Biometric System Market expected to reach $68.6 billion by 2025

 

The report "Biometric System Market with COVID-19 Impact by Authentication Type (Single-Factor: Fingerprint, Iris, Face, Voice; Multi-Factor), Offering (Hardware, Software), Type (Contact-based, Contactless, Hybrid), Vertical, and Region - Global Forecast to 2025", is expected to grow from USD 36.6 billion in 2020 to USD 68.6 billion by 2025; it is estimated to grow at a CAGR of 13.4% during the forecast period. The major factors driving the market include the increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications.

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“Multi-factor authentication are expected to to be the fastest-growing market for biometric system market during the forecast period”

The growing demand for multi-factor authentication is attributed to the rising need for additional security against the theft of sensitive data, especially in government and defense verticals. Combining multiple identifiers adds an extra level of protection, making the system more effective, accurate, and reliable. In addition, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is expected to drive the growth of the multi-factor authentication segment.

“Hybrid biometric system market is expected to be the fastest-growing segment during the forecast period”

The highest CAGR of hybrid biometric systems is attributed to the increasing adoption of efficient and reliable biometrics. Multimodal biometric solutions offer enhanced safety against spoofing or forgery through multi-level authentication. In addition, many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometric modalities, using contact-based or contactless systems) for security checkpoints at country borders due to the heightened threat of terrorist attacks.

“RoW to be the fastest-growing market for biometric system during the forecast period”

The biometric system market in RoW has been further segmented into the Middle East & Africa and South America. The Middle East is one of the fastest-growing economies in the world in terms of infrastructure, electronics industry, and other technological advancements. The growth of the biometric system market in the Middle East & Africa can be attributed to their unique geographic location, airport hubs, and increasing passenger traffic. The government sector is the primary investor in the biometric system market in the Middle East, mainly for the national ID projects; the banking sector is another major contributor to market growth in the region. The adoption of biometrics technology in other sectors such as residential and commercial security, healthcare, and travel & immigration is comparatively low, but it is expected to increase in the next few years.

Major companies involved in the development and supply of biometric system are Thales (France), Safran (France) , NEC (Japan), ASSA ABLOY (Sweden), and Fujitsu (Japan).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Pneumatic Tube System Market worth $2.6 billion by 2024

 

According to the new market research report on the "Pneumatic Tube System Market by System Type, System Configuration (Multiline, Single-Line, & Point-to-Point), Function (Fully Automatic & Semi-Automatic), End User (Medical and Healthcare, Commercial, & Industrial), and Region - Global Forecast to 2024", the pneumatic tube system market is estimated to grow from USD 1.9 billion in 2019 to USD 2.6 billion by 2024, at a CAGR of 6.9%. The market is mainly driven by demand for automation in material handling across industries, growing medical automation for reproducibility and accuracy, emerging e-commerce industry, and enhanced productivity enabled by improved supply chain processes.

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Market for multiline pneumatic tube system to grow at highest CAGR during forecast period

The market for multiline system is expected to grow at the highest CAGR during the forecast period. The increasing deployment of pneumatic tube systems in sectors other than healthcare and solutions to many internal logistics problems attribute to the highest rate of multiline systems. The market for single-line systems is expected to grow at the second highest CAGR during the forecast period.

Fully automatic function to hold largest share of pneumatic tube system market during forecast period

Fully automatic is expected to hold a larger share of the pneumatic tube system market, by function, during the forecast period. Reasons for larger share of the fully automatic pneumatic tube system market are their ability of transferring high volume and ease of system expansion. Fully automatic systems usually are installed when a large number of interacting stations are required within a department. With the ability of transferring high volume and ease of system expansion, fully automatic systems are viable options for inter-departmental logistics.

Growing technological advancement to create demand for pneumatic tubes in the commercial sector

The pneumatic tube system market for the commercial sector is expected to grow at the highest CAGR during the forecast period. With the increasing adoption of logistics automation within commercial businesses, commercial end user segment has created a big shift in the overall pneumatic tube system market. Also, growing technological advancement and demand for automation in logistics are expected to create demand for pneumatic tubes in the commercial sector.

