The global augmented reality market size is expected to reach USD 597.54 billion by 2030, registering a CAGR of 39.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be credited to the increasing adoption of augmented reality (AR) technology across several industry verticals, such as automotive, healthcare, education, construction, and logistics among others. The augmented reality interfaces enhance the work environment as well as optimize operational efficiency while offering significant benefits in terms of efficiency, productivity, and safety.
Augmented Reality Market Report Highlights
· In terms of component, software segment is expected to register a CAGR of around 41.0% during the forecast period owing to the rising adoption of AR devices across various applications, including manufacturing, healthcare, education, retail & e-commerce, among others
· In terms of display, smart glass segment is expected to register a notable growth rate of 49.1% by 2030 with the increasing adoption of smart glasses beyond personal uses of entertainment to industrial applications such as architectural planning, manufacturing processes, healthcare, and more
· In terms of application, industrial & manufacturing segment accounted for the revenue share of around 24.0% in 2022 as AR finds important application in businesses to ensure efficient operations by keeping all processes operational, spotting anomalies, and reducing production downtime
· Asia Pacific augmented reality industry is estimated to witness a significant CAGR from 2023 to 2030 with the rapid expansion of manufacturing, logistic & transportation, automotive, and gaming & entertainment industries, especially in Japan and China
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AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. Several market players are focused on introducing new and more innovative offerings to attract customers and gain a competitive edge in the industry. For instance, in 2023, Google LLC announced the launch of its latest Immersive Stream for XR service for its Google Cloud customers. This new offering is said to eliminate the need for any powerful hardware or a special application to immerse oneself in the augmented reality or 3D world. The users can simply scan a QR code or click a link to get into extended reality (XR).
The growth of augmented reality industry is being influenced by the aggressive adoption of AR technology solutions by various industry incumbents, especially in the wake of the COVID-19 outbreak. For instance, AR technology is being widely adopted across educational institutions to enhance the learning experience for students.
The market is also benefiting from the retail domain as AR provides an immersive experience to shoppers and helps them make informed buying decisions. In November 2022, Snap, Inc. partnered with Amazon.com, Inc. to initiate AR-enabled digital try-on styles for the brands and customers online. This fashion partnership is anticipated to create an AR shopping experience seamless.
AR technology is gaining massive traction in niche markets. Several mobile device vendors are introducing AR-compatible mobile devices. As such, the market for augmented reality is poised for significant growth during the forecast period as AR technology continues to evolve and more real-life use cases are introduced.
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We segmented the global augmented reality market based on the component, display, application, and region.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Businesses all around the globe are trying to enhance their products and services.
Many business verticals have planned to incorporate Virtual Reality (VR) into them to enhance the flow and their business profit.Why VR in Business flow?Advanced Consumer and Business Analytics:- With the use of VR consumers can easily evaluate the marketability, Performance as well as the quality of the products.
The marketers with this will be able to collect more robust data and can be used to improve the quality of product and loyalty among the consumers.Enhanced Customer Experience:- VR and AR allows more immersive and focused shopping experience.
Here consumer senses are engaged and with this they will be able to focus on the virtual experience without any external distractions, allowing consumers to experience the product in the virtual world environment.Interactive Marketing Strategies:- VR technology is capable of transporting people of anywhere, real or imagined.
This technology is capable of shifting marketing products and services to that world where the consumer or the investor can feel and experience the product themselves.Virtual Reality provides numbers of scopes to a variety of industries in gaining potential benefits.
Many tourism industries have already collaborated with those brands producing VR products to increase the ROI of their business.Real Estate:- With the implementation of VR in this vertical has allowed many property dealers to showcase their staging properties more efficiently.
According to one estimation, the AR market will be worth between $70bn and $75bn by 2023, while the VR is expected to be worth between $10bn and $15bn.
Augmented reality (AR) is a technology that overlays a computer-generated image on a user’s view which connects the real world with the virtual world.
This technology enhances the perception of reality, thereby increasing the user experience and also provides data about the consumer’s immediate environment.
The virtual reality (VR) technology provides the user a virtual environment with the help of computer hardware and software and also offers a fully immersive environment where the user can interact with objects similar to those in the real world.There has been tremendous growth in the M deals, investments, and patent filings in the AR & VR from 2014 to 2015.
It is anticipated that the usage of AR and VR would provide the next major computing platform after smartphones.Magic Leap, Inc. (U.S.) filed the maximum patents as of February, 2016 among the other companies in this market.
