Press release
Augmented Reality (AR) Market and its Key Opportunities and Challenges
The augmented reality market was valued at USD 4.21 billion in 2017 and is expected to reach USD 60.55 billion by 2023, at a CAGR of 40.29% between 2018 and 2023.How can the increasing demand for augmented reality in architecture sector offer opportunities for the augmented reality market?
The increasing demand for AR in architecture would be a major opportunity for the growth of AR. AR can be used to project the digital information on architectural models. It can also be used to experience the interior of a building even when the design of the building is in its initial stages. This will help the architects get an image of the project from screen to the physical space. Streamlining of the construction process is another application in the construction industry using AR. In architecture, AR systems are used for interior design applications through which a user can transform 2D drawings into 3D physical models and digital simulations. The AR-based architecture applications help user choose accurate model or design before construction by looking at it in the 3D way. Using these applications, users can rearrange designs and floorings in the building. They propose complex simulation to evaluate their designs based on sun exposure, cast shadows, wind pattern, and traffic congestion. Head-mounted display (HMD) can be used for site surveying and for determining location of underground cables. It can also be used as a visualization tool to track how the building responds to the surroundings.
For instance, AR technology has been used in RMIT University (Australia) to make architecture students understand the design space differently. This has helped students to deal with complex geometries with utmost ease.
https://www.marketsandmarkets.com/Market-Reports/augmented-reality-market-82758548.html
At present, this opportunity has a medium impact, and the trend is expected to be high in the next three to four years.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=82758548
Why does reconfiguration of applications for different platforms acts as a challenge for the augmented reality market?
In AR, the majority of the applications are designed for different purposes with specific configurations, so these applications cannot be used for other purposes. Therefore, the development of new applications usually requires additional effort and time. In addition, AR applications have limitations pertaining to operating systems, android versions, and programming languages with the platforms. Moreover, mobile AR has restrictions regarding the size of the devices and processing power for AR applications. Hence, reconfiguration of applications for different platforms acts as a challenge for the augmented reality market.
Increase in demand for AR in retail and e-commerce
The retail industry has witnessed a huge growth over the past two decades. The retail industry involves the sale of products and merchandise online or from static locations such as a physical store. The retail shops are overcrowded, and customers do not want to invest a lot of time in purchasing. The increasing adoption of online shopping and merchandise will be a major driver for the growth of the AR market. Hence, the trend of online shopping has grown over the years. So, most small and large retailers have increased their investments in the e-commerce divisions. However, they are still facing issues when entering the online shopping space. It is mainly due to the lack of interaction with physical products wherein customers are not able to get into the depth of the products while purchasing online.
The use of AR in the retail space will help retailers reduce the purchasing gap between customers and online products. With the help of AR, customers can see brands and their stocks online. Furthermore, AR dressing rooms are created, which allow shoppers to virtually try on their purchases quickly and easily. It can reduce returns for clothing by allowing customers to try a product before they buy it with the use of a 3D preview.
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Augmented Reality (AR) Market and its Key Opportunities and Challenges here
News-ID: 1878078 • Views: …
More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for…

With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth.
Download PDF Brochure @…

Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing…

Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of…
More Releases for MarketsandMarkets™
Biomaterials Market Worth $64.2 billion | MarketsandMarkets™
Biomaterials Market in terms of revenue was estimated to be worth $45.2 billion in 2024 and is poised to reach $64.2 billion by 2029, growing at a CAGR of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The biomaterials market is estimated to grow at a CAGR of 7.3% during the forecast period of 2024 to 2029. The important factors impacting market growth are the growing…
Cell Expansion Market Worth $26.7 billion | MarketsandMarkets™
Cell Expansion Market in terms of revenue was estimated to be worth $14.3 billion in 2024 and is poised to reach $26.7 billion by 2029, growing at a CAGR of 13.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. Some factors contributing to the growth of the global market includes increasing R&D investments in cell based research, growing focus on personalized medicine, and increasing number of strategic…
Apheresis Market Worth $3.9 billion | MarketsandMarkets™
Apheresis Market in terms of revenue was estimated to be worth $2.6 billion in 2024 and is poised to reach $3.9 billion by 2029, growing at a CAGR of 8.8% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The growth in the apheresis market is driven by rise in demand for source plasma from biopharmaceutical companies, upsurging demand for blood components and favourable reimbursement for apheresis. The increasing…
Medical Robots Market Worth $33.8 billion | MarketsandMarkets™
Medical Robots Market in terms of revenue was estimated to be worth $16.0 billion in 2024 and is poised to reach $33.8 billion by 2029, growing at a CAGR of 16.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth in the medical robots market is driven by the aging population and rising chronic diseases, improving reimbursement scenario, and subsequent advancements in healthcare funding & infrastructure.…
Pipette Calibrators Market Worth $391 million | MarketsandMarkets™
Pipette Calibrators Market in terms of revenue was estimated to be worth $286 million in 2024 and is poised to reach $391 million by 2029, growing at a CAGR of 6.5% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The growth of this market is majorly driven by rise in genomics and proteomics research, growth in portable and handheld devices, and establishment of new research facilities by pharmaceutical…
Mice Model Market Worth $2.2 billion | MarketsandMarkets™
Mice Model Market in terms of revenue was estimated to be worth $1.5 billion in 2024 and is poised to reach $2.2 billion by 2029, growing at a CAGR of 8.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. The rise in chronic diseases, such as cancer, diabetes, and cardiovascular disorders, and growing need for reliable and predictive animal models to facilitate drug discovery and development are…