The augmented reality software market was valued at USD 2.13 Billion in 2016 and is expected to reach USD 35.22 Billion by 2022, growing at a CAGR of 57.36% during the forecast period. The increasing demand for AR-based software applications for 3D visualization in the medical sector, growing interest of large tech companies in AR, and increase in demand for AR in the e-commerce and retail sectors are the major drivers for the augmented reality software market.
The rising demand for augmented reality software in the emerging markets has encouraged companies to adopt the strategy of new product launches. PTC Inc. (U.S.), Wikitude GmbH (Austria), DAQRI LLC (U.S.), Zugara, Inc. (U.S.), Blippar (U.K.), Upskill (U.S.), Aurasma (U.K.), Augmate (U.S.), Catchoom Technologies S.L. (Spain), and Ubimax GmbH (Germany) are some of the leading companies that have adopted this strategy to grow in the market.
PTC, Inc. (U.S.) and Wikitude GmbH are the two major players in the augmented reality software market. PTC has focused on building an ecosystem of strategic partnerships. This has become increasingly important with the rise in the number of IoT and augmented reality applications. The company has seen very high growth in the subscription licensing. It is witnessing transition from selling perpetual licenses to a subscription-based licensing model. This has helped the company increase its revenue in 2016 to three times as much as that in 2015. The platforms and AR experiences provided by the company and the ever-growing strategic collaborations with many international players across the globe would help PTC to lead the augmented reality software market. In October 2016, PTC and Hewlett-Packard Enterprise (U.S.) collaborated to facilitate the availability of IoT solutions, hardware, and software, to be designed specifically for IoT edge computing smart and connected solutions. This would include augmented reality, edge compute, sensors, real-time edge analytics, and machine learning.
Wikitude GmbH is one of the leading mobile augmented reality (AR) technology providers for smartphones, tablets, and digital eyewear. It provides fully developed AR technology through its SDK, cloud recognition, and studio products, thereby enabling brands, agencies, and developers to achieve their AR goals. The company has been consistent in adding innovations to its SDK. The company seeks to achieve high growth through the implementation of inorganic and organic strategies. For instance, in May 2016, Wikitude launched Wikitude SDK GOLD, which provides 3D tracking technologies such as object recognition, positional room and space tracking, and edge and shape detection. The company entered into an investment partnership with Konica Minolta in May 2015 to innovate new products with the help of Konica Minolta’s technology.
Augmented Reality Software Market by Software Function (Remote Collaboration, Workflow Optimization), Vertical (Consumer, Commercial, Enterprise, Medical, Aerospace & Defense, Mining, Telecom & IT/Data Centers), and Geography - Global Forecast to 2022
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