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Augmented reality market to exceed $43 billion by 2024

23 October 2019

The mixed and augmented reality market is set to exceed a four-fold increase over the next five years. The growth will be driven by the growth of interactive digital images and videos overlaid onto the real world through a smartphone, tablet or smart glasses, according to a new report from Juniper Research.

Augmented reality is set to grow to $43 billion by 2024, up from just $8 billion in 2019. Juniper said this growth will be driven by 5G deployments and edge computing that will also grow substantially over this forecast period.

Juniper forecasts that 75% of consumer mixed reality will come from smartphone apps in 2024 with a user base of nearly 6 billion smartphone users. Mobile games multimedia apps will benefit over the next five years, accounting for 67% of all smart glasses apps by 2024.

“We expect social media applications to account for 40% of all consumer mixed reality revenues by 2024," said Sam Barker, research author at Juniper Research. “Third party content delivered on these apps has been key to their success, therefore investment in content development frameworks will increase their app’s content library with minimal investment.”

The research suggests that smart glasses vendors should incorporate hardware to enable 5G and edge computing capabilities as well as enhance content and services by leveraging cloud computing. Juniper suggested that migrating processing power to the cloud would enable device vendors to reduce device size and minimize the social cost of public device use.

To learn more about the augmented reality market, see Juniper’s white paper on the subject.

To contact the author of this article, email PBrown@globalspec.com


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