HOME Research Insight PTC, Inc. (US) and Google, Inc. (US) are the Major Players in the Augmented Reality Market

PTC, Inc. (US) and Google, Inc. (US) are the Major Players in the Augmented Reality Market

The augmented reality market was valued at USD 2.39 Billion in 2016 and is expected to reach USD 61.39 Billion by 2023, growing at a CAGR of 55.71% during the forecast period. The increasing demand for AR devices and applications in medical, increase in demand for AR in the retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market. The limited UI (user interface) affecting the navigation performance of augmented reality applications, limited processing power, less storage, and restricted size of the memory card in mobile phones, and varied infrastructure quality of digital network will restrain the growth of AR.

The strategies such as major investments in the augmented reality market and also partnership and collaboration have been high in the augmented reality market. Companies such as PTC, Inc. and Google, Inc. have been involved in it actively to reap the maximum benefits from the augmented reality market.

PTC, Inc. (US) and Google, Inc. (US) have been the major players in the augmented reality market. In February 2017, PTC partnered with companies for providing ThingWorx Ready products. The companies include HMS Industrial Networks, MultiTech, Sierra Monitor Corporation, Viziapps, and BETSOL. In November 2016, PTC partnered with GE Digital (US) to expand their strategic alliance to focus on ThingWorx and Predix. PTC is a leader in the augmented reality software market and focuses on combining augmented reality with IoT to enable application development, connectivity, analysis, and AR software applications for connected and smart products. In 2015, the company earned a revenue of USD 18.6 million from ThingWorx. The company has been investing in R&D, with one-third of the employees of the company involved in it.

Google has invested a hefty amount in one of the most important start-ups-Magic Leap, Inc. (US). Initially, the company had made an investment of about USD 542 million in October 2014. Since then, the company has focused on their own set of products such as smart glasses and AR computing platforms. The company would be looking for more investments in the field of augmented reality and virtual reality. In May 2017, Google unveiled a new AR tool, Google Lens that can add context to images seen through a camera. This feature uses location details and image recognition to provide the required information. Also, Google announced a new service, Visual Position Service (VPS), which would offer precise location information indoors by inspecting some specific visual cues. This service would use the data generated from Google Maps, camera, and the visual processing capabilities of Tango.

Related Reports:

Augmented Reality Market by Offering (Hardware (Sensor, Displays & Projectors, Cameras), and Software), Device Type (Head-Mounted, Head-Up, Handheld), Application (Enterprise, Consumer, Commercial, Automotive) and Geography - Global forecast to 2023

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