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Augmented Reality Market to Benefit the Most from Gaming and Retail Industries - SkyQuest Technology

·9 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest Technology Consulting Pvt. Ltd.

Global augmented reality market was valued at USD 25.27 billion in 2021, and it is expected to reach a value of USD 267.98 billion by 2028, at a CAGR of 40.12% over the forecast period (2022–2028).

Westford, USA, July 26, 2022 (GLOBE NEWSWIRE) -- The future of AR tech has been centralized on mobile. This trend is likely to continue considering the popularity and ease with which AR apps can be applied, but impressive advancements in AR through projected scenarios and holographic devices could pave the way to exciting opportunities yet unseen - or at least not fully envisioned right now.

Some of the key ways in which businesses can benefit from augmented reality market include:

• Increased Productivity: With AR, workers have access to real-time data and instructions that can help them complete tasks more quickly and accurately. This is particularly beneficial in industries where time is of the essence, such as healthcare or manufacturing. In one study, surgeons who used AR during procedures were able to reduce their operating time by an average of 15 minutes per surgery.

• Improved Safety: By providing employees with visual cues and warnings, AR can help create a safer work environment. For example, construction workers could use AR glasses to view potential hazards before entering an area. Or factory workers could be alerted if they are about to enter a restricted area.

• Reduced Training Costs: The use of AR can greatly reduce the cost of training new employees. For example, employees in a hospital could access real-time video footage of medical procedures to learn how to perform them. This, in turn, adding more fuel to the overall growth of the augmented reality market.

• Increased Customer Engagement: By overlaying product information and reviews on top of physical objects, AR can help customers make informed decisions about their purchases. This is particularly useful for businesses that sell products online or through mobile apps.

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Augmented Reality is the Next Big Thing in Technology

AR combines digital elements with real-world surroundings to create a more immersive experience. There are many different ways that AR can be used. One example is using it to create a virtual tour of a new apartment complex. Instead of having to go through the hassle of visiting the complex in person, you can view it on your smartphone or computer.

Currently, players in the augmented reality market are trying to make use of AR in medical settings. Doctors can use it to diagnose patients without having to see their medical records or visit them in person. They can simply use AR tools to access information about the patient’s health. This will help the market players to expand their reach and tap sizable market share.

AR may also play a role in marketing. Companies can use it to create 3D videos of their products that customers can view on their smartphones. This way, customers can see how the product looks and feels before they buy it.

There is no doubt that the future of augmented reality market looks very bright. Trends in the technology are moving at a rapid pace, and there are many innovative and exciting developments taking place. One of the most popular AR applications currently is gaming. Games like Pokemon Go have allowed users to explore and adventure in virtual environments seamlessly. This has led to other applications being created, such as training simulations and medical diagnosis.

AR also has the potential to revolutionize education. For example, imagine being able to view math problems or lecture slides while you are attending class. This could be a huge help for students who struggle with studying in a traditional setting.

In general, there is no end destination for the development of AR technology. The possibilities are endless, and it bodes well for the future of this fascinating technology in the global augmented reality market.

Top 6 Trends that have Revolutionized Augmented Reality Market

• Enhanced Interaction with Physical Objects: One of the most promising areas of augmented reality is its ability to enhance interaction with physical objects. This can be used for a variety of purposes, such as providing information about products in a retail setting or helping workers assemble complex products.

• Location-Based Services: Augmented reality can be used to provide location-based services (LBS). This involves using GPS data to overlay contextual information on the real world, such as directions to a nearby restaurant or store, which is proving to be a great area of interest for businesses in the augmented reality market.

• Better Visualizations: With advances in computer graphics, it is now possible to create highly realistic 3D images and environments using augmented reality. This can be used for a variety of purposes, such as training personnel for safety-related tasks or providing information about products in a retail setting.

• Creation of Immersive Worlds: Another promising area of augmented reality is its ability to create immersive worlds. This can be used for gaming purposes, entertainment purposes, or to provide a more realistic experience when viewing digital objects in the real world.

• Collaborative and Social Applications: One of the most promising applications of augmented reality is its ability to enable collaborative and social interactions. This can be used for a variety of purposes, such as providing training for safety-related tasks or helping workers assemble complex products.

• Expansion into new industries: As augmented reality becomes more widespread and accessible; it is likely to be used in a wider range of industries. This includes sectors such as retail, health care, manufacturing, and tourism across the global augmented reality market.

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AR to Revolutionize Retail Industry to Next Level

AR has the potential to revolutionize retail and entertainment industries. In retail, AR is currently being used across numerous platforms. Today, AR enhances the shopping experience by providing interactive product demonstrations, helping customers visualize products in their homes or on their bodies, and providing personalized recommendations.

