PUNE, India, May 4, 2017 /PRNewswire/ --
Augmented reality software market is expected to grow from at $2.13 billion $35.22 billion by growing at a CAGR of 57.36% from 2016-2022. While APAC is expected to witness high growth & Smartphones have been recognized as the most promising device for the augmented reality software market in the future.
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The augmented reality software market was valued at USD 2.13 billion in 2016 and is expected to reach USD 35.22 billion by 2022, growing at a CAGR of 57.36% during the forecast period. The increasing demand for AR-based software applications for 3D visualization in the medical sector, growing interest of large tech companies in AR, and increase in demand for AR in the e-commerce and retail sectors are the major drivers for the augmented reality software market. However, the limited processing power and inadequate storage are some of the factors restraining the growth of the augmented reality software market.
Augmented reality is used in the enterprise vertical mainly for the training of personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. Traditionally, training was conducted using classroom methods; however, the introduction of augmented reality has helped enhance the training methodology. Augmented reality would also help in conducting assembly, maintenance, and repair tasks smoothly and reduce the chance of errors. This would help boost the market for the enterprise vertical.
The augmented reality software market in Asia Pacific is expected to grow at a high rate in verticals such as consumer, enterprise, and commercial. The increasing number of electronics players in the region is further expected to drive the growth of the APAC augmented reality software market. The high growth in the consumer markets would be the major factor propelling the growth of the augmented reality software market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts in the augmented reality industry.
The breakup of the profiles of primary participants has been shown below:
- By Company Type: Tier 1-39%, Tier 2-35%, and Tier 3-26%
- By Designation: C-Level Executives-27%, Directors-34%, and Others-39%
- By Region: North America-39%, Europe-27%, APAC-21%, and RoW-13%
Order a copy of 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 research report at http://www.reportsnreports.com/purchase.aspx?name=979917 .
The report also profiles the key players in the augmented reality software market. The prominent players profiled in this report arePTC, 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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