According to the MarkNtel Advisors’ research report, “Global Industrial Augmented Reality Market Analysis, 2021,” the market is likely to grow at a CAGR of 45% during 2021-26 due to the surging demand for remote assistance systems that could support workflow management.
In addition to this, mounting preferences of consumers toward smartphones and other technologically advanced wearable devices that can help them achieve enhanced experience also increases the demand for augmented reality, thereby aiding the growth of the Industrial Augmented Reality Market across the globe. Further, augmented reality's usage is significantly increasing in industries to provide customized, interactive, and 3D experiences to their customers, thereby fueling the overall market growth.
Hardware Segment Captures Significant Market Share
Based on the Component, the market bifurcates into Hardware and Software segments. Of these segments, Hardware acquired the largest share in the Global Industrial Augmented Reality Market in the previous few years due to the surging demand and wide-ranging applications of augmented reality across industries, thereby bolstering the segment growth. Further, most leading market players, including Google and Microsoft Corporation, are investing massive amounts in R&D activities to develop new AR-enabled hardware devices, thus, providing a lucrative growth opportunity for the market.
“Global Industrial Augmented Reality Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Industrial Augmented Reality providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-pacific region is likely to register the fastest growth in the Global Industrial Augmented Reality market during 2021-26. Among all Asia Pacific countries, China and Japan acquire the largest regional market share leveraging a substantial customer base and surging adoption of online platforms.
Further, India is also considered an emerging country in Industrial Augmented Reality, primarily due to the rapidly expanding automotive and healthcare sectors. Therefore, the Asia Pacific region is likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, “Global Industrial Augmented Reality Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the Global Industrial Augmented Reality Market are Google Inc, PTC Inc, Upskill, Microsoft Corporation, Wikitude GmbH, Moverio, Epson, Lenovo, Daqri, Samsung, BeetSoft Co. Ltd, NEXT/NOW, 4Experience, and Quytech.
Key questions answered in the study