Market Research Future Insights
The anticipated market value of the Augmented reality market is approximately $461.25 Billion. Along with the valuation, the estimated CAGR rate is 41.50%. Due to an increase in the advanced sensory advancements, real time interactions and 3D projection of images of real objects. Augmented reality (AR) is now largely used in the educational sector as well, this is due to the teachers teaching real-world problems on virtual screens. AR has also been used in the healthcare industry in case of minor risk free surgeries. In addition to this, due to the availability of various social platforms where consumers can review & buy the products, specially in the supermarkets. Since, they are now available online which further boosted the growth of the Augmented reality market.
Due to the sudden outbreak of the pandemic, where every industry had been collapsed. But the Augmented industry proved to be very beneficial by giving an edge to doctors in traversing the scale of virus and testing on it without actually testing on patients. Because, the corona virus could be easily transferable on touch, so doctors adopted a touchfree approach through the AR. Augmented reality helped the doctors to treat the patients on the basis of symptoms by using lasers to zoom into the virus & scan different patients.
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Regional analysis
North America, is accounted to hold the largest market share of this Augmented market. This is due to beholding nations like the US. The US is the home of many leading technology developers like Google LLC, and Microsoft. Moreover, Europe is also expected to dominate the region, this is due to an adoption of AR technology in the gaming & entertainment industry.
Asia Pacific region is predicted to be the second dominated region. This is due to the presence of countries like Japan & Australia. Because this region is highly focused on the creation of a strong customer base & the adoption of 5G networks has been triggering the growth of the market in this particular region.
Market Segmentation
The Augmented Reality market has been Segmented into 3 segments. The market segmentation is done on the basis of Type, Vertical & Technology. On the basis of Type, the market is split between Head Mounted Display & Head Up Display. On the basis of Vertical, it’s been divided into Consumer Electronics, Commercial, Aerospace & Defense and Medical. Lastly, on the basis of technology the market is been further sub-divided between Marker Based & Marker Less.
Key players
The major key companies of this Augmented reality market are from the US. Some of the leading companies are Blippar, Google Inc., Microsoft Corporation, PTC, Wikitude GmbH, Samsung Electronics Co. Ltd., Zugara, DAQRI & Upskill. All the leading companies have been majorly investing in the R&D for the development of the innovative AR solutions for the day-to-day applications as well as for enterprises to simplify their workflows and enhance their processes.
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