Americas to remain a major consumer of pneumatic tube systems during the forecast period

The Americas is expected to be a major consumer for pneumatic tube system solutions during the forecast period. The Americas is the largest market for pneumatic tube systems due to the large number of hospitals, banks, government buildings, casinos, toll plazas, and other fields adopting these systems. Moreover, the growing emphasis of department connectivity and less time processing between courier sending and receiving boosted the demand for pneumatic tube systems in general.

The report profiles the most promising players in the market. The market is highly dynamic because of the presence of a significant number of big and small players operating in it. Key players in the market are Aerocom Systems (Germany), Swisslog Holding (Switzerland), Pevco (US), Kelly Systems (US), Quirepace (UK), Eagle Pneumatic (US), Telecom Bedrijfscommunicatie (Netherlands), Siebtechnik (Germany), Hamilton Security (US), Airlink International (US), Hanazeder Electronic (Austria), Colombo Pneumatic Tube Systems (US), Hanter Ingenjörsteknik (Sweden), Oppent (Italy), S&S Engineering (Japan), Air-Log (Germany), Thalmayr (Austria), Zip Pneumatics (US), Lamson Group (US), and Sumetzberger (US).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Digital Signage Market worth $27.8 billion by 2026

 

The report "Digital Signage Market with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Product, Display Size, Installation Location, Application (Retail, Healthcare, Hospitality, BFSI, Education), and Geography - Global Forecast to 2026", will grow to USD 27.8 billion by 2026 (forecast year) from USD 16.3 billion in 2021 (estimated year), at a CAGR of 11.2% between 2021 to 2026. The key drivers fueling the growth of this market include the growing adoption of digital signage in commercial applications, increasing infrastructure developments in emerging countries, surging demand for 4K & 8K resolution displays, and ongoing technological advancements in displays.

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The hardware segment to hold the largest market share in 2026

The hardware segment of the digital signage market, by offering is estimated to hold the largest market share in 2026. The rapid adoption of display technologies such as direct-view LED and OLED offering ultra-high definition (UHD), 4K, and 8K resolutions complemented by the growing adoption of digital signage in commercial industries is expected to drive hardware segment market growth. Additionally, the increasing adoption of large screen digital signage in the retail sector and advertising spaces as a suitable replacement for traditional signboards would boost the growth of the hardware segment in coming years.

The outdoor installation segment to register higher CAGR during the forecast period

The outdoor installation segment of the digital signage market, by installation location, is projected to register the higher CAGR during the forecast period. This growth can be attributed to various technological developments related to digital signage display as a result of which businesses have the option to choose from a wide variety of high brightness, highly attractive displays in different sizes and configurations offering brightness of more than 2000 nits, making them perfectly suitable for outdoor locations. Moreover, with recent advancements in display technology, digital displays have become less prone to harsh outdoor environments and deliver excellent product life.

APAC is projected to hold the largest share of the digital signage market in 2026

APAC is expected to hold the largest share of the digital signage market in 2026. Increasing adoption of the Internet of Things (IoT) and technologies that enable digital transformation across various sectors such as commercial, institutional, infrastructure, and industrial has fueled the demand for digital signage in APAC. In addition, strong economic growth, rise in consumerism, growth in the standards of living, increase in disposable income, high technological advancements, growth of retail space, and changes in lifestyles have accelerated the adoption of strong and reliable advertising media in the countries of the region.

Samsung Electronics (South Korea), LG Electronics (South Korea), Sharp Corporation (Japan), Leyard Optoelectronic (US), Sony Corporation (Japan), Barco (Belgium), Panasonic Corporation (Japan), Shanghai Goodview Electronics (China), AU Optronics (Taiwan), and BrightSign (US) are the key players in the global digital signage market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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2G/3G/4G network technology to be largest market for wireless network test equipment Market

 

According to the new market research report "Wireless Network Test Equipment Market by Equipment Type (Drive Test Equipment, Monitoring Equipment, OSS with Geolocation Equipment, SON Testing Equipment), Network Technology (2G/3G/4G and 5G), End User, and Region - Global Forecast to 2023", the wireless network test equipment market is estimated to be worth USD 3.2 billion in 2018 and is expected to reach USD 4.7 billion by 2023 at a CAGR of 8.0%. The major factors fueling the growth of the wireless network test equipment market include the growing mobile data traffic coupled with increasing adoption of smart devices, rising technological advancement toward networking and communication, and increasing interoperability of network technologies.

