Market Analysis
Market Research Future (MRFR) estimates the global augmented reality market to grow at a CAGR of 41.50% from 2020 to 2030 (forecast period).
Multiple Factors to Boost Market Growth
According to a market analysis anticipating the future of Augmented Reality in many fields, many components are engaged in the increase of Augmented Reality. The displayers and predictors of augmented pictures are hardware components such as computers, smartphones, and other handheld smart devices that contain cameras to capture media acts. WIFI, Bluetooth, and GPS are used to connect real-time things to virtual objects based on their geographical location. A head-mounted display (HMD), contact lenses, and eyewear (particularly by Google) display information and media that may or may not be real in a virtual representation of objects. Speech recognition systems are the most recent additions to Augmented Reality, arguing and working on human speech. We can use our voices to operate our phones and other smart devices. Amazon's Echo Dot, Google's Google Home, and Apple's Siri are the most basic instances of Augmented Reality that have taken the globe by storm.
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The Global Market to Grow Amid COVID-19 Crisis
Medical history has encountered a virus known as COVID-19 after a very long period of time for which no one was prepared; there was no specified treatment for this condition, thus, there was no specific course of action to be taken. In this instance, augmented reality has aided doctors by allowing them to traverse the scale of a virus and test on it without actually testing on patients. Since this virus is easily transmitted through touch, doctors suggest a touch-free approach to the world in which individuals are prohibited from touching public surfaces and are required to wash their hands at regular intervals. By using lasers to zoom into viral scans of different patients, Augmented Reality assisted doctors in treating patients based on their symptoms. With the use of artificial intelligence, the Augmented Reality Market documented and inventoried patients all across the world, assisting the government in tracking and isolating infected individuals. There are numerous components.
Market Segmentation
The global augmented reality market has been segmented into device types and vertical.
By device type, the global augmented reality market has been segmented into head-mounted display and head-up display.
By vertical, the global augmented reality market has been segmented into consumer electronics, commercial, aerospace & defense, and medical.
Regional Analysis
APAC to Lead the Global Market
In terms of creating Augmented Reality, Asia Pacific has witnessed a larger market, with more than 65% of its industries adopting AR methods in collaboration with artificial intelligence to sell their product in the market. Companies such as Google, Microsoft, Amazon, and Apple offer their products at a significant profit margin in India. China and Japan are the world's most advanced users of AR with 5G internet speed models.
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Key Players
Blippar, Google Inc., Microsoft Corporation, PTC, Wikitude GmbH, Samsung Electronics Co. Ltd., Zugara, DAQRI, and Upskill.
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