Asia-Pacific augmented reality (AR) market is estimated to grow significantly at a CAGR of 39.4% during the forecast period. Increasing adoption of AR for different applications such as entertainment, automotive, healthcare, telecommunication, infrastructure in public and private sectors is one of the major factors that contribute towards the growth of the AR market in the Asia-Pacific region. Along with the growing application of AR, the growing investments by the government and private institutions for the development of startups based on AR is further making a considerable contribution towards the growth of the AR market in the region.
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The market is segmented on the basis of device type, technology, components, application, and country. Based on the device type market is sub-segmented into the head-mount, head-up, handheld. Based on technology the market is sub-segmented into monitor based technology and near eye based technology. Based on offering, the market is bifurcated into software and hardware. Based on the application, the market is segmented into individual, consumer, and others (automotive, defense, tourism, healthcare, apparels & Accessories). Based on the country the market is segmented into China, Japan, and India.
The major factor responsible for the increasing market share in the region includes the presence of a large customer base, a considerable increase in smartphone users, along with the rising startups in AR and VR technology. Apart from major market players operating in the region Octagon Studio, EXA VR Park, ZipMatch, TaKanto, Hiverlab, and VizioFly among others are some small companies that offer products based on AR technology.
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Octagon is a multimedia company that produces AR products and solutions for mobile and wearable devices. The key products of the company include 4D AR educational flashcards, which have images that pop up when they are viewed through a mobile app. China is the largest smartphone market in number, followed by India. Apart from India, China, Japan, South Korea, and Australia are expected to be the major contributors to the market.
Asia-Pacific Augmented Reality Market Segmentation
By Device Type
• Monitor Based Technology
• Near Eye Based Technology
• By Application
• Others (Automotive, Defense, Tourism, Healthcare, Apparels & Accessories)
• Rest of Asia-Pacific
• Wikitude GmbH
• Wayray AG
• Thales Group
• Seiko Epson Corp.
• Rokid Corp. Ltd.
• Qualcomm Technologies Inc.
• Niantic Inc.
• Microsoft Corp.
• Lumus Ltd.
• Intellectsoft LLC
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