European augmented reality market is estimated to grow significantly at a CAGR of more than 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 European augmented reality market during the forecast period.
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The market is segmented on the basis of device type, technology, components, application, and country. 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, defense, tourism, healthcare, apparels & Accessories). Based on country the market is segmented into UK, Germany, Spain, France, Italy and the rest of Europe.
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The growth of 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. The funding focuses on developing an Augmented Worker System (AWE), which pioneers 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 AR in construction is anticipated to offer significant opportunities for the growth of the AR market in the region.
European Augmented Reality Market Segmentation
By Device Type
• Monitor Based Technology
• Near Eye Based Technology
• Others (Automotive, Defense, Tourism, Healthcare, Apparels & Accessories)
• Rest of Europe
• Apple Inc.
• Intellectsoft LLC
• Microsoft Corp.
• Niantic Inc.
• Optinent SA
• PTC Inc.
• Qualcomm Technologies Inc.
• Seiko Epson Corp.
• Thales Group
• Wayray AG
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