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
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.
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.
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