As the long-anticipated wait for Google Glass, anticipated for release in spring 2014, nears an end, the buzz around this new wearable augmented reality device is growing louder and louder.
Wearable computers first gained speed in the early 2000s, however many projects were either scrapped, delayed or didn’t get the attention they needed to hit the main stream. Today, technological advancements have led electronics manufacturers to offer augmented or “enhanced” reality to end-users via devices like Smartwatches and Google Glass.
Although Google isn’t the first to develop wearable augmented reality devices, they are the first to develop and market this technology for the general public. Consumer interest has led to approximately 5.3 million views on Google Glass’s YouTube channel.
Furthermore, the influx of investment into augmented reality applications is expected to exceed US$670 million in this year alone. In fact, between now and 2018, the Global Augmented Reality Market is expected to post a CAGR of 132.2 percent.
So what is “Augmented Reality”?
Augmented reality technology permits the overlay of computer graphics on the real world. End-users can make use of this technology through special software that generates a comprehensive view for end-users; this view is the combination of the real scene viewed by end-users and an augmented, computer-generated, virtual scene with additional information. Augmented reality finds its applications in different areas such as gaming, entertainment, defense, and R&D.
Apart from the continuously increasing uses for augmented reality technology for gaming, shopping, and entertainment purposes, it is also used in the engineering domain to prototype products as well as repair existing products. For instance, augmented reality applications enable mechanics to foresee issues and possible outcomes of planned efforts in order to rectify any defects. This facility enables mechanics to increase their efficiency by about 30 percent.
The applications of augmented reality have also gained traction in the medical field. For instance, Google glasses use this technology and are being increasingly used by doctors to treat and operate on their patients in hospitals.
Perhaps the greatest demand for augmented reality technology comes from mobile device manufacturers looking to enhance users’ experience, which in turn enhances their value proposition. The increasing integration of augmented reality solutions in mobile computing devices is expected to boost the growth of the market during the forecast period, especially with the increasing popularity and penetration of smartphones and tablets in the market. For instance, Nokia has integrated an augmented reality feature in one of its smartphone handsets; this feature provides augmented information and additional details about different places to users.
So what’s next for augmented reality technology?
The increasing demand for augmented reality applications has resulted in a heavy increase in R&D activities. As the Augmented Reality market is only just beginning to take the stage, many research institutes and companies are trying to capitalize on the growth potential of the market. As a result, there are a large number of R&D projects currently underway. This has also garnered the interest of a number of governments resulting in government-funded R&D projects and support for new companies trying to enter this market.
Moreover, the market has a larger number of start-up companies than established firms. To capitalize on the technology developed by start-up firms, large companies are entering into partnerships with these firms. Such partnerships are likely to enable start-up firms to scale up their operations as they are likely to have access to a high level of funding, thereby fueling market growth in the years to come.
For more information, view our 2014-2018 Global Augmented Reality Market report.
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