The military augmented reality (AR) market will account for $1.79 billion (USD) by the end of 2025, a new report has estimated. This number is an escalation at a CAGR of 17.4% during the forecast period from 2018 to 2025, up from $511 million (USD) in 2017.
The report, titled “Military Augmented Reality Market to 2025 – Global Analysis and Forecasts by Components, Product Type & Functions“ explores the growth of the military AR market and its applications. This market is heavily drive by the demand for situational awareness technologies among the defense forces across the globe and the need for hands-free navigation capabilities.
Further applications of AR technology within armed forces include better information sharing and communication, situational awareness, location based data and even identifying friend or foe in a combat situation. Each of these focuses, and more, are what are driving the rapid research and development within the military sector to bring that estimated market value up to $1.79 billion (USD).
Developing countries such as Mexico, India, Japan, Saudi Arabia, UAW and Brazil among others are also financing considerable amounts in procurement of technologies including AR systems for combat operations. The U.S Department of Defense is investing heavily into AR technologies in order to equip their armed forces with a means to navigate without any hand-held GPS locator, allowing the solider to look in one direction while simultaneously viewing the weapons point of view. These sorts of applications will be the driving force in allowing for complete situational awareness during a combat environment.
In 2017, North America was the market for military AR, capturing almost 60% of the entire military AR market. The major factor boosting the market for AR in North America is the significant investments from the United States Department of Defense in innovation, development and manufacturing of robust technologies for its armed forces and international allies. These developments are not only fueling the North American marker but also playing a key role is the development of other regions as well.
The full “Military Augmented Reality Market to 2025 – Global Analysis and Forecasts by Components, Product Type & Functions” report totals at 124 pages and is available to read via ResearchAndMarkets.
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Source: Global Military Augmented Reality Market Estimated At .79 Billion By 2025