Augmented Reality Market trends is driven by rising applications of the technology in retail and e-commerce | Major Companies like Qualcomm, Samsung Electronics, Sony Electronics, Sphero, Affectiva, Marxent, Blippar, DAQRI, Google, Magic Leap, Microsoft

Augmented Reality Market growth will be fueled by increasing investing by retailers in implementing the technology in their stores to attract customers and enhance their experience. . Rising applications of the technology in retail and e-commerce are expected to drive the AR market growth. According to Retail Perceptions, about 61 percent of the shoppers prefer to shop at the outlets that offer AR experiences and about 40 percent are willing to pay more if they could experience the product using the technology.

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Rapid adoption of the technology in aerospace & defense is expected to drive the augmented reality market growth. Companies are investing in leveraging the technology to improve manufacturing processes, reduce costs, and save time. For instance, Boeing is using Google Glass to construct aircraft wire harnesses. The technology helps technicians in building hugely chaotic and complex wire webs to connect electrical systems in the aircraft.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Blippar
2. DAQRI
3. Google
4. Magic Leap
5. Microsoft
6. Niantic, Inc.
7. Nintendo
8. PTC
9. Qualcomm
10. Samsung Electronics
11. Sony Electronics
12. Sphero
13. Affectiva
14. Marxent
15. Total Immersion

Primarily backed by the fact that AR technology has already made profound inroads in the automotive domain since the inception of 21st century, experts claim, augmented reality industry from this particular business sphere is set to gain exceptional proceeds over the coming years. Big shot automakers across the globe have been increasingly deploying this technology in a bid to bring next version vehicle manuals. Volkswagen’s MARTA (Mobile Augmented Reality Technical Assistance) app that provide a thorough repair assistance to amateur mechanics can be placed as a testament to the aforementioned fact. Add to it, the race to develop self -driving vehicles that is presently heating up the automotive space, is also expected to open up new growth opportunities for augmented reality market.

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The AR technology has been rapidly penetrating myriad verticals, subject to its extraordinary capability of enabling users to glimpse a live direct or indirect view of a real-world scenario, the components of which are enhanced by real-world sensory inputs such as graphics, sounds, and GPS data. In the decades to come, it has been speculated that augmented reality industry trends would observe a consistent transformation of sorts, given the fact that this technology is undoubtedly slated to revolutionize consumer lifestyles by quite some proportion. The latest automobiles for instance, have been incorporated with head-up displays for GPS clearance, AR glasses as virtual navigation beacons, and more. The retail sector isn’t far from heavily adopting AR tech either – recently, Myntra made it to the headlines for its announcement of planning to deploy AR for enhancing its connect with consumers, which would have a considerable impact on augmented reality market outlook from the retail sector. By a large, AR is likely to emerge as a transformative technology in the years ahead, propelling augmented reality industry share. As per a report compiled by Global Market Insights, Inc., augmented reality market size has been estimated to cross USD 50 billion by 2024.

The hardware segment of the augmented reality market is expected to grow rapidly over the forecast time span. Common applications, such as gaming and retail, use AR applications on tablets and smartphones, not requiring a dedicated hardware device such as HMDs or smart glasses. However, enterprise uses of the technology such as designing, manufacturing, and quality check in aerospace & defense, industrial, automotive, and medical are increasingly investing in hardware such as HMDs and smart glasses.

Smart glasses are expected to grow at a fast rate owing to increasing applications in retail, gaming & entertainment, aerospace & defense, and industrial applications, propelling the augmented reality market growth. Companies are developing differentiated devices, such as voice-enabled smart glasses, to gain a competitive advantage. For instance, Vuzix is developing smart glasses with Amazon Alexa voice assistant. Amazon has developed a licensing program to allow third parties to implement Alexa in their products. This is expected to propel the AR market growth.

Browse key industry insights spread across 242 pages with 353 market data tables & 32 figures & charts from the report, Augmented Reality Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/augmented-reality-ar-market

Having established itself as a rather prominent vertical of the technology sector, augmented reality market has witnessed phenomenal gains, in terms of remuneration over the recent years. In the field of software, this technology is already approaching mainstream awareness, primarily on account of the profound contribution of renowned tech giants like Blippar, PTC, Daqri, Upskill, Samsung Electronics Co. ltd., Magic Leap, Facebook Inc., and Apple. While the increasing popularity of Apple’s flagship augmented reality technology, ARkit has already created a huge buzz in the augmented reality industry, the American conglomerate’s latest breakthrough, iPhone X is an exemplar precedent depicting the signs of penetration of the business space in the territory of smartphone hardware as well.

While the underlying technology and the application expanse of augmented reality market is rapidly advancing, one of the major constraints that is somewhat acting as a deterrent in the business penetration is the privacy vulnerability concerns associated with the technology. The integration of AR technology into any platform requires disclosure of personal info, which when mishandled often lead to privacy risks. However, renowned companies partaking in augmented reality market are readily investing in research activities to come up with innovative solutions that would address the rising privacy concerns.

Germany augmented reality market is expected to grow at a fast pace over the forecast time span owing to increasing applications of the technology in the automobile industry. In the race to develop driverless cars, manufacturers, such as Audi and BMW, are implementing the technology in automobiles to increase the level of self-driving capabilities. The manufacturers are also implementing the technology in manufacturing processes to improve the operational effectiveness.

Top key players in Augmented Reality Market include AccuVein Inc., Affectiva, APX Labs, Blippar, DAQRI, Google, Infinity Augmented Reality, Inc., LAFORGE Optical, Magic Leap, Marxent, Microsoft, Niantic, Inc., Nintendo, ODG (Osterhout Design Group), Prologue Immersive, PTC, Qualcomm, Recon Instruments, Samsung Electronics, Sony Electronics, Sphero, Total Immersion, and Wikitude.

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