In accordance to ABI Research, after a slower than anticipated beginning; the augmented reality (AR) market is positioned for fast growth, powered by demand from enterprises.
The firm highlights that Augmented Reality in enterprise applications will hit an inflection point in the year of 2018, with smart glass shipments increasing to 28 million in 2021, at a 227 percent compound annual growth rate (CAGR).
ABI said that driving the powerful progress is a steadily rising interest in how Augmented Reality can benefit businesses, along with a progressively better understanding of the available use cases and applications pertinent to customers.
Eric Abbruzzese, senior analyst at ABI said, previous year “was a year of discovery for AR, with the industry concentrating on initial ROI [return on investment] metrics”. “Pilot phases will sustain into the year of 2017, with early adopters shifting to more substantial deployments. New Augmented Reality (AR) customers will be excited by positive performance indicators across the market, with the promise of increased workforce efficiency and error reduction.”
ABI Research forecasts total market revenues, across devices, platforms, and licensing, to reach $96 billion by the year of 2021. The energy, manufacturing, and logistics sectors are hoped to account for the greatest market shares, but the healthcare and media and entertainment markets will be the fastest growing, with 323 percent and 400 percent CAGRs respectively.
Abbruzzese says that the next year will be the year all verticals experience an important jump in AR adoption rates. “This is because of a congruence of 3 factors: significant time in market for pilot phases and small deployments to give success indicators; greater breadth and depth of use case support through platforms; and an overall more mature market in terms of deployments, integrations, and usage,” he stated.