Augmented Reality Services Global Market Report 2020-30: Covid 19 Growth and Change from Publisher provides the strategists, marketers and senior management with the critical information they need to assess the global augmented reality services market.
This report focuses on augmented reality services market which is experiencing strong growth. The report gives a guide to the augmented reality services market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
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Major players in the augmented reality (AR) services market are Groove jones, Quytech, Craftars, WEAR, Next/Now, Apple, Microsoft, Niantic, Zappar, and Augmented Reality Labs (Blippar).
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Where is the largest and fastest growing market for the augmented reality services- How does the market relate to the overall economy, demography and other similar markets- What forces will shape the market going forward- The Augmented Reality Services market global report from Publisher answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider augmented reality services market, and compares it with other markets.
– The market characteristics section of the report defines and explains the market.
– The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the Covid 19 virus and forecasting its growth.
– Market segmentations break down market into sub markets.
– The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of Covid 19 for all regions, key developed countries and major emerging markets.
– Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
– The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
– The augmented reality services market section of the report gives context. It compares the augmented reality services market with other segments of the augmented reality services market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, augmented reality services indicators comparison.
Markets Covered: 1) By Applications: Training; Annual reports and augmented brochures; Architectural projects/New construction; Games; Trade show environments
Companies Mentioned: Groove jones; Quytech; Craftars; WEAR; Next/Now
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
The global augmented reality services market is expected to decline from $50 billion in 2019 to $48.96 billion in 2020 at a growth rate of -2.08%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and reach $148.72 billion in 2023 at a CAGR of 44.8%.
The augmented reality (AR) services market consists of sales of augmented reality services. Augmented Reality (AR) is an integration of digital information with a real-time environment. The AR services include services for the applications of training, preparation of annual reports and augmented brochures, architectural projects/new construction, games, trade show environments, marketing campaigns, medical uses, data visualization, entertainment, and location-based education.
The integration of blockchain technology is gaining significant popularity in the augmented reality services market. Blockchain technology is the Distributed Ledger Technology (DLT) in which digital assets are assigned with unique attributes using cryptography and are distributed on a decentralized and public ledger. Apart from digital currency application, blockchain technology performs several applications that augmented and virtual reality developers are focusing on such as it allows developers to create unique digital assets that users and other developers cannot copy, selling virtual real estate, tracking virtually represented data, and more. In 2019, Terra Virtua, an augmented reality entertainment platform and Worldwide Asset eXchange announced that users can interact with the millions of digital collectibles trading through the WAX Blockchain in augmented reality. The incorporation of WAX into Terra Virtua brings together the strength of WAX blockchain and services for a secure and interactive social platform to buy, sell, view, and trade virtual collectibles. Thus, the incorporation of blockchain with augmented reality is expected to boost market growth during the forecast period.
The augmented reality services market covered in this report is segmented by applications into training; annual reports and augmented brochures; architectural projects/new construction; games; trade show environments.
The various risk associated with the usage of AR products and services is expected to hinder the growth of the market during the forecast period. The risks include consumer privacy and data security, product liability and safety issues. Augmented reality collects abundant information from users leading to privacy and safety concerns. According to a survey report published by Perkins Coie LLP, an international law firm, the respondents expressed more concerns about various legal risks of augmented reality products and services, with consumer privacy and data security being the top option selected (44%), followed by health and safety issues and product liability (42%) and IP infringement (40%). Therefore, abundant risks linked with AR solutions are likely to hamper the AR services market growth in the near future.
The COVID-19 outbreak is enforcing companies to shift towards more advanced and virtual solutions in order to continue their businesses, which is predicted to act as a major driver for the growth of the augmented reality (AR) services market in the short-term. Increasing demand for augmented reality in various end-use industries post COVID-19 outbreak is expected to generate a higher demand for augmented reality services. For instance, according to Analytics Insights magazine published in April 2020, the demand for AR, VR, and other new-age technologies is escalating due to COVID-19. AR companies including Imaginate and Queppelin are recording a surge in AR, MR, and VR technology. The demand for AR services is also supported by the rising push for learning and development for remote demonstrations and training for employees and consumers.
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In May 2020, Unity Technologies, a US-based global creator and operator of interactive, real-time 3D (RT3D) content, acquired the Finger Food Advanced Technology Group for an undisclosed amount. The acquisition is expected to expand Unity’s work beyond gaming as Finger Food will ensure the development and deployment of scalable RT3D solutions and services to various industries and enterprises. The acquisition is expected to grow Unity’s business to additional industries that are ready to utilize RT3D technologies but lack the necessary infrastructure. Finger Food Advanced Technology group was founded in 2009 and is a Canada-based global custom technology company specializing in AI, IoT, AR/VR, blockchain, and robotics to create mobile, cloud, web, machine, and advanced-interface solutions.
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