Augmented reality is a rapidly evolving technology. Tech giants like Apple and Google working hard to improve the development frameworks. With the launch of Apple’s ARKit and Google’s ARCore, in 2017, developers now have access to some powerful frameworks for creating AR apps. It is now evident that augmented reality has a high potential for growth. The examples of augmented reality are prevalent gaming, travel, marketing, movies and even education. Overall this technology presents ample opportunities for new and existing businesses.
Seeing the rising hype in the market, we decided to study the future of augmented reality in depth. Hence, we combined some research findings and statistics on AR to understand its future market potential.
Catch the latest updates on AR with our free ebook. Get your copy today!
Find more statistics at Statista
By 2021, the combined market size of augmented and virtual reality is expected to reach 215 billion U.S. dollars. With tech giants helping developers secure the right tools, the development of new software will rise dramatically. Accordingly, there is an expected increment in the market potential because of ease of development and awareness among consumers.
Augmented Reality is expected to acquire 1 billion users by 2020. By now 543 start-ups are listed in this category on Angelist. Consumers are very curious about the possible uses of augmented reality. This inquisitiveness has given a user boost to new startups and technologies resulting in exponential growth.
Find more statistics at Statista
The smart augmented reality glasses is a very promising market. In 2016, 150 thousand shipments of AR glasses were shipped. This number is expected to rise to 22.8 million units by 2022. One possible reason for such massive growth could be the potential of such glasses to create a mixed reality experience.
AR is not just limited to entertainment; its applications extend to education and business as well. According to ISACA survey, 64% US consumers believe that augmented reality enhancements would benefit workplace by facilitating remote participation in workplace learning and development.
The same survey also depicts 69% of respondents believed that this tech could help them learn new skills, 62% were inclined towards shopping benefits, and 62% saw healthcare benefits. This shows the extent to which we can expand the uses of augmented reality. Hence, augmented reality can be used in varying industries.
Find more statistics at Statista
As expected, gaming one the most benefited industry from augmented reality. Games like PokemonGo have proved the potential of augmented reality quite clearly. By 2025, the worldwide user base of AR and VR games is expected to grow to 216 million users and will be worth 11.6 billion U.S. dollars.
From the above augmented reality statistics, we can ascertain a clear picture of the market potential and worth of this technology. With startups and tech giants both taking initiatives to leverage this tech, we can say that the future of augmented reality is bright and lucrative.
If you are looking for developers to give shape to your next AR project then feel free to contact us. We have over 10 years of experience in the mobile app and game industry and will be able to take up any challenging initiative.