Overview and Scope
Augmented reality (AR) software is a tool that digitally augments representation of the real physical environment using digital visual components, music, or other sensory stimulation given via technology.
Sizing and Forecast
The augmented reality software market size has grown exponentially in recent years. It will grow from $47.88 billion in 2023 to $74 billion in 2024 at a compound annual growth rate (CAGR) of 54.5%. The growth in the historic period can be attributed to technological advancements, smartphone adoption, gaming and entertainment, industrial and enterprise applications, healthcare and education.
The augmented reality software market size is expected to see exponentially grown in the next few years. It will grow to $291.73 billion in 2028 at a compound annual growth rate (CAGR) of 40.9%. The growth in the forecast period can be attributed to enterprise adoption, healthcare innovation, e-commerce and retail, advertising and marketing, remote collaboration. Major trends in the forecast period include ar cloud, spatial computing, immersive ar, healthcare and medical ar.
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The augmented reality software market covered in this report is segmented –
1) By Deployment: Cloud Based, On-Premise
2) By Software Function: 3D Modelling, Workflow optimization, Visualization, Navigation, Remote collaboration, Documentation, Other Software Functions
3) By Vertical: Enterprise, Oil and gas, Mining, Telecom, Aerospace and defense, Medical, Other Verticals
Asia-Pacific was the largest region in the augmented reality software market in 2023. North America was the second largest region in the augmented reality software market. The regions covered in the augmented reality software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The steps for recovery from COVID-19 and future productivity in the economy will need augmented reality to adjust to the new normal, contributing to the augmented reality software market growth during the forecast period. Many companies are facing an incredible loss of human experience and intelligence due to the COVID-19 pandemic. Many businesses are just focusing on preserving the intelligence and surviving this crisis rather than investments and augmented reality might be much cheaper than expected. For example, PTC, during this COVID-19 crisis, made available Vuforia Chalk for companies letting them to start adapting to AR for the COVID-19 recovery. Vuforia Chalk and Microsoft Dynamics are some of the augmented reality programs which are used by an employee in the future to retrain or learn a task from the expert’s already preserved notes and set of instructions using smartphones, tablets, and other devices. AR-based training solutions will help companies to preserve and pass on the required intelligence to the employees faster once the path of recovery begins.
Key Industry Players
Major companies operating in the augmented reality software market include Wikitude GmbH, DAQRI LLC, Zugara Inc., HP Inc., PTC Inc., Catchoom Technologies S.L., Ubimax GmbH, Marxent Labs LLC, Inglobe Technologies Srl, Qualcomm Incorporated, Total Immersion, Atheer Inc., Mozilla Corporation, Google LLC, Pixar Animation Studios, Meta Platforms Inc., Amazon.com Inc., Inter IKEA Systems B.V., Bayerische Motoren Werke AG (BMW), Pristine Inc., Infinity Augmented Reality Inc., JBKnowledge Inc., Magic Leap Inc., Mortar Studios, ViewAR GmbH, Microsoft Corporation, Unity Technologies Inc., Apple Inc., Blippar Ltd., Zappar Limited, Niantic Inc., Kudan Limited, Maxst Inc., Miralupa Inc., Augmate Corporation
The augmented reality software market report table of contents includes:
1. Executive Summary
2. Augmented Reality Software Characteristics
3. Augmented Reality Software Trends And Strategies
4. Augmented Reality Software – Macro Economic Scenario
5. Global Augmented Reality Software Size and Growth
…..
32. Global Augmented Reality Software Competitive Benchmarking
33. Global Augmented Reality Software Competitive Dashboard
34. Key Mergers And Acquisitions In The Augmented Reality Software
35. Augmented Reality Software Future Outlook and Potential Analysis
36. Appendix
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