The augmented reality (AR) market will reach $61.3 billion by 2023, according to new data from Research and Markets (www.researchandmarkets.com).
The AR market was valued at $2.39 billion in 2016 and will grow at a CAGR [compound annual growth rate]of 55.71% during the forecast period, adds the research group. The increasing demand for AR devices and applications in medical, increase in demand for AR in the retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market.
The head-mounted displays will hold a major share of the AR market. Head-mounted displays are the most promising devices to boost the growth of the augmented reality market, according to Research and Markets. With advancements in computing, AR-enabled devices would be used for applications in consumer, commercial, and enterprise. The use of head-mounted displays in applications such as e-commerce and marketing would boost the AR market for HMDs.