According to a new report by Expert Market Research, ‘Global Augmented Reality Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, the global augmented reality market was valued at USD 0.882 billion in 2019 and is expected to register a CAGR of 151.93% over the forecast period.
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Augmented reality refers to indirect view of physical environment whose elements are augmented with inputs such as sound, video or graphics. Augmented reality is responsible for transforming the world of education and healthcare with its various applications. Increasing penetration of technological advancements in retail, automotive, consumer electronics is driving the growth of augmented reality market.
AR offers a large number of technology solutions to the retail industry, which improves interaction between retailers and customers. Emerging trends such as pop-up stores in the retail segment are anticipated to fuel growth. Gesture-based technology is an important part of pop-up stores, along with a camera and iPad catalog, as they aim at encouraging customer participation. Furthermore, retailers willing to enter the online shopping industry find the lack of interaction with physical products as a barrier to making purchases. AR enables virtual trial rooms, which allow customers to try on products online. For example, De Beers has a tool that allows consumers to virtually try on jewelry. Thus, technological innovations related to high-end products with enhanced features are expected to offer abundant opportunities over the forecast period.
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Hardware sub-segment is expected to hold a major share of the augmented reality market by component owing to the increasing penetration of technology across applications. High adoption of smartphones is one major factors driving the growth of augmented reality market. The major growth driver of augmented reality market includes increasing adoption of digital media and rise in demand for 3-D visualization in the healthcare sector. Increasing demand for smart devices and growing popularity of e-commerce are other major factors driving the growth of the global augmented reality market. Furthermore, increasing awareness regarding tracking customer transactions, recording sales and calculating bills is boosting the growth of the market.
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