Augmented reality (AR), a revolutionary technology that brings the virtual world closer to reality has become massive in the modern world. AR is playing an important role in transforming sectors such as healthcare and education. At the same time, increasing application of augmented and virtual reality in automotive, retail, manufacturing industries is auguring well for the global market for augmented reality. As per the latest report published by market Research Future (MRFR), the global market for augmented reality is soar at a CAGR of 39% between 2017 and 2023.
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Enterprises are quickly realizing the importance and future potential of AR and hence are readily making efforts to integrate the technology into business. In addition, many are leveraging AR capabilities to boost their marketing strategies and tap into opportunities that are currently available. In the near future, augmented reality is expected to make immense impact on industries such as telecommunication, energy and manufacturing where the workforce is in a fragmented form and is scatter across urban and remote areas. AR can greatly assist and improve modern communication technologies. Technology companies focused on healthcare are developing AR tools that can significantly enhance surgical procedures. In the education sector, the focus is on converging virtual elements with the real environment to create a more immersive experience for students.
Robust smartphone penetration and advancement in broadband connectively is also creating growth avenues for augmented reality. Modern consumer are more inclined towards digital media and are extremely approving of next-gen video technologies. Furthermore, the further prospected of augmented reality have made brighter by the e-commerce sector, which constantly seeks out for solutions that can address the issues of innate limitations.
MRFR’s report has offer a through segmental analysis of AR Market based on device type, vertical, component, and technology. On the basis of device type, the market has been segmented into head-up displays, handheld devices and head-mounted displays. By vertical, the market has been segmented into commercial, consumer electronics, aerospace & defense, commercial and medical. By component, the market has been segmented into software and hardware. By technology, the market is segmented into marker less and marker-based.
On the basis of region, the global market for augmented reality has been segmented into Europe, North America, Asia Pacific and rest of the world. North America, led by the US is expected to remain the a highly attractive market for augmented reality during the forecast period. This is mainly attributed to growing popularity of AR enabled devices among Americans, which is encouraging developers to create futuristic AR based platforms. Market player are also finding growth opportunities in Asia Pacific (APAC) and Europe. During the forecast period, the market in APAC is likely to expand at tremendous rate owing to the growing adoption of innovative solutions that boost industrial productivity.
Some of the key market participants mentioned the MRFR’s report include Total Immersion (France), Microsoft Corporation (U.S.), Infinity Augmented Reality Inc. (U.S.), DAQRI (U.S.), Catchoom Technologies (Spain), Sony Corporation (Japan), Wikitude GmbH (Austria), Osterhout Design Group (U.S.), Facebook, Inc. (U.S.), Qualcomm Technologies Inc. (U.S.), Blipper Inc. (U.K.), Google Inc. (U.S.), Samsung Electronics Corporation Ltd. (South Korea), Magic Leap Inc. (U.S.), PTC Inc. (U.S.), Zugara, Inc. (U.S.), and METAIO’s SDK (Germany).
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