(MENAFNEditorial) The new report by Zion Market Research on the 'AR in Enterprise Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 2025" has a vast information about the market and its potential. The global AR in enterprise market was valued at around USD 720 million in the year 2016 and it is expected to reach more than USD 30,520 million by 2025. The global AR in enterprise market is expected to exhibit a CAGR of approximately 51% between 2017 and 2025.
In augmented reality technology, both virtual reality and the real world are combined together thus enriching the real world with digital information. Owing to its increased benefits augmented reality is being adopted in various sectors such as manufacturing, healthcare, education, retail, etc. Use of augmented reality technology helps in saving a lot of time and increases the product and work quality.
Although, there are several benefits offered by augmented reality technology there are some factors that are limiting the market growth. The cost of the software and devices that are used in this technology are high which restricts its implementation by the small and the medium enterprises. Insufficient knowledge about the technology limits its adoption.
Browse the full "AR in Enterprise Market by Component (Hardware and Software); by Display Device (Head-Mounted Display, Smart Glass, and Head-up Display); by Enterprise Size (SME's and Large Enterprise); by Application (Automotive, Aerospace and Defense, Medical, Gaming, and Retail)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 2025"
report at https://www.zionmarketresearch.com/report/ar-in-enterprise-market
Our research analysts came up with the conclusion that, even though the automotive sector contributed the major market share but an increasing adoption of the technology will be seen in the retail sector. Big brands have already adopted the AR solutions. By using AR solutions the retailers are impressing their customers with dynamic 3D images while remaining in reality. Owing to which the customers are able to see their products and engage with it in a new way.
The global AR in enterprise market is segmented on the basis of the component, display device, enterprise size, application, and the geographical regions.
Global AR in Enterprise Market: Component Segment Analysis
Global AR in Enterprise Market: Display Device Segment Analysis
- Head-Mounted Display
- Smart Glass
- Head-up Display
Global AR in Enterprise Market: Enterprise Size Analysis
- Large Enterprise
- Small and Midsize Enterprises (SME's)
Global AR in Enterprise Market: Application Analysis
- Automotive
- Aerospace and Defense
- Medical
- Gaming
- Retail
Global AR in Enterprise Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Software and hardware are the two components used in the augmented reality technology. Among them, the major market share of 60% was contributed by hardware in 2016. For the utilization of augmented reality applications terminal devices with intense hardware, modules are very vital. Devices such as display devices, host systems, controllers, and tracking system play a very important role in augmented reality technology.
The head-mounted display dominated the AR in enterprise market in 2017 by display device type. The head-mounted display is one of the basic components in the headsets. It offers advanced vision along with high-resolution 3D images and viewing. The rising adoption of a head-mounted display in augmented reality and decreasing cost of HMDs are factors propelling the growth of this segment in the global market in the coming years.
The AR technology is being highly adopted by the large enterprises. Owing to the need for the high investments in the technology currently large enterprises are contributing the major share in the global market. In 2017, a major market share of over 60% was contributed by the large enterprises. However, it is anticipated that in the forecast period small and mid-sized enterprises will also be highly embracing this technology owing to its benefits.
Augmented reality technology is being highly used in several sectors such as healthcare, retail, automotive, gaming, etc. Among these, the automotive sector accounted for the major market share of over 31% in 2017. It is anticipated that this dominance will be retained during the forecast period. In the coming years, there will be an increased adoption of the AR technology in enhancing the driver's experience. Information will be displayed to the drivers via the windscreens with the help of AR technology. AR technology will help in visualizing the general design and the body structure of the vehicle thus benefitting in the manufacturing process. Owing to these increased benefits of AR technology in the automotive sector its popularity will increase in the coming years.
North America is leading in the global AR in enterprise market with a huge market share of over 37% in 2017. The early and the increased adoption of the advanced technologies is the key factor driving the growth of the market in this region. Followed by North America, Europe also holds a significant share in the global AR in enterprise market. Increasing adoption of the augmented reality technology in the automotive sector contributed to the growth of the market in Europe.
The major market players in the AR in enterprise market are Apple Inc., Blippar, CyberGlove Systems LLC, Daqri LLC, Eon Reality, Inc., Facebook Inc., Google LLC, HTC Corporation, Magic Leap, Inc., Marxent Labs LLC, Qualcomm, PTC Inc., Microsoft, Rockwell Collins, Samsung, Upskill, Vuzix Corporation, and Wikitude GmbH., among others.
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