Enterprise AR Software Market 2021 Evolving Technology and Growth Outlook - Seiko Epson Corporation, Librestream, PTC, Scope AR, Ubimax GmbH

Enterprise AR Software market study considers the revenues accrued from software application and management software. For example, the PTC’s Vuforia platform. The platform enables prominent use cases including content creation and publishing (Vuforia Studio), remote assistance application with persisted 3D annotation (Vuforia Chalk), and real-time data.

The “Enterprise AR Software Market” report is an in-depth study of the market, along with an analysis of its key segments. The relationship is built through extensive primary and secondary research. In-depth market data is generated through interviews and data collection from industry experts and professionals. The study is a detailed document on key aspects of the markets including trends, segmentation, growth prospects, opportunities, challenges, and competitive analysis.

The report is updated with the impact of the currently ongoing COVID-19 pandemic. The pandemic has dynamically affected key market segments and changed the growth pattern and demands in the Advanced Structural Ceramics market. The report covers an in-depth analysis of these changes and provides an accurate estimate of the market growth forecast after the impact of the pandemic.

Some of the key players operating in the Enterprise AR Software market are Seiko Epson Corporation, Librestream, PTC, Scope AR, Ubimax GmbH

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Recent Developments

October 2020 – Librestream announced that Siemens Energy selected the Librestream Onsight augmented reality platform for its Connected Worker solution. Siemens Energy is deploying the Connected Worker solution across its thousands of field service workers as well as external contractors who together service thousands of global energy and power customers. The partnership with Librestream also enables Siemens Energy to directly offer the Connected Worker solution to its customer base.

August 2020 - RE’FLEKT began officially selling the Microsoft HoloLens 2 as an add-on to their AR software packages. The move comes after RE’FLEKT, successfully launched their REFLEKT ONE software on the HoloLens 2 with Bosch at IAA 2019. By pre-packaging as a joint software and hardware bundle, they easily provide enterprise customers with everything they need for industrial machine maintenance, operations and training from content creation to deployment on the included HoloLens.

This report segments the global Enterprise AR Software market on the basis of Types are:

Education
Healthcare
Retail
Manufacturing

Market Overview

Augmented reality (AR) reached the phase of product realization very slowly, owing to the complex nature of the technology.

-The Microsoft HoloLens project that started in 2010, took six years for development, and launched the developer's edition in the first quarter of 2016. Magic leap, the secret AR startup, which raised over USD 1.9 billion, is launching a product after seven years of development.

-A recent ISACA study of nearly 12,000 consumers and IT professionals describes the benefits of adding augmented reality to private and work life. Most respondents say they believe that using AR-enhanced devices daily can help them acquire new skills. As many as 67% believe AR devices can bring healthcare benefits. Similarly, 64% of people think AR will make shopping easier. Workplace training, safety guides, and product demonstrations have been voted the top potential benefits of the augmented reality industry.

The report is mainly segmented into several key regions, with sales, revenue, market share, and growth rate in these regions, covering:

North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

Key Market Trends

APAC to Dominate Enterprise AR Market

Asia-Pacific is one of the most important markets for Enterprise AR technology and is supposed to record the largest growth over the forecast period. The region offers one of the largest enterprise applications markets for AR software. Moreover, the increasing government programs favoring the development of AR technologies are also motivating local vendors to invest in the studied market.

South Korea is also emerging as one of the significant markets for enterprise AR technologies, owing to the increasing government investments in the market studied and the rising adoption of AR technologies amongst the country’s end-user applications. In South Korea, the federal government in 2016 declared plans to invest USD 363m in the AR marketplace over five years. The government started the Korean Virtual Reality-Augmented Reality Complex (KoVAC) in Seoul in 2017; six more such centers have been built, which the government proposes to expand to 20 by the end of 2020.

As a result of the COVID-19 pandemic, there recently has been a big push for more adoption of the enterprise AR technology. The sudden need for virtual meetings, remote collaboration, more efficient workflows and reduced IT costs is working in favor of AR technology in the enterprise. For instance, VeativeLabs headquartered in India offers employees in the power, oil and gas industry a safe training atmosphere where they can learn in a simulated world without being exposed to the hazards. Globally, the United States is assumed to be an extremely innovative market for enterprise AR software. Most of the organizations such as Google, PTC, Microsoft, and Daqri, among others, developing in this technology are present in the United States. Huge technology exposure and ease of availability of smart gadgets such as smartphones that include AR software have created a strong enterprise AR software market.

Though China governs the gaming sector, Japan is the third-largest market according to revenues and makes over USD 14 million a year. The country's gaming companies are some of the major adopters of advanced AR technologies at a global level. According to the Computer Entertainment Supplier's Association, the Japanese gaming market was expected to reach approximately JPY 1.59 trillion by fiscal year 2025, up from close to JPY 1.4 trillion in fiscal year 2018. Some of the notable Japanese players in AR software space include names such as GrapeCity, Cluster and HADO (Meleap Inc.). NexTech AR Solutions based in Canada, announced that it has signed a letter of intent to acquire interactive video solutions provider Jolokia in an all-stock transaction. According to the deal, on closing, NexTech AR would require an initial payment of 1 million shares in restricted stock priced at USD 1, with a 12-month earn out if certain revenue milestones are hit of an additional USD 4 million in restricted stock.

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Important Questions Answered

What is the growth potential of the Enterprise AR Software market?

Which company is currently leading the Enterprise AR Software market? Will the company continue to lead during the forecast period 2021-2028?

What are the top strategies that players are expected to adopt in the coming years?

Which regional market is anticipated to secure the highest market share?

How will the competitive landscape change in the future?

What do players need to do to adapt to future competitive changes?

What will be the total production and consumption in the Enterprise AR Software market by 2028?

Which are the key upcoming technologies? How will they impact the Enterprise AR Software market?

Which product segment is expected to show the highest CAGR?

Which application is forecast to gain the biggest market share?

The research includes historic data from 2015 to 2021 and forecasts until 2028 which makes the report's an invaluable resource for industry executives, Marketing, Sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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