What Has Been the Growth of the Augmented Reality Software and Services Market So Far?
The augmented reality software and services market has seen considerable growth due to a variety of factors.
• In recent times, the market size of augmented reality software and services has seen substantial growth. The market, which is projected to rise from $28.63 billion in 2024, is set to surge to a whopping $45.14 billion in 2025, signifying a compound annual growth rate (CAGR) of 57.7%.
Factors such as increased penetration in the entertainment sector, adoption by enterprises, the emergence of augmented reality hardware, development of tools for developers, and enhancements in user interface have contributed to the significant growth observed in the historic period.
What Is the Forecasted Market Size and Growth Rate for The Augmented Reality Software and Services Market?
The augmented reality software and services market is expected to maintain its strong growth trajectory in upcoming years.
• There is an anticipated sky-rocketing surge in the market size of augmented reality software and services in the coming years. The market is projected to amplify to a whopping $298.07 billion by 2029, escalating at a compound annual growth rate (CAGR) of 60.3%.
This rise in the projected years can be credited to the intermingling with 5g technology, the widening enterprise applications, user-friendly AR apps, and AR cloud evolution. Key trends in the projected phase comprise immersive gaming encounters, AR incorporation in retail and e-commerce, remote aid and cooperation, educational and training solutions, as well as spatial computing progress.
What Are The Primary Growth Drivers In The Augmented Reality Software and Services Market?
A rising trend has been observed in the utilization of Augmented Reality (AR) in diverse sectors such as entertainment, retail, recreation, and notably in the medical field. The use of AR-based software for surgical procedures and diagnosis has seen a considerable surge recently, as it enhances operational accuracy, minimizes medical inaccuracies, and equips both physicians and patients with a more comprehensive comprehension of intricate medical issues. For example, doctors and surgeons at the Imperial College and St. Mary’s Hospital in London have integrated this approach by employing Microsoft’s HoloLens AR glasses in the reconstructive surgery of patients with serious injuries. In the past, the location of primary blood vessels near the injury was identified through handheld scanners, complicating the surgical procedure. The escalating engagement of AR across various industries propels the development of the augmented reality software and services market.
What Are The Main Segments Of The Global Augmented Reality Software and Services Market?
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 And Defense, Medical, Commercial, Oil And Gas, Mining, Telecom, IT Or Data Centers, Enterprise, Consumer, Other Verticals
3) By End-User Type: Commercial, Consumer
Subsegments:
1) By Remote Collaboration: Real-Time Communication And Collaboration Tools, Virtual Meetings And Conferences, Remote Support And Troubleshooting
2) By Workflow Optimization: Task Automation Tools, Process Streamlining Solutions, Performance Monitoring And Analytics
3) By Visualization: 3D Visualization, Virtual Prototyping, Data Visualization And Analytics
4) By Documentation: Digital Manuals And Guides, AR-Based Documentation Tools, Real-Time Data Capture For Documentation
5) By 3D Modelling: 3D Object Scanning, 3D Model Creation Tools, Virtual Design And Prototyping
6) By Navigation: Indoor Navigation Systems, Location-Based AR Navigation, Real-Time Pathfinding Solutions
7) By Other Software Functions: Training And Simulation, Gamification For Learning, marketing And Customer Engagement Tools
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What Emerging Trends Are Influencing The Growth Of The Augmented Reality Software and Services Market?
Key businesses in the market of augmented reality software and services are emphasizing on the innovation of products, incorporating simulated robot movements and a virtual gripper for a competitive advantage. Augmented reality (AR) technology that incorporates this simulated robot movement and virtual gripper permits users to regulate and engage with the operations of the robot instantly, delivering a practical experience for undertakings such as object manipulation. This innovation blends actual environments with virtual robot motions to amplify training or design visualization. For instance, Kuka AG, a German robotic company, introduced its pioneering augmented reality (AR) software, KUKA.MixedReality, in February 2024. This software aspires to boost the installation and function of robotic systems by blending virtual and real environments, enabling users to visualize robotic cells using their smartphones, thereby making robotic startups quicker, safer, and more user-friendly.
Who Are the Key Players In The Augmented Reality Software and Services Market?
Major companies operating in the augmented reality software and services market include:
• 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
What Is The Most Dominant Region In The Augmented Reality Software and Services Market?
Asia-Pacific was the largest region in the augmented reality (AR) software and services market in 2023. Asia-Pacific 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
