Global AR in Enterprise market expected to reach a value of around USD 30,530 million by 2025, at a CAGR of around 51.7% between 2019 and 2025.
NEW YORK, UNITED STATES, February 26, 2020 /EINPresswire.com/ — Facts and Factors Market Research has published a new report titled “AR in Enterprise Market By Component (Hardware and Software), By Display Device (Head-Mounted Display, Head-Up Display, and Smart Glass), By Enterprise Size (SMEs and Large Enterprise), and By Application (Automotive, Retail, Medical, Aerospace & Defense, and Gaming): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2025”.
According to the report, the global AR in Enterprise market is predicted to be valued at approximately USD 1,645 million in 2018 and is expected to reach a value of around USD 30,530 million by 2025, at a CAGR of around 51.7% between 2019 and 2025.
Massive demand for AR technology is witnessed by the firms involved in the creative business like retail, video games, video entertainment, and live events. However, a large number of enterprises that are not involved in the creative business of gaming & entertainment are testing and accepting the AR technologies. Moreover, a myriad range of businesses is using AR technology for supporting their workflow applications, increase productivity, and enhance collaboration.
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Furthermore, smart glasses and AR gear aid or prove best substitutes for trainers as well as training manuals. Enterprise AR applications provide real-time troubleshooting guidelines in research, manufacturing, and design domain. Apart from this, AR helps enterprises reduce the costs of producing new items and lowers entry barriers for new players in the AR sector.
Escalating demand for AR in retail & eCommerce sector to drive the market trends
The growing popularity of augmented reality systems in retail, as well as eCommerce activities, is likely to steer the growth of the AR in enterprise market over the forecast timeline. Moreover, AR in retail sector assists in viewing real-time images. Citing an instance, Ikea Place in the U.S. helps the end-users place virtual Ikea furniture in their homes in order to visualize as to how it looks when assembled.
Furthermore, a massive preference for AR in medical & automotive sectors is predicted to further influence the growth of the market over the forecast timeline. For instance, AR offers cost-efficient and time-saving approach for medical fraternity including physicians & students for treating the patients through mapping of medical data with a real-world simulation of surgeries. However, the market growth over the forecast timeline can be hampered due to factors like low storage space & limited size of the memory card in smartphones. Nevertheless, the huge fund allocation for developing AR technologies will enlarge the scope of the business along with nullifying the negative impact of the hindrances on the market over the forecast timeline.
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Hardware to lead the component segment in terms of revenue by 2025
The segmental growth during the forecast period is owing to equipment display, controllers, host systems, and tracking systems being key hardware parts utilized in AR systems to acquire seamless AR experience. Moreover, the escalating acceptance of technologically advanced hardware instruments in AR systems will further propel the growth of the hardware segment over 2019-2025.
Head-Mounted Display segment to record highest CAGR over the forecast period
The display device segment is set to register the highest growth rate of more than 51% during the period from 2019 to 2025. Moreover, the head-mounted display device is a key component of the headset and provides advanced vision and high 3D resolution pictures. Apart from this, high acceptance of these display devices in AR systems along with the decreasing costs of head-mounted display devices will prompt the segmental growth over the forecast period.
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North America to account for the major market revenue share by 2025
The regional market surge during the forecast timeline is credited to the high presence of mammoth industry players along with growing huge collaboration & partnerships between various firms to produce technologically innovative products for the customers. The U.S. is likely to be the key regional revenue pocket during the forecast timeline.
Some of the key participants involved in the business include Vuzix Corporation, Samsung Electronics Co. Ltd., Google, Inc., Apple, Inc., CyberGlove Systems, Inc., Blippar, DAQRI LLC, Eon Reality, Inc., Facebook Inc., HTC Corporation, Magic Leap, Marxent Labs, LLC, Microsoft, Corporation, PTC, Qualcomm, Rockwell Collins, Upskill, and Wikitude GmbH among others.
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This report segments the AR in Enterprise market as follows:
AR in Enterprise Market: By Component Analysis
AR in Enterprise Market: By Display Device Analysis
AR in Enterprise Market: By Enterprise Size Analysis
AR in Enterprise Market: By Application Analysis
Aerospace and Defense
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