 

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“Drive test equipment to lead wireless network test equipment market by 2023”

Drive test is the process of measuring and assessing the coverage, capacity, and Quality of Service (QoS) of a mobile network. The process requires a laptop, data collecting software, dongle, mobile phone for each network to be tested and a GPS antenna. The testing process includes a vehicle that comprises the aforementioned equipment to check and record different types of physical and virtual parameters of a cellular network in a given geographic area. This testing helps detect and understand what difficulty subscriber face in a given area, and thereby allowing service providers to accordingly make changes in the network for delivering effective coverage and service to the customers. The equipment used in drive test are highly specialized electronic devices that interface with OEM mobile handsets to receive realistic and comparable with actual user experiences.

“2G/3G/4G network technology to be largest market for wireless network test equipment during forecast period”

2G/3G/4G networks are the most widely used network technologies. The market of 4G/LTE would increase until the introduction of 5G with the advancement in LTE into 4.5G Pro and 4.9G (Gigabit LTE). The LTE advanced connectivity technologies would help improve data rates and customer experiences. The increasing importance of mobile data services in a large number of industries across the world demands more capacity of mobile networks, which, in turn, would drive the market for 4G/LTE until the introduction of 5G connectivity technology.

“Enterprises to lead wireless network test equipment market by 2023”

The enterprises holds the maximum share of wireless network test equipment market. Wireless network test equipment help enterprises improve their network performance by examining every aspect of the network process during the entire journey. Wireless network test equipment is widely adopted due to the increased need for maintaining and optimizing the network. The demand for wireless network testing is shifting from subscriber to enterprise and government organizations.

“APAC to be largest market for wireless network test equipment during forecast period”

The wireless network test equipment market in APAC is mainly concentrated in countries such as Germany, the UK, and France. China has a large number of 2G, 3G, and 4G subscribers and is likely to be among the frontrunners to deploy 5G. It is also among the major adopters of IoT in APAC. The country is striving for the development of smart cities. In 2013, 311 cities were selected for the transformation into smart cities; of which, significant progress has been observed in ~80 cities. Many vendors, such as Ericsson (Sweden), Cisco (US), and Huawei (China), provide various solutions for these smart cities and are conducting an extensive study on the infrastructure and new projects capabilities in the Asian countries. Additionally, China is a populated country; thus mobile and data connectivity infrastructures are likely to increase. The dense population of the country could lead to issues regarding the reliability of the connectivity, resulting in call drops and network failures. Therefore, major telecom players in China collaborate with facility owners and use wireless network test equipment to offer enhanced wireless connectivity.

Major players involved in the wireless network test equipment market include Anritsu (Japan), Infovista (Virginia), Keysight Technologies (US), Rohde & Schwarz (Germany), VIAVI (US), Accuver (US), Dingli Corporation (China), Empirix (US), EXFO (US), Spirent Communications (UK), Teoco (US), RADCOM (Israel), Gemalto (Netherlands), NETSCOUT (US), and Bird Technologies (US).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Flexible Heater Market in-depth analysis and impact | NIBE Industrier AB (Sweden), Honeywell International Inc. (US)

 

According to the latest market research report "Flexible Heater Market by Type (Silicone Rubber, Polyimide, Polyester, Mica), Industry (Electronics & Semiconductor, Medical, Aerospace & Defense, Automotive, Food & Beverages, Oil & Gas), and Geography - Global Forecast to 2023", The flexible heater market is expected to grow from USD 945 million in 2018 to USD 1,356 million by 2023 at a CAGR of 7.5%. The factors such as a wide range of applications and rising demand from several industries are driving the growth of the flexible heater market. Flexible form factor, technological advancements, launch of innovative products, and high adoption of flexible heaters in medical applications are also driving the market toward significant growth.• Informational PDF Brochure :-
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Browse 61 market data Tables and 57 Figures spread through 148 Pages and in-depth TOC on "Flexible Heater Market - Global Forecast to 2023"
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“Silicone rubber-based flexible heater market to grow at highest CAGR during forecast period”

