Report: AR Technology Market Expected to Hit Around 8 Million by 2023
The majority share in the AR market during the period of this forecast is held by North America.
Markets and Markets report predicts continued market growth in AR technology led by its retail applications With releases such as the Apple ARKit or the Google ARCore, augmented reality finds renewed interest by developers and consumers alike.
The report from MarketsandMarkets shows how that has led to a larger market in immersive technology. The report titled, ‘Augmented Reality in Retail Market by Offering (Hardware and Software), Device Type (Head-Mounted, Smart AR Mirror), Application (Try-On Solution, Planning & Designing), Retail Type (Furniture, Beauty & Cosmetics), and Geography-Global Forecast to 2023’ shows that there is still a tremendous scope for growth in immersive tech markets.
According to the report, the AR market will grow from $1.15 million (USD) in 2018 to $7.9 million by 2023, with a compound annual growth rate of 47.1%. The key driver behind this trend is the growing adoption of AR in the retail sectors. An increased number of retailers are now using AR to allow users to virtually try out their products before buying. For example, there are now virtual dressing rooms for makeup testing.
The next major influencer is marketing. According to Markets and Markets, advertising and marketing on AR platforms have better chances of customer engagement. This is attributed to AR forming a deeper emotional connection in the minds of the end user.
The majority share in the AR market during the period of this forecast is held by North America. This is because of the prevalence of AR in the continent accompanied by adoption in various sectors such as planning and design, advertising and marketing and information system creates the need for the development of the AR technology at a quick pace. Companies using AR products, services and solutions will allow America to retain its position in the global AR market.
AR is quickly emerging as the leading wearable tech amongst other related technologies. The full scope of AR will slowly be achieved by continued research and development in both hardware and software. The tech will scale fast as more and more applications are being discovered across different industries.
