NEW YORK, Jan. 19, 2022 /PRNewswire/ -- There has been a
constant rise in many automobile companies that are using AR
and AI technologies to strengthen their presence in the market. The
use of AR in cars is estimated to increase significantly as per the
latest research report of "Augmented Reality Market - Forecast and
Analysis".
If we look back at the historic data, for instance, in
November 2019, Starbucks built its
holiday-themed AR effects using Facebook's Spark AR platform with
new computer vision technology.
Key Augmented Reality Market Report Highlights:
- Market growth 2020-2025: USD 108.57
billion
- Growth momentum & CAGR: Accelerate at a CAGR of 31.60%
- YoY growth (%): 29.15%
- Performing market contribution: APAC at 35%
- Key consumer countries: US, China, Japan,
Germany, UK, and Canada
Want more data and information that is not included in this
report? Reach out to our analysts and get this report can be
personalized according to your needs. Speak to an
Analyst.
Regional Market Analysis
With 35% of the growth originating from APAC, this region will
record a fast growth rate during 2021-2025.
The strong presence of the number of automobile giants in the
region is rising the demand for Head-up Displays (HUDs) in the APAC
market region. Additionally, these players are integrating AR
technology to provide an excellent driving experience.
Apart from Head-up Displays, the two key reasons for the
increasing augmented reality market's growth in APAC are:
- Additionally, the military and defense sector is expected to
exhibit a high demand for AR technology in the coming years. AR
technology is used to develop applications for training soldiers.
These applications are used to create a real-life war situation to
provide training to soldiers. For instance, Volkswagen introduced a
HUD in Volkswagen Passat. It is a transparent display, which
provides information regarding navigation, speed, and guidance.
Similarly, BMW introduced color HUDs in the BMW-3 series.
- India, China, and Japan are among the countries with a strong
military foothold and are constantly adopting advanced
technologies. Simulation-based training provided to soldiers
assists them in tough, critical environments. As a result, the
demand for augmented reality (AR) in APAC is expected to
increase.
For Additional Information about the regional market:
Request for a free sample report.
Key Vendors and Vendor Strategies
Alphabet Inc., Dynabook Inc., Facebook Inc., Microsoft Corp.,
PTC Inc., Qualcomm Inc., Samsung Electronics Co. Ltd., Upskill,
Vuzix Corp. and Zugara Inc. are a few of the key vendors in the
augmented reality market.
The vendors in the market are constantly focusing on deploying
various organic and inorganic growth strategies to compete in the
market. Additionally, established industry participants are
expected to acquire or enter into partnerships with small vendors
to expand their product portfolios, enter emerging markets, and
increase their market share.
For instance:
- In September 2021, WPP partnered
with Snap Inc. to launch The AR Lab. The partnership is aimed to
enhance customer experience using the social media platform
Snapchat through AR.
- Also, it is imperative for vendors to distinguish their service
offerings through a clear and unique value proposition.
Furthermore, the market is moving towards fragmentation due to
pure-play vendors entering the market for competing with large
vendors.
- These pure-play vendors are estimated to be approached for
acquisition by the other industry players considering their
technological capabilities.
Download our free sample report to
get a brief understanding about various other vendors and the
vendors strategies.
Key Market Drivers
Our analysts have extensively outlined the information on the
key market drivers and their impact on the augmented reality AR
market.
- Rise in the investment of AR technology:
AR has been notified as an emerging technology and a number of
major players are significantly investing in technological
innovations. Such technology is expected to be implemented in
various social media platforms (for virtual communication),
smartphones, various automotive devices and also in retail and
healthcare industries. Moreover, AR platforms are operated by
millions of users it possesses vast processing power as it has to
deliver a large amount of data in real-time. Therefore, huge
investments are to be done for storing a large amount of data as
well as delivering significant results compelling various vendors
to invest in AR technology and also engage in a number of
partnerships and acquisitions. Thus, these huge investments are
estimated to drive the augmented reality (AR) market growth during
the forecast period.
To know about a few other market drivers,
trends, and challenges.
Download our free sample report
Related Reports:
Augmented Reality and Virtual Reality in Healthcare Market by
Component and Geography - Forecast and Analysis 2021-2025
Augmented Reality and Virtual Reality Market by
Technology and Geography – Forecast and Analysis 2021-2025
Augmented Reality
(AR) Market Scope
|
Report
Coverage
|
Details
|
Page
number
|
120
|
Base year
|
2020
|
Forecast
period
|
2021-2025
|
Growth momentum &
CAGR
|
Accelerate at a CAGR
of 31.60%
|
Market growth
2021-2025
|
$ 108.57
billion
|
Market
structure
|
Fragmented
|
YoY growth
(%)
|
29.15
|
Regional
analysis
|
North America, APAC,
Europe, South America, and MEA
|
Performing market
contribution
|
APAC at
35%
|
Key consumer
countries
|
US, China, Japan,
Germany, UK, and Canada
|
Competitive
landscape
|
Leading companies,
Competitive strategies, Consumer engagement scope
|
Key companies
profiled
|
Alphabet Inc.,
Dynabook Inc., Facebook Inc., Microsoft Corp., PTC Inc., Qualcomm
Inc., Samsung Electronics Co. Ltd., Upskill, Vuzix Corp., and
Zugara Inc.
|
Market
dynamics
|
Parent market
analysis, Market growth inducers and obstacles, Fast-growing and
slow-growing segment analysis, COVID-19 impact and recovery
analysis and future consumer dynamics, Market condition analysis
for the forecast period
|
Customization
purview
|
If our report has not
included the data that you are looking for, you can reach out to
our analysts and get segments customized.
|
About Us
Technavio is a leading global technology research and advisory
company. Their research and analysis focus on emerging market
trends and provides actionable insights to help businesses identify
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positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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