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%.
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Major key players covered in this report:
Groovejones,Quytech,Craftars,WEAR,Next/Now,Apple,Microsoft,Niantic,Zappar,Augmented Reality Labs (Blippar),Lucyd,Magic Leap,Echo Interaction Group,Notion theory,Mobilab,AVRspot,Transition Technologies PSC,Innovecs,HQSoftware,INDE,Augment,Metagram,VironIT,Scanta,VR Vision Inc,8ninths,Yeppar,Mutual Moblie,intellectsoft,Zco coperation,CitrusBits
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.
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Key question and answered in the report include:
- What will the market size and the growth rate be in 2020-30?
- What are the key factors driving the Augmented Reality Services Market?
- What are the key market trends impacting the growth of the Augmented Reality Services Market?
- What are the challenges to market growth?
- Who are the key North vendors in the Augmented Reality Services Market?
- What are the market opportunities and threats faced by the vendors in the Augmented Reality Services Market?
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