2024 Global Insights: Generative AI's Role in Augmented Reality

"The Business Research Company recently released a comprehensive report on the Global Generative AI In Augmented Reality Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The generative AI in augmented reality market size has grown exponentially in recent years. It will grow from $1.88 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 35.8%. The growth in the historic period can be attributed to improved user experience through personalized content and interactions, enhanced visualization and simulation capabilities for design and engineering, increased productivity and efficiency in content creation and design processes, real-time data integration and analysis for better decision-making, improved accessibility and inclusivity through AI-generated language translation and captioning.

The generative AI in augmented reality market size is expected to see exponential growth in the next few years. It will grow to $8.78 billion in 2028 at a compound annual growth rate (CAGR) of 36.1%. The growth in the forecast period can be attributed to enhanced collaboration and communication through AR-enabled virtual meetings and presentations, increased immersion and engagement in AR experiences through AI-generated sound and music, improved accuracy and speed in object recognition and tracking, enhanced security and privacy through AI-generated encryption and authentication, increased scalability and cost-effectiveness in content production and distribution. Major trends in the forecast period include growing adoption of generative adversarial networks (GANs), rise of transformer models, hybrid approaches that combine generative AI with other technologies, speech synchronization and eye gazing and focus on user engagement and personalization.

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Market Drivers and Trends:

The increasing prevalence of remote work is expected to propel the growth of the generative AI augmented reality market going forward. Remote work, also known as telecommuting or telework, refers to a work arrangement in which employees do not need to commute to a physical office or workplace. The increasing prevalence of remote work has become a significant factor driving the adoption and development of augmented industrial reality (AIR) solutions.Generative augmented reality (GAR) can be highly beneficial in remote work scenarios, particularly in industries that rely on physical operations and require collaboration between on-site and remote teams. For instance, according to Forbes Media LLC, a US-based media company, as of 2023, 12.7% of full-time employees in the United States work from home, while 28.2% work a hybrid model. By 2025, an estimated 32.6 million Americans are expected to work remotely, which equates to about 22% of the workforce. Therefore, the increasing prevalence of remote work is driving the growth of the generative AI augmented reality market.

Major companies operating in the generative AI in augmented reality market are developing innovative solutions such as neural networks for AR to advance the 3D AR platform. The neural network is integrated into their Generative AR Platform, enabling users to create 3D objects and images optimized for performance in augmented reality projects, even on low-end smartphones. For instance, in April 2023, Devar, a US-based technology company, launched the first neural network for AR. The neural network generates 3D models that meet quality requirements for webAR objects, including the recommended number of polygons, correct topology, and textures, which are typically time-consuming for 3D specialists to create. The neural network leverages DEVAR's proprietary 3D content datasets and user feedback from the MyWebAR platform to streamline the creation of AR assets, making AR development more accessible to users without prior experience in creating AR content.

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Major Key Players of the Market:

Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Meta Platforms Inc., Qualcomm Technologies Inc., NVIDIA Corporation, Snap Inc., PTC Inc., Epic Games Inc., Magic Leap Inc., Niantic Inc., WayRay AG, DAQRI, RE'FLEKT GmbH, Ubimax GmbH, Seabery, Vuzix Corporation, Scope AR, Upskill, Blippar, Atheer Inc., Wikitude GmbH, ViewAR, 8th Wall

Generative AI In Augmented Reality Market 2024 Key Insights:

• The generative AI in augmented reality market size is expected to see exponential growth in the next few years. It will grow to $8.78 billion in 2028 at a compound annual growth rate (CAGR) of 36.1%.
• Remote Work Revolution Drives Growth In The Augmented Industrial Reality (AIR) Market
• Innovation With Neural Network Integration For Enhanced AR Experiences
• North America was the largest region in the generative AI in augmented reality market in 2023

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