ABI forecasts US$175 Billion augmented reality market by 2026
Date: 21/06/2021
ABI Research finds nearly 28 million augmented and mixed reality smart glasses will ship in 2026, while the total global AR/MR market will surpass $175 billion in the same year. Both enterprise and consumer are in growth and to continue in the next few years.
Augmented reality is coming very handy during COVID season, for activities such as remote assistance, training in enterprise segment.
“Major tech players across hardware, software, and services look familiar in the consumer space, contributing to strong and consistent overall growth,” says Eric Abbruzzese, Research Director for ABI Research. Apple, Facebook, Google, Samsung, Huawei, Microsoft, and others are all already investing significantly in AR. “Those big tech names, with active investment and product ranging from already available, to announced, to all-but-announced, are creating a consumer AR market that will be dynamic and welcoming rather than struggling and immature.”
Other key findings shared by ABI research includes:
Enterprise adoption of augmented reality continues at a respectable pace of 66% CAGR through 2026 (compared to 100% or greater CAGR for some consumer verticals).
Enterprise AR platforms from the likes of PTC, Teamviewer, RE’FLEKT, and ScopeAR are both competing and cooperating with increased in-house efforts from companies entering the space with broader digitization efforts as well as more focused immersive goals.
Mixed reality glasses to see a growth of 130% CAGR compared to 60% for augmented reality glasses.
“Augmented reality has seen its share of ups and downs, but the combination of enterprise and consumer uptake, along with hardware support across smart glasses and mobile devices from heavy tech hitters and platform enablers, creates a compelling market picture overall. Challenges in price and implementation remain, as do questions around ultimate value for new use cases for consumers, but early and ongoing investment in the space is addressing these challenges. This early market maturity keeps consumer promising, high value worker enablement maintains enterprise value, and so the outlook for AR is robust,” concludes Abbruzzese.
Author: Srinivasa Reddy N