The market for silicone rubber-based flexible heaters is expected to grow at the highest CAGR during the forecast period. Due to their flexibility, faster warm-ups, improved heat transfers, and decreased wattage requirements, silicone rubber-based flexible heaters are used in applications such as semiconductor processing; energy processing (in gas dehydration and gas sweetening); kitchen equipment (in fryers, grills, ovens, warming cabinets, and steam tables); packaging; photovoltaic; medical and analytical instrumentation; aircraft; and spacecraft and satellites. The increasing demand for flexible heaters, coupled with the overall growth of various end-user industries, is driving the market.

“Medical industry to provide significant opportunities to flexible heater market players during forecast period”

Flexible heaters are widely used in the medical industry for electric heating elements and sensors, ranging from dimensional and resistance tolerances; low current leakage; and high insulation resistance readings. In the medical industry, these heaters are primarily found in the ultrasonic cleansers, fluid warmers, warming blankets, sterilization trays, blood warmers, temperature therapy equipment, warming blanket cabinets, dialysis machines, patient warming pads, and various other medical equipment. The increasing demand for these heaters in such applications in the medical industry is expected to fuel the market for flexible heaters during the forecast period.

“APAC holds largest share of flexible heater market”

APAC accounts for the largest share of the market, followed by North America and Europe. The increasing demand for flexible heaters in various medical equipment, analytical instruments, avionics and defense systems, semiconductor processes, and commercial food equipment is driving the growth of the flexible heater market. The electronics, semiconductor, and automotive are the major industries in APAC, and the market for the medical device and food equipment manufacturing is expected to grow at the fastest rate in this region in the coming years. The economic growth of the region and lower operating costs in countries such as China and India are expected to drive the demand for flexible heaters in APAC. In addition, the growth of the market in APAC is fueled by the manufacturers shifting their production processes to this region due to the raw material availability, cheap workforce, and increasing demand for these heaters.

Several major players in the flexible heater market are NIBE Industrier AB (Sweden), Honeywell International Inc. (US), Omega Engineering (US), Watlow Electric Manufacturing (US), Smiths Group plc (UK), Chromalox (US), Rogers Corporation (US), Minco Products, Inc. (US), Zoppas Industries S.P.A. (Italy), and All Flex Flexible Circuits (US), among others.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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North America raises major share worth $138.9 billion for Smart Home Market

 

The report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026", is projected to grow from  USD 84.5 billion in 2021 and is projected to reach USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4 % from 2021 to 2026.

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The increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems. In addition to this, factors such as increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population is driving the growth of the smart home market.

“Entertainment and other controls to hold the largest share of the smart home market during the forecast period”

The entertainment and other controls segment is expected to account for the largest share of the smart home market during the forecast period.  The growth of the audio, volume, and multimedia room control market is driven by the convenience offered by these controls for managing as well as controlling entertainment systems within a house. The advancements in wireless communication technologies are a major factor boosting the growth of the home theater system control market, thereby driving the smart home market for entertainment control. The market growth of the other controls segment can be attributed to the high demand for smart meters and smoke detectors as well as the increasing popularity of smart plugs, smart hubs, and smart locks.

“Behavioral type software and services segment to hold larger market share during the forecast period”

The smart home market for software and services segment, by type, has been sub-segmented into behavioral and proactive type solutions and services. The behavioral type software and services help analyze energy-related data and forward it to the end users. However, this category is restricted to transmitting and receiving data and does not perform intelligent actions, unlike the proactive type. Behavioral type solutions provide direct feedback to the end users, providing basic information regarding real-time energy consumption data, along with historical data reflecting energy usage. Behavioral type software and services are increasingly being leveraged in smart homes as they help enhance the energy efficiency of these homes and minimize energy bills based on behavioral type data analysis. Behavioral type software and services possess the ability to learn user behavior and accordingly render a smarter control of appliances, leading to an increase in its demand. As this type of software and algorithm is the most widespread due to its initial adoption and low cost, this segment is expected to account for a larger share of the smart home market during the forecast period.

