Augmented reality (AR) technology is an interactive experience that enhances the users experience in the real world with computer generated perceptual information. Using applications and software & hardware like AR glasses, the AR technology overlays digital content to real life environment to enrich user experience and turn one’s immediate surroundings in an interactive learning environment which is valuable in manufacturing and industry processes. AR permits users to become integrated with the systems and machines they use and optimize the technology and IoT networks with human creativity and observation.

According to a new report published by Allied Market Research, titled, “Augmented Reality Market," The augmented reality market was valued at $24.2 billion in 2021, and is estimated to reach $411.4 billion by 2031, growing at a CAGR of 33.2% from 2022 to 2031.

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Covid-19 Scenario:

• The initial entry and spread of the Covid-19 virus made all industries highly unstable but has positively impacted the augmented reality industry. During the pandemic, hospitals were unable to accommodate and treat the growing number of patients due to the lack of vacant beds and equipment such as ventilators and oxygen supply.

• AR helped to reduce face-to-face interactions of patients with doctors in pandemics. It also helped to improve the surveillance system of the current situation of patients through live video streaming.

• Thus, in this difficult situation, AR aided the healthcare experts in several ways such as medical marketing, telemonitoring and managing patients’ wellness for improved patient care and treatment. The technology also helped in virtual rehabilitation and pain management.

The global augmented reality market has grown at an unbelievable rate as a result of the growing demands for 3D imaging in the healthcare industry. Rising digitization, especially in developing countries, coupled with a stronger focus on technology, and the development of the internet of things will generate more lucrative market growth opportunities. In addition to these, rising popularity of e-commerce will also contribute to market growth. Automotive firms are also rapidly adopting augmented reality technology into their vehicles in order to improve customer experience and differentiate themselves from their market competition. AR technology not only gives customers a more immersive experience, but it also aids producers in exploring new production and design options. These factors are anticipated to propel the market in the future.

The report offers a comprehensive analysis of the global augmented reality market forecast is presented by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the AR market.

Access the full summary at: https://www.alliedmarketresearch.com/augmented-reality-market-A13966

Leading Market Players

• Blippar Limited

• DAQRI

• Niantic, Inc.

• Microsoft

• Google LLC

• Magic Leap

• PTC Inc.

• Apple

• TreeView

• Seiko Epson

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