Global Augmented Reality Services Market To Have Growth Rate Of Almost 45% Through 2023
The global augmented reality services market is expected to decline from $50 billion in 2019 to $48.96 billion in 2020 at a growth rate of -2.08%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and reach $148.72 billion in 2023 at a CAGR of 44.8%. The COVID-19 outbreak is enforcing companies to shift towards more advanced and virtual solutions in order to continue their businesses, which is predicted to act as a major driver for the growth of the AR services market in the short-term. However, various risks associated with the usage of AR products and services is expected to hinder the growth of the market during the forecast period.
Augmented Reality (AR) is an integration of digital information with a real-time environment. AR services include services for the applications of training, preparation of annual reports and augmented brochures, architectural projects/new construction, games, trade show environments, marketing campaigns, medical uses, data visualization, entertainment, and location-based education.
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The global AR services market is further segmented based on type and geography.
By Application: Training, Annual Reports And Augmented Brochures, Architectural Projects/New Construction, Games, Trade Show Environments.
By Geography: The global AR services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Augmented Reality Services Market
The integration of blockchain technology is gaining significant popularity in the augmented reality services market. Apart from digital currency applications, blockchain technology performs several applications that augmented and virtual reality developers are focusing on, as it allows developers to create unique digital assets that users and other developers cannot copy, selling virtual real estate, tracking virtually represented data, and more.
Augmented Reality Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides AR services market overviews, analyzes and forecasts AR services market size and growth for the global AR services market, AR services market share, AR services market players, AR services market size, AR services market segments and geographies, AR services market trends, AR services market drivers and AR services market restraints, AR services market’s leading competitors’ revenues, profiles and market shares. The AR services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.