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(I-SoftwareNews.Com, September 26, 2024 ) The augmented reality navigation market is expected to reach USD 6.33 billion by 2029 from USD 1.17 billion in 2024, at a CAGR of 40.3% during the 2024-2029 period.
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The development of AR glasses and headsets for hands-free navigation is significantly increasing the demand for augmented reality (AR) navigation solutions by delivering a more immersive and intuitive user experience. These latest devices overlay navigation information directly into the user’s field of vision, providing real-time guidance without the need to handle traditional screens or devices. AR glasses and headsets with hands-free features make driving safer and more convenient. It helps drivers to maintain their focus on the road instead of being distracted by electronic device intervention. These gadgets are making the driving experience better by offering interactive navigation and real-time visual maps.
Based on offering, the augmented reality (AR) navigation market is segmented into device and augmented reality (AR) navigation software. Device segment includes HMDs and HUDs whereas augmented reality (AR) navigation software includes AR mapping and localization software, augmented reality (AR) navigation apps, AR SDKs, AR Cloud and others.
Based on type, the augmented reality (AR) navigation market is segmented into indoor navigation and outdoor navigation. Outdoor navigation segment accounted the largest augmented reality navigation market share in 2023 and expected to have the same in the forecast period from 2024-2029. Outdoor navigation focuses on guiding user in open environment such as streets, highways and open venues. Whereas indoor navigation focuses on guiding user within the enclosed places such as shopping malls, airports, government building, hospitals etc.
Based on application, the augmented reality (AR) navigation market is segmented into real-time location data management, routing and navigation, asset tracking, reverse geocoding, and other applications. Routing and navigation segment is expected to have the largest market share and highest CAGR in the forecast period from 2024-2029. Routing and navigation is a process to determine the best route to reach a specific location. Augmented reality navigation technology uses real-time location data and GPS to overlay the directional arrows, street names etc. for routing and navigating.
Based on end-users, the augmented reality (AR) navigation market is segmented into automotive, consumer, retail and shopping malls, airports and transportation, healthcare, government, and other end users. Automotive business segment is projected to have the largest market size and retail and shopping mall segment is expected to have the highest growth rate during the forecast period of 2024-2029. Augmented reality navigation in automotive segment provides a transformative enhancement to the driving experience by offering real-time location and hand-free guidance with enhanced safety and convenience to the driver.
Based on region, the augmented reality (AR) navigation market is segmented into North America, Europe, Asia Pacific, and RoW. Augmented reality navigation in North America accounts the largest market share in 2023, whereas Asia Pacific region is expected to have the largest market size and highest growth rate of augmented reality navigation in the forecast period from 2024-2029.
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Key Market Players:
The major players in augmented reality (AR) navigation market are Google LLC (US), Apple Inc. (US), Microsoft (US), Neusoft Corporation (China), WayRay AG (Switzerland), FURUNO ELECTRIC CO., LTD. (Japan), ARway Corp. (Canada), Wiser Marine Technologies Ltd. (Canada), Mapbox (US), Treedis (Israel), ViewAR GmbH (Austria), Artisense GmbH (Germany), IndoorAtlas (Finland), Hyper (London), SITUM TECHNOLOGIES (Spain), Insider Navigation Inc (Austria), Wemap SAS (France), Resonai Inc. (Israel), Oriient New Media Ltd (Israel), Navigine (US), 22Miles (US), Sygic (Bratislava), Veo (Poland), HERE (Netherlands), and Esri (US).
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Source: EmailWire.Com 
Source: EmailWire.com
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