Augmented reality (AR) technology enables computer-generated data to be superimposed on physical objects with precision. AR improves users’ perception, and the information provided helps them perform tasks in the real world. AR development works on components such as displays, sensors, and embedded electronics.
It has various uses, especially in application areas such as games and entertainment, business, retail, healthcare, and automotive. Value of the augmented reality market is $ 4+ billion and expected to reach $ 50 billion between 2018 to 2023.
Augmented Reality Development Growth Rate- Latest Forecast
Global Augmented Reality Software Market Research Report provides an in-depth analysis of the industry. Besides, it gives an economy-wide database for the business management that could potentially deliver development and profitability for players in this market. This is a latest report, covering the impact of COVID-19 on the AR development growth rate. The report includes, rapidly changing market landscape and initial and future impact assessment. Provides critical information related to current and future market growth. It focuses on technologies, volume and materials, and in-depth market analysis.
According to some mobile app developers, the study has a section dedicated to profiling key companies in the market and their market shares. Furthermore, the report includes trends that are affecting the growth of an Augmented Reality Software market during the forecast period. The report includes the assessment of these trends, along with their product innovations.
Covid-19 Impacts on Augmented Reality Growth Rate in Market
The World Health Organization has declared the coronavirus disease outbreak a pandemic, causing an immense impact on humanity and business. This pandemic has emerged as an opportunity for the computer and related technologies to fight the epidemic, as various tech giants and startups are working to prevent it. Additionally, the outbreak has led to an increase in virtual technology meetings and conferences, as multiple agencies canceled their conferences.
Additionally, as per proficient game developers, remote learning and AR training have become essential use cases due to the pandemic to minimize the risk of exposure. Globally, it is anticipated that this association of AR will bring training solutions & simulations for various industries.
Market Dynamics: Global Augmented Reality Growth Rate in Market
Augmented Reality Development Market Trends
The increasing adoption of AR-enabled smart glasses will be a significant factor in driving the augmented reality market’s growth. The popularity of smart glasses is growing due to their ability to effortlessly combine the user’s vision with the virtual world. These glasses use a combination of a screen, sensors, accelerometers, smart software, and Internet connectivity to add contextual information to the user’s views. AR-enabled smart glasses which are increasingly being used for home and professional uses.
Additionally, the AR developers create a biometric intelligence smart glasses platform to boost business customers’ productivity and enhance public safety. The increasing adoption and regular launch of these innovative products will drive the augmented reality market growth during the forecast period.
Augmented Reality Market Drivers
AR plays a vital role in this sector. The use of AR modeling would provide excellent help to the healthcare sector. Using AR to improve fitness, teach complex topics to health students, train physicians, manage pharmacy, and care. Additionally, AR supporting patients after they are discharged from the hospital drives the growth of the AR market.
Market Opportunities – Augmented Reality Development Growth Rate
The increasing demand for AR in architecture would be a significant driver in AR development growth rate. Augmented reality can be used to project digital information. It is considered one of the notable features related to AR software. It can be used to experience the interior of a house even before its construction. Streamlining the construction process is another application in the construction industry that uses AR.
AR-based architecture apps help the user choose an accurate model before construction by looking at it in 3D. One can use a head-mounted display for site inspection and determine the location of underground cables. Also, it can be usable as a visualization tool to track a building’s response as per environment.
Appstudio is a leading application development company. Our research and analysis focus on emerging market trends and provide useful information. We help companies identify market opportunities and develop effective strategies to optimize their positions in the market.
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Frequently Asked Queries
Q1. Who are the top companies in the Augmented Reality market?
Some prominent players in the Augmented reality software development market are as follows: Facebook, Google, Microsoft, PTC, etc., owing to a wide range of AR market, either hardware or software.
Q2. What are the critical Augmented reality Market Drivers?
The key AR market driver is 5G, which is going to offer better quality and faster connectivity. It is expected to drive the market growth.
Q3. How much-Augmented reality market worth in the past few years?
The AR market is valued at USD 5 billion in 2018, as per some leading app development companies.