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Augmented reality market worth $56.8 billion by 2020, says firm

Research study indicates augmented reality to see massive growth over next five years, will become $56 billion market
By: Sean Ridgeley | Business, Financial & Legal News | Posted: Nov 6, 2015 8:33 pm

A new market research report by MarketsandMarkets predicts the augmented reality aka virtual reality market will be worth $56.8 billion USD by the year 2020.

 

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Based on the trends, growth rates, and the technology itself it analyzed during its research study, the company believes this strong growth will be fueled by demand in aerospace and defense, consumer, automotive, and commercial sectors, as well as the backing of major companies, including Google and Microsoft.

 

MarketsandMarkets -- which self-describes as the "world's No. 2 firm [of] annually published premium market research reports" -- says Europe will get on board once the technology is proven this side of the pond, while the Asia-Pacific region will be driven by the "fast-growing" commercial sector.

 

More details from the report can be found here.

 

Augmented reality was a $1.72 billion market in 2014.

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