Data analytics and consulting company GlobalData predicted the AR market will generate global revenue of $152 billion by the end of 2030, potentially eclipsing smartphones as the dominant driver of mobile device sales.
In a report, the company estimated the AR sector will grow 22-times in the current decade, with a more prominent rise expected in the enterprise segment than the consumer area.
The global AR market was valued at $7 billion in 2020 and is forecast to expand at a CAGR of 26 per cent until 2030.
GlobalData also tipped AR devices to eclipse smartphones as the primary mobile product people use, albeit the projection is “years away from reality”.
Rupantar Guha, associate project manager at GlobalData, explained while smartphones currently support AR applications, “first-mover advantage” in the industry is a “valuable prize” enticing significant investments from every large tech player.
He cited AR glasses as an example, noting they have the same computing power as a phone, but can also recognise what a user sees, their location and context.
The main short-term hurdle to the widespread adoption of AR lies in the high cost of headsets and smart glasses, Guha commented.Subscribe to our daily newsletter Back