One of the main ways augmented reality market can improve retail is by displacing the real with the virtual. In traditional retail settings, customers are typically forced to interact with products in person. With AR, customers can experience products without having to actually touch them. This allows retailers to reduce the number of products they need on display, which in turn saves space and increases customer turnover rates.

According to a recent survey by SkyQuest Technology, the adoption of augmented reality (AR) by retailers is on the rise, with nearly one-quarter of respondents saying they are using or considering using the technology. The survey polled more than 1,000 senior executives at large retailers around the world that primarily comprises covered e-commerce, furniture, and consumer electronics businesses.

The findings suggest that augmented reality market is no longer just a gimmick or a nice-to-have technology; instead, it is becoming an essential tool for retailers who want to stay ahead of the competition. Here are some of the key findings from the survey:

  • Nearly one-quarter of respondents (24%) are already using AR in their business, while another 26% are considering adopting it.

  • The most common use case for AR is product visualization, with 41% of respondents saying they are using or considering using AR for this purpose. Other popular use cases include customer engagement (34%), marketing and advertising (32%), and store operations (30%).

  • Retailers believe that AR will have a positive impact on several key areas of their business, including sales (63%), customer satisfaction (62%), and product development (61%). In addition, 58% of respondents said they believe rapidly expanding augmented reality market will help them to reduce costs and improve customer engagement.

  • AR is not just for big brands; 43% of small and medium-sized retailers said they are already using or considering AR, as well.

  • The top reasons why retailers are adopting AR include the ability to create engaging experiences for customers (77%), to improve customer engagement (76%), and to reduce costs (74%).

  • AR is not just for ecommerce businesses; 38% of furniture and consumer electronics retailers are already using or considering AR.

  • The top use cases for AR in these businesses include product visualization (76%), customer engagement (73%), and marketing and advertising (73%).

  • The biggest challenges that retailers face when adopting AR include the need to invest in technology (77%) and to find the right talent (72%).

Overall, the findings of the survey suggest that augmented reality market poised to gain highest growth in the years to come as technology is quickly becoming an essential tool for retailers across a wide range of industries. With so many benefits to be gained from using this technology, it is clear that more and more businesses are starting to take advantage of its potential.

What Does Recent Advancements in Augmented Reality Market Suggests Us?

There has been a lot of excitement around augmented reality (AR) in recent years. This technology has the potential to change the way we interact with the world around us and create new experiences that are not possible in the physical world.

AR can be used for a variety of purposes, including:

  • Enhancing our view of the real world by overlaying digital information on top of it

  • Creating entirely new virtual worlds that we can explore, for instance Metaverse by Meta

  • Allowing us to interact with digital content in a more natural way, for instance, buying furniture, and experiencing exotic location without visiting them, playing online games like Pokémon Go, among others

  • Helping us to learn and remember information better

Recent developments in augmented reality market have made it more accessible and affordable than ever before.

The most notable examples include Google Glass and Microsoft HoloLens. These devices allow users to see digital information overlaid on their view of the real world, making it possible to get real-time data about their surroundings without having to look away from what they are doing. In July 2022, Google announced to test their AR glasses in public. Other examples of AR technology include mobile apps that use phone’s camera to overlay digital content on top of the real world, as well as head-mounted displays like Oculus Rift and HTC Vive which immerse you in a completely computer-generated environment.

The release of Apple's ARKit in the global augmented reality market. ARKit is a software development kit that allows developers to create AR experiences for iOS devices such as the iPhone and iPad. It is seen as a major step forward for Apple in the AR space, and has already led to some impressive applications being developed for iOS devices.

The increasing use of machine learning in AR applications. Machine learning is increasingly being used to power features such as object recognition and tracking in AR apps. This is leading to more realistic and accurate augmented reality experiences.

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Key Players in Augmented Reality Market

  • Google, Inc. (US)

  • PTC Inc. (US)

  • Seiko Epson (Japan)

  • Microsoft Corporation (US)

  • Lenovo (Hong Kong)

  • Samsung Electronics Co. Ltd. (South Korea)

  • Apple Inc. (US)

  • Upskills.io (US)

  • Vuzix Corporation (US)

  • Meta Platforms, Inc. (US)

  • Qualcomm Technologies, Inc. (US)

  • Sixense Entertainment Inc. (US)

  • Magic Leap, Inc. (US)

  • RealWear, Inc. (US)

  • Daqri LLC (US)

Related Reports in SkyQuest’s Library:

Global Head Mounted Display Market

Global Humanoid Robot Market

Global Machine Condition Monitoring Market

Global Mass Flow Controller Market

Global Electromechanical Switch Market

About Us:

SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

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