Augmented reality is an interactive experience that involves integrating digital information with the real-time user environment to produce an illusion of the improved version of the actual world by using sensory modalities, including visual, sound, and other sensory stimuli.
According to the MarkNtel Advisors’ research report, “Global Industrial Augmented Reality Market Analysis, 2021,” the market is likely to grow at a CAGR of around 45% during 2021-26 due to factors like the surging demand for reducing workflow complexity & enhancing work optimization entwined with the growing need for a technology to track, identify, and resolve technical issues. In addition to this, augmented reality is beneficial in assembling, retrofitting, repairing production lines and manufacturing processes.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Russia|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil|
|Middle East & Africa: GCC, Africa|
|Key Companies Profiled||Google Inc, PTC Inc, Upskill, Microsoft Corporation, Wikitude GmbH, Moverio, Epson, Lenovo, Daqri, Samsung, BeetSoft Co. Ltd, NEXT/NOW, 4Experience, Quytech|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has severely affected the overall global economy due to the social distancing norms, travel restrictions, and fewer on-site staff. However, advanced technologies like augmented reality can offer assistance during crises and help businesses maintain their continuity and overcome losses. Further, during the pandemic, a gradual inclination of retail businesses & their customers toward digital shopping has also accelerated the growth of the Industrial Augmented Reality Market across the world.