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European augmented reality industry to reach an estimated valuation of $12 billion in 2024

The rising popularity and penetration of augmented reality (AR) smart glasses across a great number of business verticals are propelling the European AR sphere. Industries like automobile, military, defence, and healthcare are utilising augmented reality technology for various applications. Widespread applications of AR technology include processors, navigational systems, storage solutions, and operating systems. 

Based on a recently published Graphical Research industrial report, the European AR market is expected to reach the distinction of becoming a billion-dollar sector within as less as the next seven years. Estimated revenue of the augmented reality sector will scale a value upwards of USD 12 bn, by the year 2024. Compound annual growth rate (CAGR) from 2017 to 2024 is being estimated at a hefty 65 percent.

World economic forum, data courtesy Goldman Sachs

The European augmented reality (AR) market is being steered forward by the growing demand for AR display devices across sectors like military & defence and healthcare. With respect to the healthcare industry, augmented reality is growing importance and is being utilised in the processes of disease analysis and testing. The way in which doctors and surgeons visualise body parts and organs is being revolutionised. Products with such technology are being developed by many prominent manufacturers in European AR sphere. One appropriate example is European company TRIVISIO Prototyping GmbH; a maker of head-mounted AR display devices.

The gaming and entertainment industry verticals are also in preparation to further boost the utilisation of AR technology to raise audience interest in AR-based gaming products. Gamers are receiving enhanced gaming experiences, and the demand is especially high among the younger generations. Augmented reality integrated devices are proving to be quite effective in gaining the attention of audiences. The number of AR-based gaming-oriented products in the European market is rising dynamically. One can look at notable instances like the AR games developed by Sony, including Fireworks, Table Soccer, and Cliff Diving.

The defence sector is also adopting to augmented reality technology at a very fast rate in Europe. The expanding need for simulation training is rising across European countries for facilitating realistic war-like experiences. Soldiers are utilising this simulated environment technology to gain better preparedness in fatal situations and surroundings resembling those of war. AR-based defence tools are being offered by many prominent manufacturers. The 2017 contract between Serious Simulations and the European army was a considerable development for facilitating simulated military training to soldiers.

The European augmented reality (AR) market has many prominent players including Daqri LLC,  Google, INDE, Blippar, Virtualware, Microsoft Corporation, and Medsights Tech Corp. These are the companies catering AR products for the needs of various industry verticals and growing demand in the market.

European augmented reality (AR) manufacturing powerhouses are gearing up to meet the growing demand of customers with approaches including acquisitions and mergers. The May 2018 acquisition of Owlchemy Labs by Google is one such example. Owlchemy Labs is a brand that offers augmented reality devices for expanding the range of advanced technology powered solutions.



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