Virtual and Augmented Reality (AR) usually go hand in hand as a technology pack, but the truth is that they are two different technologies and have their own separate markets. Nowadays Augmented Reality is developing fast thanks to the mix of virtual and real world it provides.
Let’s take a look at some facts to see the real scope of Augmented Reality:
1.- Augmented Reality is expected to have 1 billion users by 2020. Right now, more than 543 start-ups are listed under this category on Angelist.
2.- Markets and Markets expect the Augmented Reality market figure to reach $61.39 billion USD by 2023. In 2016 it was valued at 2.39 billion USD, so it is expected to grow at a 55.71% CAGR (Compound Annual Growth Rate) during the forecast period.
3.- Part of it will be the worldwide shipment of smart Augmented Reality glasses forecasted to reach around 5.4 million units by 2020, together with other devices the shipment could hit 64.8 million units.
4.- Revenue from Augmented Reality is projected to be four times as high as that of VR by 2020. In fact, AR/VR could hit $150bn in revenue by 2020, with AR taking around $120 billion and VR $30 billion.
5.- According to Infoholic Research, the “AR Gaming Market” is expected to reach $284.93 billion by 2023, growing at a CAGR of 152.7% during the forecast period 2017–2023. Pokemon Go has been downloaded more than 750 million times and its revenue is estimated to be more than 1.2 billion $
6.- According to ISACA survey, 73% of Americans stated they knew about the Internet of Things (IoT) and AR markets. This represents a decline of 10% with respect to 2015, suggesting that maybe these markets are becoming more confusing as there are more and more devices. However, 40 million Americans will engage with some form of augmented reality at least monthly in 2017. That’s up 30.2% year-on-year.
7.- Results of the same survey reveal that 60% to 70% of consumers see clear benefits in using AR and IoT devices in their daily life and at work. In daily life, 69% believed that the tech could help them learn new skills, 62% saw shopping benefits, and 62% saw healthcare benefits.
If you want to know more about the AR market, you can find information about the study on Mobile Augmented Reality Market here and if you want to know more about how Seabery develops AR solutions, you can do it here.