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Augmented Reality Services Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Augmented Reality Services Market
According to The Business Research Company's, The augmented reality services market size has grown exponentially in recent years. It will grow from $134.26 billion in 2023 to $194.44 billion in 2024 at a compound annual growth rate (CAGR) of 44.8%. The growth in the historic period can be attributed to gaming and entertainment adoption, increased consumer awareness, corporate training and simulation, cost reduction and accessibility, content development.
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Market Drivers and Trends:
The COVID-19 outbreak is enforcing companies to shift towards more advanced and virtual solutions to continue their businesses, which is predicted to act as a major driver for the growth of the augmented reality services market in the short-term. Increasing demand for augmented reality in various end-use industries post COVID-19 outbreak is expected to generate a higher demand for augmented reality services. For instance, according to Analytics Insights magazine published in April 2020, the demand for AR, VR, and other new-age technologies is escalating due to COVID-19. AR companies including Imaginate and Queppelin are recording a surge in AR, MR, and VR technology. The demand for AR services is also supported by the rising push for learning and development for remote demonstrations and training for employees and consumers.
The integration of blockchain technology is gaining significant popularity in the augmented reality services market. Blockchain technology is the Distributed Ledger Technology (DLT) in which digital assets are assigned with unique attributes using cryptography and are distributed on a decentralized and public ledger. Apart from digital currency application, blockchain technology performs several applications that augmented and virtual reality developers are focusing on such as it allows developers to create unique digital assets that users and other developers cannot copy, selling virtual real estate, tracking virtually represented data, and more. For instance, in April 2022, Metallika.Inc., a France-based blockchain-powered company for mineral mining services, announced the addition of blockchain technology to its mining operations. The Metallika team developed a mechanism that may run independently on the blockchain called the decentralized autonomous organization. It strictly abides by the regulations written into the smart contract. The chain of transaction blocks will contain a record of each financial transaction that takes place within the DAO as well as the smart contract's software rules. Thus, the incorporation of blockchain with augmented reality is expected to boost market growth during the forecast period.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Groove Jones LLC; Quy Technology Pvt. Ltd.; Craftars Sp. z o.o.; Wear Mobile Ltd.; Next/Now Inc.; Apple Inc.; Microsoft Corporation; Niantic Inc.; Zappar Limited; Blippar Ltd.; Lucyd Ltd.; Magic Leap Inc.; Echo Interaction Group Inc.; Notion theory LLC; Mobilab Sp. z o.o.; AVRspot Inc.; Transition Technologies PSC Sp. z o.o.; Innovecs LLC; INDE Appshaker Ltd.; Augment Inc.; Metagram Inc.; VironIT Inc.; Scanta Inc.; VR Vision Inc.; 8ninths Inc.; Yeppar Inc.; Mutual Mobile Inc.; Intellectsoft Inc.; Zco Corporation; CitrusBits Inc.; Oodles Technologies Pvt. Ltd.; Infotrum LLC; Sumeru Inc.; NewGenApps Pvt. Ltd.; Chocolate Milk & Donuts LLC; Hedgehog Lab Limited; Dyfuzja Sp. z o.o.; NARSUN Inc.; Cortex Inc.; HorizonCore Infosoft Pvt. Ltd.; The Intellify Inc.; Gramercy Tech LLC; HQSoftware Inc.; Program Ace LLC; Xicom Technologies Ltd.; Zco Corporation; Fluper Ltd.; JPLoft Solution Inc.; Credencys Solutions Inc.; IndiaNIC Infotech Limited; Chetu Inc.; Vakoms LLC; Delta Reality LLC; Setapp Inc.
Augmented Reality Services Market 2024 Key Insights:
• The augmented reality services market size is expected to see exponential growth in the next few years. It will grow to $980.26 billion in 2028 at a compound annual growth rate (CAGR) of 49.8%.
• Covid-19 Accelerates Augmented Reality Services Market Growth As Businesses Embrace Virtual Solutions
• Synergizing Augmented Reality With Blockchain Technology A Catalyst For Market Growth
• Asia-Pacifica was the largest region in the augmented reality services market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Global Augmented Reality and Virtual Reality Market was valued US$ 6.1 Bn in 2017, and is expected to reach US$ 58.2 Bn by 2026, at a CAGR of 32.57% during forecast period.
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