Human Machine Interface
Overview of the global smart rings market
According to the Technavio’s analyst, the global smart rings market is anticipated to grow at a steady rate and will post a CAGR of more than 4% during the forecast period. Recent advancements in the technology and miniaturization of electronic components will drive the growth prospects for the global smart rings market until the end of 2021. According to the industry research report, the market is expected to witness a high demand for smart rings from new consumers who are unfamiliar with the wearable technology. Also, a large number of manufacturers are increasingly focusing on the research and developmental activities to introduce miniaturized modules and chipsets in these devices, while others have already launched the miniaturized versions of the latest Bluetooth 4.0 technology. Some of the major benefits of introducing technological advancements in the field of microelectronics are the higher utility potential of the device than usual and the wide range of features that would result in the product differentiation.
In terms of geography, the Americas accounted for the majority market share during 2016 and will continue to dominate the market during the forecasted period. Some of the major factors responsible for the growing popularity of smart rings is its early penetration in the region, high unit sales of the product, the openness of consumers towards the new wearable technology, and the presence of a significant number of existing vendors having their crowdfunding campaigns.
Competitive landscape and key vendors
The global smart
Overview of the global augmented reality (AR) and virtual reality (VR) gear market
The global augmented reality (AR) and virtual reality (VR) gear market is anticipated to grow rapidly and will post a CAGR of more than 37% during the forecast period. The use of AR technology for effective advertising will drive the growth prospects for the global AR and VR gear market in the next four years. One of the major factors responsible for the increasing adoption of AR is its ability to create opportunities for users and brands to connect with the product on a real-time basis, which, in turn, drives the purchase rate. The AR allows the customers to find the best fit by providing necessary information about any product. Furthermore, the trend for mobile advertising is increasing with the growing dependence of consumers on smartphones and tablets to carry out numerous PC functions and reach wider and larger audience.
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market until the end of 2021. One of the major factors responsible for the market’s growth in the region is the increased spending by the US on defense sector and in AR and VR to have a strong base of advanced warfare gadgets. Also, it has been observed that since consumers in the US are willing to try multiple products, the rate of technology adoption is increasing.
Competitive landscape and key vendors
The global augmented reality (AR) and virtual reality (VR) gear market is highly competitive and diversified due to the presence of a large number of regional and international vendors across
Overview of the global mobile AR market
The global mobile AR market is anticipated to grow rapidly and will post a CAGR of more than 77% during the forecast period. The increasing adoption of crowdfunding strategy will drive the growth prospects for the global mobile augmented reality market until the end of 2021. According to the industry research report, a large number of vendors are increasingly taking efforts to raise funds for their projects. This increases the awareness among potential customers, provides enormous opportunities for small vendors, encourages small vendors to innovate and succeed in a strong competitive environment, allows vendors to understand customers' interests, and enables a direct interaction with potential buyers. For instance, Prynt started a crowdfunding campaign for its Prynt smartphone case that has AR functions, and the camera converts images into video clips during scanning.
In terms of geography, the Americas is one of the fastest growing segment and will continue to grow and dominate the market in the coming years. One of the major factors responsible for the market’s growth in the region is the US, which is one of the earliest adopters of AR where numerous apps have been developed for iOS and Android. In addition, the high purchasing power, availability of a multitude of vendors, and a high penetration rate of smartphones in the US has made the US a favorable destination for the smart glasses market.
Competitive landscape and key vendors
The mobile AR market is highly fragmented with a moderately competitive environment and is still in its nascent stage. These vendors increasingly focus on working together with the technology developers to comprehend the unique differences and requirements of each industry separately. Also, the market witnessed low entry barriers,
Overview of the global AR market
The global AR market is anticipated to grow rapidly and will post a CAGR of more than 65% during the forecast period. The increasing use of AR technology to carry out an effective advertising will drive the growth prospects for the global AR market for the next few years. One of the major factors responsible for the growing preference for augmented reality advertisements among marketers is its ability to support customers by finding the best product, responding to their requirements, and matching one's interests. Furthermore, it allows a wide spectrum of customers to generate all the necessary information about any product they want to purchase by simply pointing the smartphone in the product's direction. In addition, mobile users are increasingly spending more time on such devices because of their growing dependence on smartphones and tablets to carry out numerous PC functions.
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market until the end of 2021. One of the major factors responsible for the growing use of augmented reality apps in mobile devices is the high rate of acceptance of the latest technologies. Also, the increasing number of investments in AR technology by large corporations such as Apple, Google, Intel, and Qualcomm has increased the awareness about AR among the public. According to the market research information,
Overview of the global mobile augmented reality (AR) and virtual reality (VR) apps market
Market research analysts at Technavio predict that the global mobile AR and VR apps market will grow steadily during the next four years and in terms of downloads, will post a CAGR of more than 74% by 2020. This market research analysis identifies the growth of the mobile device market in APAC as one of the primary growth factors for this market. The availability of the low-cost smartphones in countries such as India, Indonesia, and China, the rise in usage of e-commerce portals, and rapid urbanization will result in an increased adoption of mobile devices. This increased demand for smartphones and tablet computers will increase the competition among smart phone manufacturers. To sustain the competition, mobile device companies will start integrating their devices with AR technology to enhance user experience, which will in turn, drive the demand for AR and VR apps. For instance, Intel has already introduced a smartphone with an inbuilt 3D camera that can be used for augmented reality and gesture recognition.
This market research and analysis estimates that in terms of geographical regions, the Americas will be the major revenue contributor to the market by the end of the forecast period. Factors such as the availability of a number of apps for iOS and Android devices in the US and the increased penetration of smartphones will boost growth prospects for the virtual and augmented reality apps market in this region.
Overview of the global virtual reality (VR) in gaming market
Market research analysts at Technavio predict that the global virtual reality (VR) in gaming market will grow steadily during the next four years and post a tremendous CAGR of more than 84% by 2020. This market research analysis identifies the increasing awareness of VR technology as one of the primary growth factors for this market. The virtual reality market is highly competitive and consists of major players including Samsung Electronics, Sony, and Google. The acquisition of the leading VR company Oculus by Facebook and Google’s investment in Magic Leap are some of the major developments in the market that increased the awareness of VR technology among consumers. A few smartphone manufacturers have also started offering VR headsets that can be integrated with their products. Additionally, companies such as The Coca-Cola Company and Nissan are adopting VR technology as a medium for marketing their products. This rise adoption across various industries will increase the awareness and acceptance of VR technology, which will, in turn, boost the adoption of virtual reality technology in the gaming market.
This market research and analysis estimates that in terms of geographical regions, the Americas will be the major revenue contributor to the market throughout the next four years. North America was the major contributor to the market during 2015, where the rise in sales of tablets and gaming consoles was the major factor in driving market growth. The adoption of VR technology by tech giants such as Sony and Microsoft
Human-machine interface is imperative for ensuring there is immediate feedback between a user and the environment with which they are interacting.
For example, augmented reality allows an individual to access real-time data about the surrounding environment in terms of the name of a product or the specifications of a device. These applications are extremely important as we move towards a fully connected world. A number of organizations are tapping into this connected world with innovative products and solutions, like graphical user interface, human-machine interface design, and smart glasses.
Some of the key areas that Technavio covers in this segment include smart glasses, virtual reality, augmented reality, and head-mounted displays.