Major players in the augmented reality (AR) software and services market are Wikitude GmbH, Daqri, Zugara, Upskill, Aurasma, Augmate Corporation, PTC Inc., Catchoom Technologies, Ubimax GmbH, Marxent Labs, Inglobe Technologies, Qualcomm, HP, Total Immersion, Atheer, Inc., Mozilla, Google, Pixar, Facebook, Amazon, IKEA, BMW, Pristine Inc., Infinity Augmented Reality, Jbknowledge, Inc., Magic Leap, Inc., Mortar Studios and Viewar GmbH.
The global augmented reality software and services market is expected to grow from $7.12 billion in 2021 to $11.45 billion in 2022 at a compound annual growth rate (CAGR) of 60.8%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $71.17 billion in 2026 at a CAGR of 57.9%.
The augmented reality (AR) software and services market consists of sales of augmented reality software and services by entities that provide augmented reality software to consumers. Augmented reality is the integration of digital information with the user’s real time environment.
The main software function of augmented reality software and services are remote collaboration, workflow optimization, visualization, documentation, 3d modelling and navigation.Workflow optimization is the process of improving an existing workflow by lowering operating costs, increasing work efficiency, adding new functions to an existing workflow, reducing the time required to complete the task at hand, and other factors to ensure the workflow runs as efficiently as possible.
The augmented reality software and services are used in verticals such as aerospace and defense, medical, commercial, oil and gas, mining, telecom, IT/data centers, enterprise and consumer by commercial and consumer end users.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Augmented reality (AR) is increasingly used in various fields such as amusements, retail, entertainment, and medicine.In medicine, the practice of using AR software for surgery, and diagnosis has increased in recent years as it improves precision during operations, reduces medical errors, and gives doctors and patients a better understanding of complex medical problems.
For instance, the surgeons and doctors at the Imperial College and St.Mary’s Hospital in London, have started practicing this method by using Microsoft’s HoloLens AR glasses during reconstructive surgery on patients who have suffered severe injuries.
Earlier, handheld scanners were used to locate major blood vessels near the wound, making the surgery difficult. Increase in use of AR in various fields drives the augmented reality software and services market.
Privacy and security concerns pose significant challenges to the augmented reality (AR) software and services industry.Lack of specific regulation that defining the limitations of augmented reality environment poses serious threat to privacy in the AR environment.
AR portals depend on web browsers that can expose the data used by AR software and services and can be attacked by third party easily.Privacy and security of personal information are very crucial and can have very serious implications if not protected.
For example, a hacker can manipulate a navigation system to show the driver a false computer-generated speed limit signage or a wrong road route.A person’s geolocation or field of view can be compromised and broadcasted to anyone causing danger to the user.
This threat limits the growth of augmented reality (AR) software and services market.
The combination of AI (Artificial Intelligence) and AR has immense opportunities in augmented reality software and services going forward.AI is the development of the system that has the ability to perform tasks requiring human intelligence.
AI enables capabilities like real-world object tagging, enabling an AR system to predict the appropriate interface for a person in a given virtual environment, and enhances AR to create a multidimensional and responsive virtual experience that can bring in new levels of insight and creativity.Filters in Instagram and Snapchat are some examples of AI and AR working together.
Similarly, in 2020, NexTech AR solutions announced the launch of a new collaborative streaming solution with AI and AR enhancements that integrates virtual experience platforms and SaaS offerings. This trend will significantly contribute to the growth of the augmented reality software and services market.
In September 2021, Qualcomm, a US-based multinational corporation semiconductor provider acquired Wikitude GmbH for an undisclosed amount.This acquisition is to meet certain technology needs, to obtain development resources or expand opportunities for technologies, and to support the design and introduction of new products and services.
Wikitude GmbH is a US-based company leading mobile augmented reality technology provider.
The countries covered in the augmented reality (AR) software and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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