Improved hardware, 5G, cloud, and enhanced dev tools set to accelerate AR market to $116 billion by 2023
Augmented reality market will be worth $116 billion by 2023. Source: shutterstock.com
2018 was a significant year for Augmented Reality with new entrants in the market, new smart glasses launched, new and improved platforms and portfolios, and generally more enthusiasm and curiosity from the public to explore the technology. Despite that technical challenges and budget limitations remain an issue for near future mass adoption, the total AR market will be worth $116 billion by 2023, finds ABI Research in its Augmented Reality Market Update 2018. Technological advancements, the growth of mobile AR, more proof of concept use cases, and audience acceptance are the main factors that will lead to this booming growth.
AR providers highlight the importance and numerous advantages of AR solutions in business strategy and employee’s efficiency while more and more focus on strong collaborations with other related technologies such as IoT data, 5G, and artificial intelligence. With 29 million AR smart glasses shipments in 2023, the ballooning install base of head-worn AR combined with hundreds of millions of AR-enabled mobile devices in the same timeframe will make these partnerships a requirement to maintain AR quality of experience while still providing the efficiency and safety increases promised with the technology.
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