Good news for rumored ’Apple Glasses’: AR market size to grow to $72.7 billion by 2024

This sounds promising for Apple’s rumored augmented reality (AR) head-mounted display (HMD), the so-called “Apple Glasses”: the global AR market size is estimated to grow from $10.7 billion in 2019 to $72.7 billion by 2024, expanding at a compound annual growth rate [CAGR] of 46.6%, according to Research and Markets.

Apple’s device is expected to debut this year, 2021, or 2022, depending on which rumor you believe. Code-named T288, it will purportedly include an 8K display for each eye and may or may not be tethered to an iPhone. Other reports have claimed that the Apple Glasses could have a custom-build Apple chip and a dedicated operating system dubbed “rOS” for “reality operating system.”

Research and Markets says the most significant factor driving the growth of this market is the increase in the adoption of AR devices in the healthcare sector. AR devices are aiding surgeons to visualize joints, muscles, and internal organs without slicing the body. This enables surgeons to determine precisely where to make injections and incisions and further assisting in utilizing all the data collected during medical emergencies. Real-time data regarding a patient’s health is the major factor promoting the adoption of AR technology in the healthcare sector.

Research and Markets says that increasing penetration of AR software solutions and their compatibility with existing hardware devices is expected to help the growth of the market for software, driving the augmented reality market during the forecast period. AR technology is anticipated to continue its growth in the software segment through the emergence of various nestling projects that will evolve into large-scale productions. 

Recently, numerous companies have experimented with augmented reality prototypes. For instance, companies such as IKEA and Walmart have already launched AR prototypes to enhance the shopping experiences of their customers. The software segment is set to grow because of the high growth of the number of apps and platforms in the AR space, says Research and Markets.

The consumer application held the largest share in the AR market in 2018 and is expected to dominate the market during the forecast period, the research group adds. The consumer sector includes gaming and entertainment applications in which AR is used for creating 3D visual objects in the real world. The high growth of the gaming & entertainment sector boosts the growth of the AR market for consumer applications, says Research and Markets.