07 May 2021
Visiongain has published a new report on Augmented Reality (AR) Market Report to 2031: Forecasts by offering (Software, Hardware), by Display Type (Head-Mounted Display, Head-Up Display), by application (Commercial, Healthcare, Automotive, Energy, Aerospace & Defense, Others). PLUS Profiles of Leading Augmented Reality (AR) Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Augmented Reality (AR) market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Augmented Reality (AR) is a technology which provides real-time use of information which are enhanced by computer-generated perceptual information. In addition, use of information in the form of text, sound, graphics, audio, and other virtual enhancements. Moreover, it highlights specific features of the physical world, derives accessible insight, and accordingly increases understanding of those features which can be applied to real-world applications.
Factors such as increased adoption & availability of software solutions and growing need for advance analytical tools are driving the market growth. On the contrary, development of technology in education industry and expansion of existing products in mobile application are some of the major factors expected to create an immense opportunities to the market in the upcoming years.
COVID-19 Impact on Augmented Reality (AR) Market
The unpredictable COVID-19 pandemic, has affected several industrial verticals. The augmented reality market has a significant growth in the midst of COVID-19 health crisis, due to lockdowns across the major regions has positively affected the AR hardware demand. As enterprises globally are accelerating their team, collaborating, and expanding their existing traditional business operations via advance AR technology.
Increased adoption & availability of software solutions
As augmented reality is continuing to expand with more advance developments and providing the platform & infrastructure to address the scalability limitation across deployments of AR experiences technology. This increasing adoption & availability of cloud is driving the market growth.
Growing need for advance analytical tools
Several industry verticals in the market are heavily investing & adopting technologies in their business operations. Due to increasing availability of content & the launch of developer tools, augmented reality is helping organizations to simplify & automate business models, which as a result propelling the growth of augmented reality (AR) market.
Development of technology in education industry
Traditional or an offline mode of education is gradually decreasing globally. As coronavirus pandemic has accelerated the growth of adoption of smartphones & tablets, and other devices for education purposes, and curb the spread of virus. Therefore, increased penetration of online & digitalized learnings, the education industry is anticipated to create lucrative opportunities to the Augmented Reality (AR) market in the upcoming years.
Expansion of existing products in mobile application
As augmented reality is largely used in both business & commercial end user, the adoption is continuing to rise and huge number of consumers having a smartphone camera. Therefore, to develop with better interface across android, and other operating system is becoming major factors expected to boost the market growth.
Some of the companies profiled in the report include Apple Inc., Google Inc., Inglobe Technologies, Intel Corporation, Lenovo, Marxent Labs, Llc., Meta Company, Microsoft, Pristine, Inc., and Seiko Epson.
In November 2020, TVS Motors launches an application, Augmented Reality Interactive Vehicle Experience (ARIVE). In addition, this new application will allow an in-depth product exploration & purchase experience. Moreover, it will provide consumers with an options to explore and buy any model online.
In May 2019, Lenovo launched an enterprise AR/VR headset, the ‘ThinkReality A6'. This new augmented headset aimed at enhancing productivity for enterprise workers, along with a software platform for application creation.
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