According to the new research report "Augmented Reality Software Market by Software Function (Remote Collaboration, Workflow Optimization), Vertical (Consumer, Commercial, Enterprise, Medical, Aerospace & Defense, Mining, Telecom & IT/Data Centers), and Geography - Global Forecast to 2022", the augmented reality software market, this market is expected to grow from USD 2.13 Billion in 2016 to USD 35.22 Billion by 2022, at a CAGR of 57.36% between 2016 and 2022.
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The growing interest of large tech companies in AR, increasing demand for AR-based software applications for 3D visualization in the medical sector, and increase in the demand for AR in the e-commerce and retail sectors are the major drivers for the augmented reality software market.
Augmented reality software market for the consumer vertical is expected to hold the largest market share during the forecast period
The consumer vertical includes applications such as games, sports, and entertainment. The demand for the use of augmented reality technology is very high in these applications owing to the rich user experience offered by the AR technology. The high demand generated from these applications in the consumer vertical is also a major driver for the growth of this market.
Augmented reality software market for commercial vertical is expected to witness high growth during the forecast period
The commercial vertical is expected to witness high growth during the forecast period. The demand for AR applications in the education and e-retailing sectors is very high owing to their benefits such as easy learning and attractive promotions. The technological advancements have completely changed the traditional approach to marketing and promotion. The use of the Internet and smartphones combined with digital content, such as augmented reality, has helped boost marketing activities. These augmented reality applications are expected to revolutionize online marketing and e-commerce.
North America expected to lead the augmented reality software market during the forecast period
The augmented reality software market is expected to advance rapidly in this region owing to the rapid adoption of new technology, extensive research and development (R&D), and the presence of several companies in this region. The use of augmented reality software in various applications, especially wearable electronics, would help drive the growth of the augmented reality software market.
The major players in the augmented reality software market are PTC Inc. (U.S.), Wikitude GmbH (Austria), DAQRI LLC (U.S.), Zugara, Inc. (U.S.), Blippar (U.K.), Upskill (U.S.), Aurasma (U.K.), Augmate (U.S.), Catchoom Technologies S.L. (Spain), and Ubimax GmbH (Germany).
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