The augmented reality market has evolved in the past few years, it provides a three-dimensional real-time experience. The objects that exist in the real-world scenario are enhanced by computer-generated perceptual information. Some of these multiple sensory qualities include visual, auditory, haptic, somatosensory, and olfactory information. The connotation is also known as computer-mediated reality. It alters an individual’s ongoing perception of his environment. The overlaid sensory information can be constructive or destructive. Constructive refers to the information being additive as compared to the natural environment. For instance, the game Pokémon Go.
Destructive reality adheres to concepts that mask the existing reality. It is also known as a mixed reality since the technology can provide a concoction of both the rendered scenario and the existing one. These technology applications are found in sectors like aerospace and defense, construction, automotive, and healthcare sectors.
According to the market database, the innovation was first employed in 1992 by the U.S Airforce’s Armstrong Laboratory. The product of this technology was coined as Virtual Fixtures. The technology centered around the concept of augmented sensory information. This innovation enabled the modification of human responses through direct as well as remotely modified tasks.
Branches of the value chain within this market
The value chain for the Augmented Reality Market includes software as well as hardware components. The hardware segment encapsulates modern mobile computing applications like digital cameras, smartphones, and computers.
The two technologies used in AR are diffractive waveguides and reflective waveguides. These waveguides are structured across platforms like microelectromechanical systems (MEMS) sensors, such as an accelerometer, GPS, and solid-state compass. Other hardware appliances are display-based systems employed to provide this effect. Some of these hardware technologies include optical projection systems, monitors, and handheld devices. Other commonly used technologies are head-mounted display and helmet-mounted display systems.
According to the market database, one of the fastest-growing segments within the Augmented Reality Market includes the healthcare sector. This technology supports surgeons to perform minimally invasive surgeries. AR provides a virtual view of the patient in which the surgeon will be able to examine the affected body parts of the patient. AR is used to improve fitness and it can be applied in educational environments as well. Content may be accessed by scanning or viewing an image with a mobile device. Information can also be obtained via marker-less AR techniques. The technology also provides real-time subjects, which are helpful for medical patients to understand medical therapeutics.
AR technology is growing increasingly popular in the automotive sector. The technology can potentially improve a driver’s focus by providing all the necessary navigation car status to them. Additionally, companies are also trying to develop advanced safety systems based on AR features and internet-connected safety implications. Popular car brands like BMW were poised to release AR integrated automobiles in the year 2020. The company created a virtual reality app to provide a real-time experience of its cars to end-users. HUD (Head-up displays) is currently used by the BMW (7 series).
Augmented reality is extensively utilized in Defense applications. These are used in areas like training and development and maintenance. In some instances, the off-the-shelf AR platforms are also upgraded for military training purposes. The AR application is cost-effective and can be easily deployed. A recent study concluded that the tactical displays enhance the battlefield awareness of troops.
APAC to govern the Augmented Reality market
According to the market database, growing consumer demand and commercial applications in countries like China, Japan, and India drive the growth of the Asian Pacific market. Moreover, China is expected to be one of the largest e-commerce markets, leading to market growth. The rise in applications of AR in both public, as well as private commercial services, drives the market. Moreover, in terms of hardware China is one of the largest mobile phone markets globally. The modular technology is being integrated with a wide range of software thus propelling the growth of this market. Increased research and IT infrastructural development is another factor that promotes the growth rate.
The growth of the augmented reality market can be studied through Global Market Database. The cloud-based market research platform provides the shift in line with changing market trends. The changing growth dynamics for each industrial unit are updated every quarter.
Key company within APAC:
According to the market database, Octagon is one of the key players within the augmented reality sector. The company has devised 4D AR educational flashcards in which images pop up on being viewed over a smartphone. Technology was created as a part of the educational sector to make learning a lucrative journey for children. The product is available both on android as well as the iOS market.