoming years.
Based on component terrain, heads-up displays segment is expected to see significant growth over the forecast timeline, owing to product’s application in automobile. Strong presence of major automobile manufacturers in the region is further enhancing the segment growth.
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As per the application scope, military & defense applications of AR are witnessing a rapid growth in APAC. Increasing adoption of advanced technologies to strengthen the military forces, especially in countries like India, China, Japan is rendering a positive impact on the market outlook. Simulation-based training to provide soldiers with real life scenarios for effective training is fueling the demand for AR devices like helmet mounted displays. Critical aspects, such as tracking enemy locations, are encouraging the adoption of AR devices in the military sector.
Prominent players of Asia Pacific augmented reality (AR) Market are Nintendo Co., Ltd., Niantic, Inc., Samsung Electronics, Microsoft Corporation, Sony Corporation, Google Inc., Medsights Tech Corp., and AccuVein, Inc. These industry giants are targeting the automobile sector and undertaking various strategies such as product differentiation, mergers and collaborations to improve their market stance.
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