Augmented Reality Market

Market Leadership - Augmented Reality Market

The global augmented reality market size is estimated to grow from USD 10.7 billion in 2019 and projected to reach USD 72.7 billion by 2024; it is expected to grow at a CAGR of 46.6% from 2019 to 2024. The most significant factor driving the growth of this market is increase in adoption of AR devices in retail sector. Retailers are witnessing pressure to demonstrate the utility of goods without hampering their quality. These retailers are also involved in taking control of the exchange process of goods. The abovementioned factors are together promoting the adoption of AR technology in the retail sector.On the other hand, factors such as limited content availability is the significant factor restraining the growth of the augmented reality market. AR has been evolved over the years, but still it has several hurdles before it is widely adopted. The availability of content has been a major restraint for AR and VR device manufacturers. Organizations should have a repository of content and data available in a proper format for a well-functioning AR and VR systems.

Major players in the augmented reality market are Google, Inc. (US), PTC, Inc. (US), Microsoft Corporation (US), Seiko Epson (Japan), Lenovo (China), Wikitude Gmbh (Austria), Vuzix (US), Daqri Llc (US), Magic Leap, Inc. (US), Zugara, Inc. (US), Blippar (UK), Upskill (US), and Maxst (South Korea). Other players operating in augmented reality market include Atheer, Inc.(US), Pristine, Inc.(US), Marxent Labs, Llc.(US), Inglobe Technologies (Italy), Meta Company(US), Augment (France), Niantic (US), Sixense Entertainment(US), Intel Corporation(US), Apple Inc.(US), Infinity Augmented Reality, Inc. (Israel), Facebook Corporation (US), Samsung Electronics Co. Ltd. (South Korea), Realwear (US), Dynabook Americas, Inc.(US), and Optinvent (France).

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Google, Inc. (US) ranked first in the augmented reality market in 2018. It provides augmented reality eyeglasses-“Google Glass” and software development kit-“ARCore”. Google is continuously involved in updating its product portfolio with new versions and addons. The company strategizes to integrate its old product offerings with augmented reality capabilities. The company has a strong product portfolio for augmented reality that enables the company to maintain its leading position in the market. Its revenue grew substantially between 2016 and 2018 due to its aggressive marketing and expansion activities. The company focuses on growth strategies such as product developments, and partnerships. For instance, in January 2019, Google announced new addons in google search, which deploys augmented reality (AR) and Google Lens. The new features in google search use a combination of the augmented reality, computer vision and camera to superimpose information and content onto real space.

PTC Inc. (US)  ranked second in the augmented reality market in 2018. The company offers Vuforia Studio™ that combines Vuforia, ThingWorx, and Creo technologies to bring augmented reality and virtual reality in the industrial IoT. Vuforia Studio can be used for publishing and authoring AR experiences. The company also offers Vuforia®, an AR technology platform, which enables users to interact and see in the real world through various applications using AR. PTC Inc. is continuously active in this market and grows its business by developing augmented reality solutions to meet global standards in high-value augmented reality applications. The company continues to be a market leader with new partnership, acquisition and product developments and provides its customers with captivating solutions to grow their digital transformation efforts. For Instance, In June 2019, the company acquired TWNKLS (Netherlands). The acquisition aimed to accelerate enterprise AR application development.

Related Reports:

Augmented Reality Market by Offering (Hardware (Sensor, Displays & Projectors, Cameras), Software), Device Type (Head-mounted, Head-up), Application (Enterprise, Consumer, Commercial, Healthcare, Automotive), and Region - Global Forecast to 2024

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