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AR is starting to gain popularity in mobile computing and business applications. It’s also expected to be more agile for other applications while evolving. Market Research Future (MRFR) released a report estimating the market for augmented reality is expected to grow at a robust CAGR of over 41.50%, reaching $461.25 billion by 2030. Some big players leading the AR market include Magic Leap, Microsoft, Google, Samsung, etc.
The extremely competitive AR market seems fragmented with several industry players that commence strategic approaches, like mergers & acquisitions, collaboration, innovation, and brand reinforcement. This allows them to acquire “a larger competitive share.”
Simplilearn recently announced a collaboration with Meta Immersive Learning to create Spark AR, a training program. AR helped design the software, providing insight into the essential skills required to produce simple effects. Students can study 3D modeling, textures, and other Spark AR Studio features to boost their careers. Learners access the free-to-use Spark AR program on Simlilearn’s SkillUp platform. Provided courses are expected to launch in the US, Europe, India, the Middle East, and other crucial markets for animators, software developers, AI engineers, and digital marketers, helping them understand the basics of creating interactive and engaging user experiences and effects.
The AR market could also see substantial revenue growth in the upcoming years due to the increase in wearable and smart device AR applications for public, personal, and environmental safety. “Besides, the proliferation of connected devices and sensing and GPS technology in identifying traffic density, pedestrians, and signboards boosts the market demand.”
AI, VR, and AR are becoming more common across industries. AR’s rise in different burgeoning industries looking into expanding production rates increases the market value. Continuous global economic growth and rapid manufacturing technique advancements boost the AR market’s growth. AR is also growing in the auto industry. For instance, users can observe a vehicle’s shape, features, and other aspects without being physically present. OEMs and manufacturers could take advantage of AR and VR, allowing customers to view vehicles as well, leading to more market opportunities.
North America, the region with advanced technologies, leads the worldwide AR market. This is due to higher industrial safety and industrialization awareness. An increase in production and luxury, conventional, and autonomous vehicle sales led to a boost in the region’s market shares. North America’s AR market expects to continue dominating during this period.
Expensive and high-end car manufacturers in Europe are helping to boost Europe’s AR market. More R&D investments for further AR developments positively affect market growth as well. Plus, demand and spending on high-performance vehicles create high market demand.
The Asia Pacific region is another crucial AR market. “Increased awareness of industrial safety, alongside the growing urbanization, industrialization, and manufacturing sector in the region, substantiates the market size.” Additionally, the growth in technological advancements and developments in manufacturing led to market growth. The region’s automotive industry “creates substantial market growth.” Japan, China, South Korea, and India are AR’s leading markets.
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