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Augmented Reality Software and Services Market Analysis, Market Size, Leading Players, Share And Forecast To 2033
Augmented Reality Software and Services Market
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According to The Business Research Company's, The augmented reality software market size has grown exponentially in recent years. It will grow from $47.88 billion in 2023 to $74 billion in 2024 at a compound annual growth rate (CAGR) of 54.5%. The growth in the historic period can be attributed to market penetration in entertainment, enterprise adoption, rise of ar hardware, development of developer tools, improvement in user interface.
The augmented reality software market size is expected to see exponential growth in the next few years. It will grow to $333.06 billion in 2028 at a compound annual growth rate (CAGR) of 45.7%. The growth in the forecast period can be attributed to integration with 5g technology, expanded enterprise applications, expanded enterprise applications, , consumer-friendly ar apps, ar cloud development. Major trends in the forecast period include immersive gaming experiences, ar in retail and e-commerce, remote assistance and collaboration, education and training solutions, spatial computing advancements.
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Market Drivers and Trends:
Augmented reality (AR) is increasingly used in various fields such as amusements, retail, entertainment, and medicine. In medicine, the practice of using AR software for surgery, and diagnosis has increased in recent years as it improves precision during operations, reduces medical errors, and gives doctors and patients a better understanding of complex medical problems. For instance, the surgeons and doctors at the Imperial College and St. Mary's Hospital in London, have started practicing this method by using Microsoft's HoloLens AR glasses during reconstructive surgery on patients who have suffered severe injuries. Earlier, handheld scanners were used to locate major blood vessels near the wound, making the surgery difficult. Increase in use of AR in various fields drives the growth of the augmented reality software and services market.
The combination of AI (Artificial Intelligence) and AR has immense opportunities in augmented reality software and services going forward. AI is the development of the system that has the ability to perform tasks requiring human intelligence. AI enables capabilities like real-world object tagging, enabling an AR system to predict the appropriate interface for a person in a given virtual environment, and enhances AR to create a multidimensional and responsive virtual experience that can bring in new levels of insight and creativity. Filters in Instagram and Snapchat are some examples of AI and AR working together. Similarly, in 2021, NexTech AR solutions announced the launch of standardized AI-driven chat features within its Virtual Experience Platform and ARoom streaming solution, aiming to optimize the virtual event experience for attendees and organizers. The incorporation of AI-driven chat functionalities allows for seamless networking, direct messaging, and moderated Q&A sessions, enhancing the engagement and interaction capabilities of the platforms. Nextech's advanced technology integration, including AR and AI, enables the creation of immersive virtual and hybrid event experiences. This trend will significantly contribute to the growth of the augmented reality software and services market.
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Major Key Players of the Market:
PTC Inc., Wikitude GmbH, Daqri LLC, Zugara Inc., Niantic Inc., Augmate Corporation, Ubimax GmbH, Upskill, Catchoom Technologies S.L., Aurasma, EON Reality Inc., Hewlett-Packard Development Company LP, Zappar Ltd., Immerseport, Infinity Augmented Reality Inc., Inglobe Technologies Arl, Jbknowledge Inc., Kudan, Magic Leap Inc., Marxent Labs LLC, Mortar Studios Ltd., Amazon Web Services Inc., Re'flekt GmbH, Scope Technologies Inc., Viewar GmbH, Atheer Inc., ARToolKit, Arway Corporation, CraftAR, EasyAR
Augmented Reality Software and Services Market 2024 Key Insights:
• The augmented reality software market size is expected to see exponential growth in the next few years. It will grow to $333.06 billion in 2028 at a compound annual growth rate (CAGR) of 45.7%.
• Growing Impact Of Augmented Reality (AR) In Medicine And Surgery
• Ai Integration In Ar Paving The Way For Advanced Virtual Experiences
• The Asia-Pacific was the largest region in the augmented reality (AR) software and services market in 2023
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