The other companies which have been active in the patent filings include the Qualcomm, Inc. (U.S.), Microsoft Technology Licensing LLC (U.S.), LG Electronics, Inc. (South Korea), Pantech Co. Ltd. (South Korea), Sony Corporation (Japan), Intel Corporation (U.S.) among others.The research methodology used to estimate and forecast the global augmented reality and virtual reality market covers collecting of data on key vendor revenues through secondary research.
The vendor offerings are also taken into consideration to determine the market segmentation.
As human-generated data has exponentially increased on many platforms, it has become impossible for the businesses to check or interact with that data manually, here the applications of NLP take charge.For example, if a business wants to check the reviews of their new product and make inferences from it, allotting people for reading the reviews and categorizing them will be inefficient, as there are lakhs of reviews.
These chatbots can be customized for a specific market like Kotak Mahindra Bank now uses Keya as its virtual assistant.How NLP works?Making sense of the syntax is one of the most critical things for applying NLP algorithms; some of the syntax analysis methods are:Lemmatization: It means reducing the various inflected forms of a word into a single form for a more straightforward analysis.Morphological segmentation: It involves dividing words into individual units called morphemes.Word segmentation: It consists of dividing a large piece of continuous text into distinct units.Part-of-speech tagging: It involves identifying the part of speech for every word.Parsing: It consists in undertaking a grammatical analysis for the provided sentence.Sentence breaking: It consists in placing sentence boundaries on a large piece of text.Stemming: It involves cutting the inflected words to their root form.Morphological segmentation: It consists of dividing words into individual units called morphemes.Word segmentation: It consists of dividing a large piece of continuous text into distinct units.Part-of-speech tagging: It involves identifying the part of speech for every word.Parsing: It involves undertaking a grammatical analysis for the provided sentence.Sentence breaking: It involves placing sentence boundaries on a large piece of text.Stemming: It involves cutting the inflected words to their root form.Open-source libraries for NLPThere are many NLP libraries on the internet, some of the most popular libraries are:NLTK: It is the most featured library; the most used combination is nltk(Natural Language Toolkit) and python.
This library is for production usage, written in the programming language Cython; it provides the fastest syntactic parser in the market.
Although the menu of this library is limited, there are fewer choices.TextBlob: This library is an extension of nltk.
This library is suitable for smaller projects.Saas Tools for NLPPeople want to generate insights from texts, but don’t want to delve deeper into the working, some of the tools for non-technical people are:Amazon Comprehend: Amazon Comprehend is a natural language processing software that uses machine learning to look for insights and relationships within a text.
Advertising companies analyze the digital footprints of a user to predict their potential audience interested in their products.NLP software helps increase the range of channels for ad placement.Healthcare is entering a new era with NLP applications, data mining integration in healthcare systems helps doctors make more well-informed decisions and improve diagnosis, and patient treatment.Chatbots are a prime example of automation tech.
At present Augmented Reality is the leading technology in a market that leverages business to keep a strong foothold among the competitor, if you are aiming to develop a product or service you must consider the top Augmented Reality app development company.
Currently, most of the big giants are providing AR/VR development that too innovative and out of the box.
Virtual Reality is not only limited to 360 views in the cardboard-made box and the gaming experience, it helps businesses to build strong marketing strategies and train their work-force with features like rich user interface and virtually real experience.
Therefore consider hiring the top Augmented & Virtual reality development company to disrupt every changing business market with its application.
AR/VR Development at Xceltec Creating AR/VR Application from the scratch requires deep analysis and in-depth knowledge, we deliver products that have real-world uses, educate staff and consumers, and evoke emotion.
Xceltec is one of the leading Augmented Reality development companies and Virtual reality development companies that build Virtual Reality app and AR game development for enterprises that operate in many industries.
Over 200 AR/VR companies have been acquired in the past two years, and there’s no sign of that slowing down anytime soon.
More advanced augmented reality tools are on the horizon, which means that AR-related apps and hardware will continue to rise in popularity and improve in quality throughout 2017 and into the next decade.
Keep reading to find out more!
1) Tool #1 - Marker-based Apps The most well-known and easy-to-use form of augmented reality is marker-based apps.
2) Tool #2 - Markerless Augmented Reality This form of AR doesn’t require you to stick anything on or in your customer’s environment.
Imagine being able to see restaurant reviews on your window without writing them on there with post-it notes.
