Augmented Reality Market 2020 by Industry Growth & Regional Forecast To 2024 | AccuVein Inc, Affectiva, Inc., APX Labs, Blippar, Daqri LLC, Google Inc., Infinity Augmented Reality Inc., LAFORGE Optical, MAGIC LEAP INC., Marxent Labs, LLC, Medsights Tech C

It is prudent to mention that the competitive hierarchy of augmented reality market is rather fragmented, and is intricately characterized by the presence of established biggies as well as a substantially huge number of smaller participants such as software developers, content providers, platform providers, and hardware device manufacturers. It has been observed that tech giants have been acquiring smaller players and start-ups to make themselves fully functional and independently operational for gradually consolidating their position in augmented reality market, considering the widespread scope of AR for viewing the real world with technologically developed imagery. The end-user spectrum dynamics for AR, as is witnessed, is rather far-flung and comprehensive.

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.

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Say for instance, recently, Japan-based Mitsui OSK Lines (MOL) signed a pact with the MOL Techno-Trade and Furono Electric to combinedly come up with an AR-incorporated system that would support vessel operations during voyages, providing enhanced visual information about other ships, landmarks, and obstacles at sea, on tablets and other digital devices. If proved successful, the system would indeed bring about a transformational change in augmented reality industry outlook from the industrial domain, as per experts. Speaking along similar lines, a succinct gist about three pivotal augmented reality market companies and their contributions toward propelling the revenue graph of this business space has been outlined below.

One of the most proactive tech giants across the globe, Google has comfortably carved its space in augmented reality industry. Merely a month earlier, the company had claimed that AR tech is here to stay - as per the company's claims, close to 100 million devices will be equipped with AR by the end of Q4 2017, while a tentative 'hundreds of millions' of devices would be incorporated with AR by 2018 end. Affirming its substantially huge claims, the tech behemoth has recently launched its own AR stickers on the Pixel and Pixel 2. The novel AR tech used in these stickers will also be effectively launched with the branded stickers of Stranger Things and Star Wars, further popularizing the commercialization potential of U.S. augmented reality market.

Earlier this year, Google marked pivotal significance in augmented reality industry with the launch of the ARCore in August - a direct competition to Apple's ARkit. Having sufficiently dabbled in AR tech, in the future, Google is likely to make an extensive contribution toward the overall augmented reality market.

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Apple's contribution toward augmented reality market, similar to its regional rivals, has been extremely commendable. While product innovations have remained a key strategy of the tech giant, as proved by the recent launch of the AR-enabled Pokémon, in 2017, Apple seems to have taken to acquiring other players in augmented reality industry to consolidate its position in the business. For instance, Apple recently invested around USD 390 million in Finisar, the producer of laser scanners used in the iPhone X, in order to increase the individual component production in its AR camera systems. Bearing further testimony to this presumption, is the fact that Apple's acquisition of Shazam is being touted to strengthen the former's stance in augmented reality market, given that Shazam launched an AR platform of an extensive scale in March 2017.

Recently, Mapbox, a reputed custom online maps provider, has made to the headlines with the announcement of its acquisition of a Minsk-based artificial intelligence unicorn, Mapdata. Among the various future projects that are claimed to get onboarded through the deal, Mapdata, reportedly, would help Mapbox develop advanced augmented reality-based maps that work in sync with the front cameras of the users' devices. With increasing number of companies seeking to leverage the maximum potential of the technology across mainstream as well as offbeat applications, it is certain that augmented reality market is on its way to gain substantial momentum in the years ahead.

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