Spatial Augment Reality Market - Forecast (2022 - 2027)

The global Spatial Augmented Reality Market size is forecast to reach $5.89 billion by 2027, estimated to grow at a CAGR of 8.93% during 2022-2027. The growing development in the display technology and the need for advanced mobile-based augmented reality are thereby boosting the spatial augmented reality market. Moreover, the use of projector-based augmented reality for providing high-definition images or video in order to enhance audience experience is boosting the spatial augmented reality market size during the forecast period 2022-2027.

Report Coverage

The report: “Spatial Augmented Reality Market Forecast (2022-2027)” covers an in-depth analysis of the following segments of the Spatial Augmented Reality Market.

• By Display: Projection (Surround Screen and Panoramic), Desktop Configuration (Embedded Screen, Wall, Diagonal Screen and Transparent Screen)
• By Application: Aerospace, Automotive, Business, Art & Entertainment (Movie, Live event) and others
• By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina, Ecuador, Peru, Colombia, Costa Rica and others), Europe(Germany, UK, France, Italy, Spain, Russia, Netherlands, Denmark and Others), APAC(China, Japan India, South Korea, Australia, Taiwan, Malaysia and Others), and RoW (the Middle East and Africa)

Key Takeaways

• In 2019, the Spatial Augmented Reality market was dominated by North America owing to the increasing advancement of the entertainment industry and the rising need for enhance video quality content.
• The innovation in the display technology with the adoption of spatial augmented reality is highly surging the art and entertainment application. The use of advanced display projection-based augmented reality is highly enhancing the f art and entertainment application by providing enhanced virtual content which is thus driving the market growth.
• The increasing use of dashboard mounted graphic display in the automotive industry for providing images and monitoring the obstacles on the road in order to reduce the risk of accidents are enhancing the market growth.
• The lack of regulatory compliance resulting in cybercriminal issues or manipulation of data is hampering the growth of the spatial augmented reality market.

Application - Segment Analysis

Art & Entertainment segment held the largest market share in the Spatial Augmented Reality market in 2019. Augmented reality adds virtual imagery that enhances user experience and also leads to combine real and virtual content in real time. This significant use of spatial augmented reality for providing attractive real-time imagery through projection on an effective display screen is highly enhancing the art and entertainment industry. Additionally, the demand for streaming upgraded gaming and for high-definition videos and images is also driving the growth of the entertainment industry. These key factors are thus propelling the growth of the spatial augmented reality in the art and entertainment application.

Geography - Segment Analysis

In 2019, North America dominated the Spatial Augmented Reality market with a share of more than 46.7%, followed by Europe and APAC. The increasing investment in the media and entertainment industry in the US is set to propel the growth of the spatial augmented reality market in North America. According to 2018-2023 Entertainment & Media Outlook software, the US media and entertainment industry is expected to reach $825 billion by 2023. Moreover, the adoption of spatial augmented reality by the automotive industry in the North American region will further boost the growth of the market.

Drivers - Spatial Augmented Reality Market

Increasing use of Dashboard Mounted Display Graphics

The automobile companies are highly adopting dashboard mounted display graphics in order to provide camera footage in vehicles. This display technology has helped vehicles to reduce the occurrence of accidents and has also helped in identifying landmarks. Additionally, with the deployment of advanced display technology results in identifying frequently used lanes, navigational prompts, detection of hazards, information about the right direction and so on. These significant use of dashboard mounted display graphics will lead to a surge the Spatial Augmented Reality market.

Real-Time Projection-based Augmented Reality System

The increasing demand for enhanced visual experience has led to the use of real-time projection-based augmented reality system. This system easily implements the graphical representation by using ordinary lighting techniques. This technique projects high-definition image or video, and also results in changing the object shape visually. The use of projection-based augmented reality has highly enhanced the spatial augmented reality with enhanced audiences viewing experiences in real-time.. Thus, the growing need for real-time visual content significantly spur the growth of the market.

Challenges - Spatial Augmented Reality Market

Lack of Regulatory Compliance

Spatial Augmented Reality companies are unable to detect legal issues which include privacy and safety concerns that lead to massive regulation. Moreover, there are no regulations which could help businesses and consumers to understand the type of spatial augmented reality can be utilized and processed. This lack of regulatory compliance also results in cybercriminal that manipulates or hacks the AR content. Hence, this significant challenge of spatial augmented reality can affect the privacy and security of consumer data, thus hindering the adoption of this technology.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Spatial Augmented Reality market. In 2019, the market of Spatial Augmented Reality has been consolidated by the major players - Apple Inc., Airbus, Topcon Corporation, ESRI, Intermap Technologies, Autodesk, Cybercity 3D, Mitsubishi Electric, Udemy and Trimble.

Acquisitions/Technology Launches

• In 2019, Trimble launched the Trimble SiteVision system, an outdoor augmented reality solution that allows users to visualize 2D and 3D data virtually on any projected site. This new system uses cellular or internet connectivity for easier and efficient planning, collaboration and reporting.
• In April 2020, PTC announced the launch of the Vuforia Spatial Toolbox platform which is created by PTC Reality Lab. This the new open-source platform that enables developers to create, innovate and solve spatial computing problems. This also allows users to explore the industrial Internet of Things (IoT) and spatial computing. This accelerates prototyping for machines, and develop spatial augmented reality (AR) and IoT use cases that supports digital transformation initiatives.

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