UK augmented reality market is estimated to grow significantly at a CAGR of 36.5% during the forecast period. AR is one of the key emerging technologies in the market as it is developing at a rapid pace. The technological developments make AR applications more accessible to consumers as well as businesses. Various factors such as highly developed graphics, less bulky and/or expensive hardware, new software platforms and tools for faster and easier AR application development makes AR technology more usable and is expected to drive the growth of the UK augmented reality market during the forecast period.
The market is segmented on the basis of device type, technology, components, and application. Based on the device type market is sub-segmented into the head-mount, head-up, handheld. Based on technology the market is sub-segmented into monitor based technology and near eye based technology. Based on offering, the market is bifurcated into software and hardware. Based on the application, the market is segmented into individual, consumer, and others (automotive, defence, tourism, healthcare, apparels & Accessories).
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The well-developed ICT infrastructure in the region is further supporting the growth of the AR market. The growth of the AR market in countries depends on the funding and investment by the companies for developing solutions based on AR. A Soluis Group-led consortium got $1.19million of funding in August 2017 from Innovate UK to develop an Augmented Worker System (AWE), to promote the use of AR and VR for the construction industry. This system enables the intelligent design and construction along with maintenance and whole-life value of buildings, which support the construction and infrastructure growth.
Furthermore, AWE can realize significant value from Building Information Modeling (BIM) as well as reduce costs up to 25%, waste reduction up to 25%, and increased productivity of 30% for projects. Therefore, the increased use of the increasing use of augmented reality in construction is anticipated to offer significant opportunities for the growth of the AR market in the country.
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UK Augmented Reality Market Segmentation
By Device Type
· Head-Mounted
· Head-Up
· Handheld
By Technology
· Monitor Based Technology
· Near Eye Based Technology
By Component
· Hardware
· Software
By Application
· Individual
· Commercials
· Others (Automotive, Defense, Tourism, Healthcare, Apparels & Accessories)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
