AR market set for strong growth
Augmented reality is showing impressive growth around the world, especially as both companies and consumers begin to form a better understanding of the technology’s capabilities and current boundaries. The technology has begun having a major influence on the game industry as well as well as many others and the demand for AR platforms and services has been rising rapidly over the past several years. TechNavio, a provider of market research reports, has published a new study concerning the promise that can be seen in the global AR market.
Market to grow 132% between 2013 and 2018
According to the study, the global AR market is set for powerful growth. The market is expected to see a compound annual growth rate of 132.2% from 2013 to 2018. A growing number of AR-enabled mobile applications is being cited as the primary contributor to this growth. Mobile augmented reality has become quite popular with consumers that crave interactive experiences from their technology. Notably, many mobile game developers have begun experimenting with the capabilities of augmented reality in order to create more engaging experiences for consumers.
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Pioneers expected to stay ahead of the competition as market grows
The study shows that Layar, Metaio, Total Immersion, and Wikitude currently lead the AR market. These companies are often considered pioneers in the field of augmented reality and have managed to create innovative platforms and services that have helped make the technology more accessible to those interested in it. Emerging trends in the global market may help other AR-centric organizations rise to prominence, but those that have already established a formidable presence in the field are likely to remain on top.
Practicality of AR gains more credibility
The practical uses of augmented reality are also gaining more attention as the technology becomes more popular. In the past, augmented reality was considered, primarily, as an entertainment tool. Now, however, the technology is being used to assist in complex surgeries and construction projects around the world, as well as being leveraged as an educational tool for tech-savvy students.