Augmented reality is an enhanced version of reality where live or indirect views of physical real-world environments are augmented with superimposed computer-generated images. Augmented reality leverages the latest innovations in big data analytics, mobile technology and the internet to offer new upgraded communication channels for enterprises.
The global Augmented Reality (AR) In Enterprise Market was valued at US$ 1,089.59 Mn in 2017 and is expected to reach US$ 8,742.02 Mn by 2022. Organizations of all sizes have recognized the potential of these rapidly expanding communication channel to visualize data and instructions, covering digital assets in the real world in real time.
Large enterprises are quickly realizing the possible impact of Augmented reality (AR) technology as this enables their customers to have an ‘anywhere experience’. This characteristic is not only attractive but also helps customers to have a long-lasting experience.
Thus, AR approach is ensuring greater customer attachment and trust in products, increasing the likelihood of a purchase.
Company Profiled: Some of the significant players operating in this market include Apple Inc., Blippar, CyberGlove Systems LLC, DAQRI LLC, Eon Reality, Inc., Facebook Inc., Google Inc, HTC Corporation, Magic Leap, Inc., Marxent Labs LLC, QUALCOMM, PTC Inc., Microsoft, Rockwell Collins, SAMSUNG, Upskill, Vuzix Corporation and Wikitude GmbH among others.
AR in Enterprise Market, by Enterprise Size
The enterprise size segment of augmented reality (AR) in enterprise market is bifurcated into SME’s and large enterprise, wherein large enterprise is currently dominating the market. Large investments and ongoing projects are the key reason for large enterprises to penetrate maximum into the market.
Among large enterprises sectors such as automotive and retail hold a prominent customer base, as the technology is less time consuming and provides more accurate and reliable data to their customers. Instructional AR is also promising commercially, with multi-sensory learning which are valuable in transmitting information.
Thus, a variety of industries will adopt AR instructional methods for better-informed and safer workforces in the coming years.
AR in Enterprise Market, by Region
North America currently holds the maximum market share in the global augmented reality (AR) in enterprise market. The region has a high adoption of technically advanced products which is expected to propel the growth of the market globally.
In this region, United States has the maximum contribution in terms of revenue due to high awareness of AR technology. The region also has prominent players who are investing on different projects and research & development thus further propelling the market growth.
However, Asia Pacific is anticipated to grow in future due to growing consumer business in Asia Pacific. Rising retail spending in countries such as China, India, Vietnam and Malaysia will also further contribute to its growth.
Competitive Market Share
The report provides both, qualitative and quantitative research of the market, as well as integrates worthy insights into the rational scenario and favored development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and detailed insights on the competitiveness of these players.
The key business strategies such as M&A, affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their manufacturing base, competitors, product type, application and specification, pricing, and gross margin.
Some of the key questions answered by the report are:
What was the market size in 2017 and forecast from 2018 to 2026?
What will be the industry market growth from 2018 to 2026?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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