“Indirect sales channel to dominate the smart home market during the forecast period”

The indirect sales channel segment is expected to account for the larger share of the smart home market and is expected to grow at a higher CAGR from 2021-2026. Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales channels involve the sale of smart home products through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. The COVID-19 pandemic has also resulted in a further rise in the use of indirect sales channels in the smart home market. Due to lockdowns in various countries across the world, people have started using online mode frequently. The demand for online channels has increased during the pandemic. Companies offer product setup and installation services that help users to buy products online without any hesitation. Moreover, third-party delivery providers have started undertaking extra precautions in order to encourage consumer to buy without reservations of getting infected. Thus, the online sales channel segment is expected to grow during the forecast period.

“North America to hold the largest share of smart home market throughout forecast period”

North America is expected to account for the largest share of the smart home market during the forecast period.  The factors driving the smart home market in the US include the high per capita income, the increasing demand for reliable home energy management systems, enhanced home security levels, improved device standards, and the growing popularity of integration of smart devices such as tablets, smartphones, and standalone voice assistants in homes are driving the growth of the North American smart home market. Furthermore, this region has a strong presence of some of the key players in the global smart home ecosystem, such as Honeywell (US), ADT (US), Control4 (US), Simpisafe (US), Comcast (US), Lutron (US), Vivint (US), Ooma (US), Simplisafe (US) and Crestron Electronics (US), which has led to availability of a wide range of smart home offerings at economical prices. Additionally, various grants from the US Government towards green energy projects are also driving the smart home market growth in this region.

Key players in the smart home market include Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), Lutron (US)  are among a few emerging companies in the  smart home market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
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Augmented Reality Market with COVID-19 Impact Analysis by USD 88.4 billion by 2026

 

According to a research report "Augmented Reality Market with COVID-19 Impact Analysis, by Device Type (Head-mounted Display, Head-up Display), Offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography - Global Forecast to 2026" published by MarketsandMarkets, the augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026. The key factors driving the growth of the augmented reality market include surging demand for AR devices and applications in healthcare, growing demand for AR in retail and e-commerce sectors due to COVID-19, rising investments in the AR market, increasing demand for AR devices and technology in the global automotive industry, and others.

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Browse 169 market data Tables and 61 Figures spread through 216 Pages and in-depth TOC on "Augmented Reality Market - Global Forecast to 2026"

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Hardware segment to account for the largest share of augmented reality market during the forecast period

On the basis of offering, the augmented reality market has been segmented into hardware and software. The hardware segment of the augmented reality market is projected to witness a higher growth rate than the software segment owing to the increasing adoption of augmented reality hardware globally.

Consumer application to account for the largest share of augmented reality market during the forecast period

On the basis of application, the augmented reality market has been segmented into consumer, commercial, aerospace & defense, healthcare, enterprises (manufacturing), automotive, energy, and others. The consumer application segment is projected to account for the largest size of the augmented reality market from 2021 to 2026. The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world. The flourishing gaming and sports and entertainment sectors fuel the use of AR technology in consumer applications. The demand for HMD is high in consumer applications. They are used in smart glasses in sports (such as ski driving and fighting games).

APAC to account for the largest share of augmented reality market during the forecast period

The flourishing enterprises (manufacturing) sector in China and Japan is projected to fuel the growth of the augmented reality market in APAC. The gaming industry in this region has also witnessed significant growth, thereby contributing to the increased demand for augmented reality technology in APAC. Additionally, rising investments in commercial applications of augmented reality are also expected to contribute to the growth of the market in APAC. Moreover, the thriving healthcare and automotive sectors in Japan are also projected to drive the demand for AR technology in the region.

The novel coronavirus has affected the global economy to a large extent. The economies in APAC, including Japan, China, South Korea, India, and Australia, have a significant contribution toward the global economy as they are home to various manufacturing and assembly plants in the world. China, which is known as the manufacturing hub of the world, faced a serious economic crisis owing to the spread of the virus and brought all economic activities to a standstill for weeks. The other countries, such as India, Australia, South Korea, and Japan, have also witnessed a downfall in the economic activities across various sectors.

Some of the key companies operating in the market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), Apple (US), and so on.

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