LONDON, April 12, 2017 /PRNewswire/ -- In its first ecosystem tracker for the Augmented Reality (AR) and Mixed Reality (MR), ABI Research pinpoints 244 companies operating in the space worldwide, with this number expected to continue to climb. Data overlay and hands free usage, whether through passive AR or interactive and spatially aware MR, is providing significant value to early adopters. Given its current growth trajectory, the global markets will together exceed a total market revenue of $95 billion by 2021.
"Increasing demand led to a more compelling, albeit complex, market," says Stephanie Lawrence, Research Analyst at ABI Research. "There is significantly more opportunity for companies across business models than even six months ago, with a need for devices, content, developer tools, professional services, and more to drive growth."
The most common business model is one that focuses on AR and MR applications, software, and content distribution, with 45% of the companies identified currently taking this approach. Core technology and application development tools and services are also gaining ground in the market, with 66% of listed companies deploying combinations of such practices across a wide multitude of market verticals.
Enterprise use cases will dominate the AR and MR markets, accounting for 94% of device shipments in 2017 and still responsible for 89% of shipments in 2022. Verticals include logistics, retail, commerce, marketing, technology, media and entertainment, and manufacturing markets.
Companies active in the competitive landscape range from large hardware and content providers such as Google and Microsoft, to development tools and services providers like PTC/Vuforia, Upskill, and Wikitude. Energy, manufacturing, and logistics verticals are the dominant enterprise markets for smart glasses comprising nearly 60% of smart glass shipments in 2021.
"No matter the industry, AR and MR devices afford workers the ability to view detailed information regarding their current task directly in their line of sight," concludes Eric Abbruzzese, Senior Analyst at ABI Research. "It is this universal, widely applicable benefit that will fuel both the AR and MR markets moving forward and ultimately lead to heightened productivity."
These findings are from ABI Research's Augmented/Mixed Reality SI and VAR Market Tracker (https://www.abiresearch.com/market-research/product/1027492-augmentedmixed-reality-si-and-var-market-t/) report and Wearable Device Market Share and Forecasts (https://www.abiresearch.com/market-research/product/1027588-wearable-device-market-share-and-forecasts/) report.
About ABI Research
ABI Research stands at the forefront of technology market research, providing business leaders with comprehensive research and consulting services to help them implement informed, transformative technology decisions. Founded more than 25 years ago, the company's global team of senior and long-tenured analysts delivers deep market data forecasts, analyses, and teardown services. ABI Research is an industry pioneer, proactively uncovering ground-breaking business cycles and publishing research 18 to 36 months in advance of other organizations. For more information, visit www.abiresearch.com.
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SOURCE ABI Research