Augmented Reality Market Will Accelerate at a CAGR of over 38.5% through 2022-2031 | Wire News

The Augmented Reality Market value will be USD 23.2 billion by 2021. This market is expected to grow at 38.5% CAGR from 2023 to 2032.

Companies are keen to find innovative ways to use augmented reality (AR), technology. Market growth will be driven by providing end-users an engaging and unique experience during the forecast period. The market’s growth is expected to be driven by the increasing use of AR technology in mobile devices such as smart glasses and smartphones.

Companies can use AR-based apps to automate assembly, manufacturing, line functions, and analyzing tasks. This market is expected to grow due to the rising demand for remote assistance and collaboration from optimization and workflow-management industries.

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Augmented reality provides interactive experiences via multiple sensory modalities, including auditory, visual and haptic. Technology is used in many areas, including entertainment, training, education, and scientific research. Many industries, including manufacturing, healthcare, logistics, and logistics, are now focusing on adopting this technology for training and maintenance, assistance, monitoring, and support. The market will grow rapidly due to the increased adoption of smartphones and the integration with apps. Market growth is likely to be fueled by market players’ increasing collaboration with 5G providers to reduce latency. Qualcomm announced in February 2021 that it would collaborate with Bharti Airtel for 5G demonstrations and to reduce latency.

FACTORS IMPORTANT FOR DRIVERS

Increased adoption of AR Technology in the Healthcare Industry to Drive Market

Immersive technology is becoming increasingly popular in healthcare. It provides a realistic and virtual environment to aid in tasks. Their adoption has increased due to their accessibility, affordability, and affordability. Complex surgeries used to be difficult because of the lack of information. Because AR technology gives surgeons real-time alerts, there is less risk of surgery complications. Hololens was adopted by hospitals around the globe in 2020 as an AR device for aiding coronavirus victims. This technology can also create interactive and engaging medical learning experiences. For example, the learning app Holo Eye Anatomy was developed by LV Prasad Eye Institute in 2017. The app teaches medical students how to use Microsoft’s ARHoloLens to study eye anatomy. This will drive market growth. Microsoft Corporation and Royal Philips have partnered to create an augmented-reality concept for image-guided invasive surgery. This will be accomplished using Philip’s Azurion and Microsoft HoloLens2.

FACTORS RESTORING FACTORS

The Long-Term Effects of AR on Mental Well-being May Impair Growth

Excessive use of smartphones can cause problems for technology users. According to research from Stanford University, people react to immersive environments in the same manner as they react to physical environments. This can harm their psychology and behavior. For some, the study could lead to severe cases of post-traumatic Stress Disorder. The devices may also cause loneliness and depression by reducing the ability to communicate with others. Market growth is likely to be hindered by growing concerns about AR usage.

Key Market Trends

Hardware to Show Higher Growth

AR technology’s uniqueness is its ability to be implemented without external devices. Hardware-wise, early forms of AI (heads-up displays) have encouraged organizations to try out tools that allow augmented reality (AR). AR is a way to enhance consumer interactions by overlaying digital information on top of physical environments.

AR headsets are used by most companies such as Daqri and Meta, ODG, Vuzix, and Options to provide enterprise-oriented applications.

Because hardware is heavily dependent upon it, the accurate measurement will drive hardware changes. To accurately estimate in 3D space, a camera with high resolution is expected to be combined with a range of IR sensors and IMUs. The semiconductor companies anticipate similar trends in incorporating these technologies into the latest chips that support accurate AR frameworks.

Recent Development

Epson America, Inc., a division of Japan’s Seiko Epson Corporation, joined 3D HoloGroup US, an AR software architecture and system integration company, to sell Epson AR glasses in March 2020.
PTC acquired TWNKLS Netherlands (Netherlands) in June 2019 to help accelerate the development and deployment of AR enterprise applications.

Microsoft’s second-generation HoloLens was released in May 2019. HoloLens 2 comes with free Unity Pro, Azure credits, and the Unity PiXYZCAD data plugin. The company also announced Unreal Engine 4 support for HoloLens 2. This will allow customers to experience a more realistic experience.

Маrkеt Кеу Рlауеrѕ:

Key Market Segments:

By Component

By Application

Frequently Asked Questions

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