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Augmented Reality (AR) Market To Garner Exponential Growth By 2023: Global Forecast News

November 19, 2019 by Market-NewsFlash  

Global Augmented Reality Market Research Report: by Component, Technology (Marker Based, Marker Less), by Device Type (Head Mounted Display, Head up Display), Vertical (Consumer Electronics, Commercial, Aerospace & Defense, Medical) –Forecast till 2023

Augmented Reality Global Market — Overview

Virtual Reality and Augmented Reality are often mentioned while discussing latest and future technologies. Both at present are used for games and entertainment purpose, however, both carries different characteristics. VR uses 360 degree video technology to take user from real to virtual environment whereas, augmented reality transforms the real environment by adding digital information to the user’s line of sight.

According to a recent study report published by the Market Research Future, The global market of Augmented Reality is increasing and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017–2023). The Global Augmented Reality Market is driven by proliferation of IOT technology, increasing smartphone usage, rise in adoption of head-up displays by Tourism industry, developing ecommerce market growth among others. On the other hand, high cost of AR devices is one of the factors hindering the growth of Augmented Reality Market.

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Social Media: Rising trend of Augmented Reality

The high adoption of augmented reality products such as smart glasses, and head-up displays by consumers, more brands are showing interest in incorporating technology. Recently, Apple has introduced AR in its new iOS 11 operating system and iPhone X.

With increasing active users on social media, the brands has increased their promotion and advertisement on social media platforms such as Facebook, Twitter, LinkedIn, You tube among others. To provide an interactive environment to their customers, companies are implementing augmented reality technology in their various promotional activities. For instance, brands like Estee Lauder has introduced AR into their advertisement and invites viewer to try out their different lipstick shades from their location itself by using Facebook messenger bot. Further, Apple has introduced an augmented reality app named “Tweet Reality” which allows users to interact with the Tweets by tapping them. This initiative by Apple has received positive response from user as well as advertiser.

Key Players:
Google, Inc. (U.S.), Microsoft Corporation (U.S.), PTC (U.S.), Wikitude GmbH (Austria), Daqri (U.S.), Zugara Inc. (U.S.), Blippar (Austria), Upskill (Vienna), Magic Leap (U.S.), Osterhout Design Group (U.S.), Infinity Augmented Reality, Inc. (Israel), Samsung Electronics Co. Ltd. (South Korea), Atheer, Inc. (U.S.), Apple, Inc. (U.S.), Facebook Inc. (U.S.), Scope AR (U.S.), Inglobe Technologies (Latina), Embitel Technologies (India), Seiko Epson Corporation (Japan), Marxent Labs LLC (U.S.), Catchoom Technologies (Spain), HTC corporation (Taiwan), Qualcomm (U.S.) and Rockwell Collins Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Augmented Reality Market.

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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
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