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Startups in the Augmented Reality Space Predicted to Drive the Global Human Machine Interface Market Through 2020, Says Technavio
[May 27, 2016]

Startups in the Augmented Reality Space Predicted to Drive the Global Human Machine Interface Market Through 2020, Says Technavio


Technavio research analysts are forecasting positive growth for many segments of the global human machine interface market over the next four years as several related markets, including smart glasses for augmented reality, mobile augmented reality, and augmented reality market for gaming, will likely witness an increase in revenues.

The global smart glasses segment for augmented reality is anticipated to grow at a CAGR of around 140% during the forecast period. Since smart glasses enhance the viewing experience for enterprise and individual users, their rate of adoption is expected to increase rapidly during the forecast period. Its ease of use coupled with a strong interest shown by vendors and end users will impel growth prospects for the human machine market until 2020. The market is also likely to witness the entry of new vendors with unique products. This will increase the level of awareness among consumers and provide more options to end users. Vendors in this segment will look to resolve issues related to design, weight, and heat to popularize it further.

Mobile augmented reality (AR) is expected to grow profoundly at a CAGR of around 89% during the forecast period. Proliferation of mobile AR apps among consumers using smartphones and tablets is the primary growth driver for this market. The number of mobile devices AR users is predicted to increase from 92 million in 2015 to 929 million by 2020. Much of this market's high growth potential can be attributed to the rising demand for AR apps and technology from the enterprise segment. These include industries such as automotive, fashion, logistics, healthcare, and retail, where an increase in the demand for AR apps and technologies will enhance brand awareness and product sales in the upcoming four years.

Technavio analysts have estimated the augmented reality (AR) market for gaming will grow profoundly at a CAGR of over 174% during the predicted period. AR technology blends digital cntent with the physical world and allows users to scan the physical environment by providing an enhanced or augmented experience. The launch of various AR apps that enable unique interactions with the real world, by large vendors like Facebook, Google, Nvidia, and Microsoft (News - Alert), will foster prospects for growth in this market. Furthermore, due to a rise in the availability and affordability of AR games for mobile devices, the global AR market for gaming will have a positive outlook until the end of the forecast period.



"Increased integration into mobile devices will emerge as a key driver for AR technology in the future. Many manufacturers are integrating AR solutions into mobile devices, as it helps them enhance their value proposition and enrich user experience. This increase in AR integration is anticipated to boost the growth of this market during the forecast period," said Amit Sharma, one of Technavio's lead analysts for hardware and semiconductor research.

The adoption of crowdfunded strategies by vendors in the global mobile augmented reality market will help providers raise enormous funds for the development of AR. It will enable direct interaction with potential buyers and provide opportunities to small vendors. For instance, in 2015, Prynt launched a crowdfunding campaign on Kickstarter for its Prynt smartphone case with AR functions. Through scanning, the camera is capable of automatically converting still images into video clips. Many similar smart functions enabled by AR technologies will support the growth of the human machine interface market in the future.


View Technavio's entire human machine interface report library

Some of the key vendors for the global human machine interface market include Atheer, Lumus, and ODG for smart glasses for augmented reality; Augmented Pixels, Aurasma, and Blippar for mobile augmented reality; and Metaio, Qualcomm (News - Alert), and Total Immersion for augmented reality market for gaming.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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