According to Research Dive analysis, the global augmented reality is estimated to generate a revenue of $65,323.4 million by 2028, increasing from $ 8,142.9 million in 2020, at a healthy CAGR of 30.9%.
Impact Analysis of COVID-19 on the Global Augmented Reality Market:
Businesses have turned to remote work in response to the Covid-19 pandemic, which has accelerated the deployment of augmented reality and virtual reality technologies. The Covid has impacted positively on augmented reality market. Augmented reality has grown in popularity as a result of numerous firms actively using augmented reality collaboration platforms during lockdowns. AR/VR technology is also gaining traction in the retail sector. Retailers are recognizing the technology’s promise and making full use of it. Moreover, the increased use of the augmented reality applications in various industries has also acted positively for the market growth during the pandemic crises such as use of AR applications in home, schools, hospitals, and clinics for psychological support.
Augmented Reality Market Analysis:
The popularity of augmented reality has skyrocketed. Because of market leaders like Microsoft, Apple, Google, Facebook, and Amazon, commercial use of the technology has surged. With the launch and widespread acceptance of smartphones, as well as the later releases of the Hololens and Oculus Rift, augmented reality technology that had previously seemed far away became a reality and began to evolve. The appeal of augmented reality to customers has grown as its accuracy, precision, and capacity to resemble the real world have improved. AR retail experiences are intended to significantly improve the customer’s buying experience by exploiting lighting conditions around the user, advanced facial recognition, and personalized recommendations. According to the IBM U.S. Retail Index survey for 2020,41% of respondents were interested in testing a virtual fitting room to improve their shopping experience, while 18% had already tested the technology. Consumer comfort will only rise as AR technology matures.
One of the major restraining factors of augmented reality is lack of proven business models. One of the strangest aspects of augmented reality technology is that, despite widespread adoption and widespread public approval, it is not performing well in the commercial world. Part of the problem is that no one has yet thought out a long-term AR-related business model (besides, probably, gaming industry).
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The market of augmented reality is creating wide range of growth opportunities on social media platforms. Because of the growing active participation of social media users, social media augmented reality is fast gaining popularity. With the growing access of the social media industry, augmented reality is getting more popular. Following Snapchat’s lead, Facebook, Instagram, and TikTok have all released their own versions of lenses, filters, and effects. AR has proven its worth not only for branding and entertainment, but also for business. Facebook’s rollout of augmented reality advertising and Instagram’s addition of try-on features are two recent social media innovations. The popularity of online gaming and events is growing, with network connectivity playing a key part in the augmented reality industry’s market rapid expansion.
Based on device component, the global market for augmented reality is categorized as hardware and software. The hardware sub-segment is projected to acquire the fastest growth and generate a revenue of $38,136.1million by 2028.
Based on device type, the market is classified into head mounted display, handled devices, and others. The handheld devices, garnered $3,222.7million in 2020 and it is projected to grow exponentially by 2028.
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