The augmented reality market has been forecast to increase at a compound annual growth rate (CAGR) of 54.3% through to 2016, with the industry expected to reach a value of $659.98 million by 2018.
While many of the companies adopting augmented reality are doing so because of the dynamic aspects of the technology, the key factor driving growth is the demand for enhanced consumer experience. Consumers are becoming jaded when it comes to traditional interfaces on their mobile devices and are itching for something much more engaging.
Augmented reality is a thriving technology where digital data merge with real world. This technology superimposes the real world with computer generated data which completely changes the user experience. It changes what we hear, feel and see.
The technology is a live, direct or indirect, view of a physical, real-world environment whose elements are augmented (or supplemented) by computer-generated sensory input such as sound, video, graphics or GPS data.
The augmented reality technology uses virtual reality to amend with the real world. Augmented reality and virtual reality have can offer many wide range of emerging application.
Augmented reality is beginning to take off in numerous industries. Many technology companies are working on wearable augmented reality products, while software developers are working augmented reality into new mobile applications for various platforms. Even the game industry has become enamored with augmented reality.
By 2015, augmented reality technologies will be widely used in the education field for advanced learning and for teaching technologies. Augmented reality technology will be used to contribute to projects with smart innovations in future due to its great fascination and potential.
Despite the growing number of partnerships among start-ups, the big players in the augmented reality sector are likely to retain their dominance. These include companies like Layar, Metaio, Total Immersion, and even Qualcomm.
These companies have produced innovation augmented reality products over the past several years that have come to define what consumers expect when making use of the technology.
For more information on the augmented reality market, see the latest research: Augmented Reality Market
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