Augmented Reality Software Market Growth Accelerates: Strategic Forecast Predicts $436.9 Billion by 2029

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What Will the Augmented Reality Software Industry Market Size Be by 2025?
There has been a remarkable expansion in the size of the augmented reality software market in the past few years. It is anticipated to escalate from a worth of $72.82 billion in 2024 to a massive $111.71 billion in 2025, growing at a compound annual growth rate (CAGR) of 53.4%. This significant growth during the historic period can be traced back to factors like technological evolution, the widespread acceptance of smartphones, applications in the gaming and entertainment industry, industrial and enterprise usage, and its applications in healthcare and education as well.

What's the Long-Term Growth Forecast for the Augmented Reality Software Market Size Through 2029?
The market size for augmented reality software is projected to witness massive growth in the upcoming years. It is forecasted to expand to $436.9 billion by 2029, growing at a compound annual growth rate of 40.6%. Factors contributing to the growth over the forecast period include its application in enterprises, healthcare sector advancements, use in e-commerce and retail, advertising and marketing implementations, and utilization for remote collaboration. The forecast period is expected to see trends such as AR cloud, spatial computing, immersive AR and AR in healthcare and medicine.

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What Are the Key Growth Drivers Fueling the Augmented Reality Software Market Expansion?
The journey to economic recovery and future productivity post COVID-19 will necessitate the adoption of augmented reality, a factor that will fuel growth in the augmented reality software market within the forecasted period. The pandemic has led to a significant loss of human experience and intelligence in many corporations. These businesses are now centering more on retaining this intelligence and weathering the pandemic than on investments, and augmented reality could be a cost-effective solution. Take PTC for instance, it availed Vuforia Chalk to businesses during the COVID-19 crisis, helping them adopt AR for recovery from the pandemic. Going forward, augmented reality programs such as Vuforia Chalk and Microsoft Dynamics can be employed by staff to learn or relearn tasks from preserved expert notes and instructions, using devices such as smartphones and tablets. Once recovery begins, AR-based training solutions will enable firms to quickly impart the necessary intelligence to their workers.

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What Are the Key Trends Driving Augmented Reality Software Market Growth?
The fusion of artificial intelligence and augmented reality presents numerous promising prospects as both are distinct yet mutually enhancing technologies. AI models are set to improve AR experiences by incorporating interactivity and effects such as real-world object tagging, enabling AR systems to anticipate the optimal interface for a user in each virtual setting, and amplifying AR to create a dynamic and responsive virtual experience that unlocks new dimensions of insight and creativity. For example, AR's Games, an Italian gaming company, announced in January 2022 their plans to launch the world's first AI and AR video game. The game employs a mix of artificial intelligence and augmented reality to create a first-person shooting game featuring actual people. Titled The Real Tournament, the game is exclusively designed for mobile devices. This amalgamation is expected to fuel the augmented reality software market growth during the projected period.

How Is the Augmented Reality Software Market Segmented?
The augmented reality software market covered in this report is segmented -

1) By Deployment: Cloud Based, On-Premise
2) By Software Function: 3D Modelling, Workflow optimization, Visualization, Navigation, Remote collaboration, Documentation, Other Software Functions
3) By Vertical: Enterprise, Oil and gas, Mining, Telecom, Aerospace and defense, Medical, Other Verticals

Subsegments:
1) By Cloud-Based: Public Cloud, Private Cloud, Hybrid Cloud
2) By On-Premise: Large Enterprises, Small and Medium Enterprises (SMEs)

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Which Companies Are Leading the Charge in Augmented Reality Software Market Innovation?
Major companies operating in the augmented reality software market include Wikitude GmbH, DAQRI LLC, Zugara Inc., HP Inc., PTC Inc., Catchoom Technologies S.L., Ubimax GmbH, Marxent Labs LLC, Inglobe Technologies Srl, Qualcomm Incorporated, Total Immersion, Atheer Inc., Mozilla Corporation, Google LLC, Meta Platforms Inc., Amazon.com Inc., Inter IKEA Systems B.V., Pristine Inc., Infinity Augmented Reality Inc., JBKnowledge Inc., Magic Leap Inc., Mortar Studios, ViewAR GmbH, Microsoft Corporation, Unity Technologies Inc., Apple Inc., Blippar Ltd., Zappar Limited, Niantic Inc., Kudan Limited, Maxst Inc., Miralupa Inc., Augmate Corporation

Which Regions Are Leading the Global Augmented Reality Software Market in Revenue?
The countries covered in the augmented reality software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

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