Augmented Reality Market Value to Exceed $30 Billion by 2023, Says New Report by Greenlight Insights

Avatar Alexandra Vidger Augmented Reality, Press Releases

Direct consumer content spending to eclipse other key spending areas, including standalone AR hardware revenues.

San Francisco, July 29, 2019 —  The value of the worldwide augmented reality technology market is expected to grow to $31 billion by 2023, according to a new report by Greenlight Insights. The 2019 Augmented Reality Industry Report outlines the significant shift in sentiment about augmented reality (AR) technology, reflecting both continued expansion of corporate spending on AR and new investments made by major industry players. This report also provides an analysis of key market players, including Apple, Microsoft, Google and Magic Leap.

Greenlight Insights finds that the AR industry has already achieved a meaningful degree of maturity in terms of consumer-ready technologies, valuable applications and usage scenarios since the emergence of the current AR wave in 2014. Ironically, the ubiquity of mobile computing will play the role of accelerant in the development of the next form of computing, powered by immersive technology.

“AR is growing rapidly, and software/platform providers are reaping the benefits," said JC Kuang, Analyst at Greenlight Insights. “We expect it to become a $31 billion industry by 2023, driven by increasingly popular and commonplace direct consumer content. Furthermore, while the arrival of relatively affordable consumer-ready AR hardware such as North Focals and nReal Light is a promising sign of resolved technology problems, this development is by no means essential to the sustainability or scalability of AR.”

The 2019 Augmented Reality Industry Report also provides a warning to those looking to capitalize on market momentum. While integrated AR platform providers are best positioned to survive and thrive; smaller stakeholders should build robust technology portfolios to stay competitive. This report also features insights on how recent events are transforming the technology landscape, including OEMs, optical and display systems, processors, operating systems, software engines and more. 

For more information about the 2019 Augmented Reality Industry Report visit, www.greenlightinsights.com/reports/2019-augmented-reality-industry-report.

About Greenlight Insights

Greenlight Insights provides proprietary market research, consulting, and events about the future of virtual and augmented reality. Greenlight Insights delivers critical strategic insights to the world's leading technology companies, publishers, service providers, institutional investors, and government entities. 

Based in San Francisco, with offices in Boston and Denver, Greenlight Insights comprises a diverse team of highly-skilled industry professionals who offer deep expertise in virtual and augmented reality. For more information, visit greenlightinsights.com.

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