Augmented Reality Market Share in 2021: An Overview
The augmented reality (AR) market has grown tremendously in recent years, with its market value projected to reach USD 61.39 billion by 2023. AR technology has evolved as a disruptive force, creating innovative opportunities in various industries- from healthcare to entertainment, manufacturing to retail. This article provides an overview of the AR market share in 2021, highlighting its growth trajectory, benefits, challenges and key players in the market.
Market size and Growth trajectory
The AR market size is constantly expanding due to increasing investments, expanding use cases and growing consumer interest. The market grew by 25.7% in 2020, with its estimated value reaching USD 16.8 billion. This growth is expected to continue in 2021 and beyond due to the emergence of new applications and technological advancements.
AR applications can be classified into hardware, software and services. Hardware and software/application segments usually dominate the market share, and it is expected that they will continue to lead in the future as well. The hardware segment includes products such as smart glasses, head-mounted displays and AR cameras. The software segment comprises AR platforms and development tools, AR SDKs(Software Development Kits), and AR content and applications.
Benefits of Augmented Reality
AR technology is transforming the way businesses operate in various industries, providing numerous advantages. AR enables businesses to increase customer engagement, create more immersive experiences, improve efficiency and reduce costs. For example, in the manufacturing industry, AR can be used for remote assistance and training to reduce downtime and improve production quality. In healthcare, AR can be used in medical education, and patient treatment to visualize complex surgeries.
Challenges faced in the AR market
Despite its massive potential, AR still has challenges to overcome. One of the primary challenges is the high cost of AR hardware. Moreover, interoperability issues between platforms, lack of standardized development practices, and privacy concerns may hamper the growth of the market further. These challenges, combined with the reluctance of organizations to adopt new technology, pose challenges to the AR market’s growth.
Key players in the AR market
The augmented reality market is comprised of several key players that specialize in various aspects- from hardware to software development. Some of the notable market players include Apple, Google, Epson, and Microsoft. These players operate in different segments of the AR market, contributing to its growth in various industries.
In conclusion, the AR market is poised for significant growth in 2021 and beyond. The technology’s ability to transform different industries and create new opportunities makes it an important technology to watch out for. While the market still has several challenges to overcome, it should not deter the growth of AR technology and its contributions to creating innovative solutions.
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