Augmented Reality Software And Services Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 22, 2024 /EINPresswire.com/ -- The augmented reality software and services market is experiencing remarkable growth, with its size projected to expand from $47.88 billion in 2023 to $74 billion in 2024, reflecting a compound annual growth rate (CAGR) of 54.5%. This substantial growth trajectory is anticipated to continue, with the market expected to reach $291.73 billion by 2028, driven by advancements in technology, increased enterprise adoption, and evolving applications across various sectors.
Driving Growth: Augmented Reality (AR) And The Evolving Ed-Tech Landscape The educational technology (ed-tech) sector is fueling the expansion of the AR software market. AR in education enhances learning by visualizing complex concepts through interactive simulations and games. According to Graphy, the ed-tech sector is projected to reach $680 billion by 2027, further propelling AR adoption in educational settings. This trend is significantly influencing the growth of AR software and services.
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Major Companies and Technological TrendsKey players in the augmented reality software market include PTC Inc., Wikitude GmbH, Daqri LLC, and Niantic Inc., among others. These companies are at the forefront of innovation, integrating AR with artificial intelligence to enhance user experiences. For example, NexTech AR Solutions has introduced AI-driven chat features in its Virtual Experience Platform to optimize virtual events.
Trends Major trends impacting the market include AR cloud, spatial computing, and immersive AR technologies. The integration of AI with AR is creating advanced virtual experiences, such as those seen in Instagram and Snapchat filters. Companies like Qualcomm are advancing AR technology with platforms like Snapdragon XR2 Gen 2 and Snapdragon AR1 Gen 1, which promise enhanced performance and user experience.
Segments:•Software Function: Remote Collaboration, Workflow Optimization, Visualization, Documentation, 3D Modelling, Navigation, Other Software Functions•Vertical: Aerospace & Defense, Medical, Commercial, Oil & Gas, Mining, Telecom, IT/Data Centers, Enterprise, Consumer, Other Verticals•End-User Type: Commercial, Consumer
Regional Insights: Asia-Pacific Leading the ChargeThe Asia-Pacific region was the largest market for AR software and services in 2023 and is expected to be the fastest-growing region during the forecast period. This growth is driven by technological advancements and increasing adoption of AR solutions across various sectors in the region.
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Augmented Reality Software and Services Global Market Report 2024 from The Business Research Company covers the following information:•Market size data for the forecast period: Historical and Future•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Augmented Reality Software and Services Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on augmented reality software and services market size, augmented reality software and services market drivers and trends, augmented reality software and services market major players, augmented reality software and services market growth, augmented reality software and services market technology trends, augmented reality software and services market end user types, augmented reality software and services market competitors' revenues, augmented reality software and services market applications, augmented reality software and services market work flow optimization, augmented reality software and services market positioning, and augmented reality software and services market growth across geographies. The augmented reality software and services market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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August 22, 2024, 14:34 GMT
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