Overview and Scope
Augmented reality software and services refers to software and services that integrate digital information with the user's real-time environment. Augmented reality (AR) is a digitally augmented representation of the real physical environment created by 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 <b>$47.88 billion in 2023 to $74 billion in 2024 at a compound annual growth rate (CAGR) of 54.5%. </b> The growth in the historic period can be attributed to market penetration in entertainment, enterprise adoption, rise of ar hardware, development of developer tools, improvement in user interface.
The augmented reality software market size is expected to see exponential growth in the next few years. It will grow to <b>$333.06 billion in 2028 at a compound annual growth rate (CAGR) of 45.7%. </b> The growth in the forecast period can be attributed to integration with 5g technology, expanded enterprise applications, expanded enterprise applications, , consumer-friendly ar apps, ar cloud development. Major trends in the forecast period include immersive gaming experiences, ar in retail and e-commerce, remote assistance and collaboration, education and training solutions, spatial computing advancements.
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Segmentation & Regional Insights
The augmented reality software and services market covered in this report is segmented –
1) By Software Function: Remote Collaboration, Workflow Optimization, Visualization, Documentation, 3D Modelling, Navigation, Other Software Functions
2) By Vertical: Aerospace & Defense, Medical, Commercial, Oil & Gas, Mining, Telecom, IT/Data Centers, Enterprise, Consumer, Other Verticals
3) By End-User Type: Commercial, Consumer
The <b>Asia-Pacific</b> was the largest region in the augmented reality (AR) software and services market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the augmented reality software and services industry during the forecast period. The regions covered in the augmented reality software and services 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
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 growth of the augmented reality software and services market.
Key Industry Players
Major companies operating in the augmented reality software and services market include <b>PTC Inc., Wikitude GmbH, Daqri LLC, Zugara Inc., Niantic Inc., Augmate Corporation, Ubimax GmbH, Upskill, Catchoom Technologies S.L., Aurasma, EON Reality Inc., Hewlett-Packard Development Company LP, Zappar Ltd., Immerseport, Infinity Augmented Reality Inc., Inglobe Technologies Arl, Jbknowledge Inc., Kudan, Magic Leap Inc., Marxent Labs LLC, Mortar Studios Ltd., Amazon Web Services Inc., Re’flekt GmbH, Scope Technologies Inc., Viewar GmbH, Atheer Inc., ARToolKit, Arway Corporation, CraftAR, EasyAR</b>
The augmented reality software and services market report table of contents includes:
1. Executive Summary
2.Augmented Reality Software and Services Market Characteristics
3.Augmented Reality Software and Services Market Trends And Strategies
4. Augmented Reality Software and Services Market analysis
5.Augmented Reality Software and Services Market Size And Growth
6.Augmented Reality Software and Services Segmentation
7.Augmented Reality Software and Services Regional And Country Analysis
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27.Augmented Reality Software and Services Competitive Landscape And Company Profiles
28.Augmented Reality Software and Services Key Mergers And Acquisitions
29.Augmented Reality Software and Services Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- PTC Inc.
- Wikitude GmbH
- Daqri LLC
- Zugara Inc.
- Niantic Inc.
- Augmate Corporation,
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