Augmented Reality Software Market:
Major players in the augmented reality software market are PTC, Inc., Wikitude GmbH, Daqri LLC, Zugara, Inc., Niantic, Augmate Corporation, Ubimax GmbH, Upskill, Catchoom Technologies S.L., and Aurasma.
The global augmented reality software market is expected to grow from $8.81 billion in 2019 and to $12.62 billion in 2020 at a compound annual growth rate (CAGR) of 43.19%. The market is experiencing growth due to an increase in the demand for augmented reality across segments such as gaming, training and education, and marketing. The market is then expected to reach $57.92 billion in 2023 at a CAGR of 66.19%.
The augmented reality software market consists of sales of augmented reality software which is the integration of the user’s existing real environment with digital information. The revenue generated by this market consists of sales of software whose functions include 3D modeling, workflow optimization, visualization, navigation, remote collaboration, documentation and others. The companies involved in the development of the augmented reality software are primarily engaged in designing, development and sales of this software which is used by various end-users including medical, aerospace & defense, and oil and gas industries among others.
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North America was the largest region in the augmented reality software market in 2019. Asia Pacific is expected to have the highest growth rate in the forecast period.
The combination of artificial intelligence and augmented reality shows many opportunities as both are separate but complementary technologies. Artificial intelligence models will enhance augmented reality experience by adding interactivity and effects to AR scenes like real-world object tagging, enabling an AR system to predict the appropriate interface for a person in a given virtual environment, and enhances AR to create a multidimensional and responsive virtual experience that can bring in new levels of insight and creativity. In 2019, Google Maps introduced a global localization technique that combines Visual Positioning Service (VPS), Street View, and machine learning which helps in identifying position and orientation more accurately. The smartphone’s camera is used as a sensor by this technology to allow the app to see the surroundings and locate the position by looking at the buildings thereby helping users to quickly determine which direction to opt. This combination will boost the augmented reality software market growth during the forecast period.
The augmented reality software market covered in this report is segmented by software function into 3D modeling; workflow optimization; visualization; navigation; remote collaboration; documentation; others and by vertical into oil and gas; mining; telecom; aerospace and defense; medical; others.
Low adoption rate due to security and privacy issues and complexities in the design are expected to hinder the growth of the market. Augmented reality collects a lot of information of users in terms of what the users are doing and their environment more than what social media do. This can lead to privacy and safety concerns of the users and related persons if the hackers gain access to the data. For instance, a survey conducted by Perkins Coie and XR Association in 2019 stated that 61% of the respondents agreed that the top legal risk concerning the developing immersive technology is consumer safety and privacy concerns. This percentage went up from the previous year’s (2018) survey which was 44%. The concern of security and privacy threats to the user and their environment and the fear of losing privacy will hinder the adoption of augmented reality technology by the users.
In 2019, Alibaba, a multinational company, acquired InfinityAR for an undisclosed amount. This acquisition will bring leading technologies such as sensor fusion, computer vision and navigation technologies, and offer additional benefits to customers, partners and developers of Alibaba. InfinityAR is an Israel based AR company founded in 2012.
The steps for recovery from COVID-19 and future productivity in the economy will need augmented reality to adjust to the new normal, contributing to the market growth during the forecast period. Many companies are facing an incredible loss of human experience and intelligence due to the COVID-19 pandemic. Many businesses are just focusing on preserving the intelligence and surviving this crisis rather than investments and augmented reality might be much cheaper than expected. For example, PTC, during this COVID-19 crisis, made available Vuforia Chalk for companies letting them to start adapting to AR for the COVID-19 recovery. Vuforia Chalk and Microsoft Dynamics are some of the augmented reality programs which are used by an employee in the future to retrain or learn a task from the expert’s already preserved notes and set of instructions using smartphones, tablets and other devices. AR-based training solutions will help companies to preserve and pass on the required intelligence to the employees faster once the path of recovery begins
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