The Augmented Reality (AR) market is estimated to grow from USD 10.7 billion in 2019 to USD 72.7 billion by 2024; it is expected to grow at a CAGR of 46.6% from 2019 to 2024. The most significant factor driving the growth of the Best Augmented Reality Solutions market is rising investments, which have witnessed high growth over the past few years. Augmented reality is among the most promising upcoming technologies and is likely to change the perception of reality. There are more practical applications for AR than its counterpart, Virtual Reality (VR). The use of AR technology completely changes the concept of user’s perception of interaction with the real world using 3D virtual objects beamed in real time, and drives the abilities of users as well as opportunities in different industries and applications.
In 2019, the augmented reality solutions market was dominated by Google (US), PTC (US), Microsoft (US), and Epson (Japan). A few of the major strategies adopted by these players to compete in this market included product launches, partnerships, and agreements, which have been carried out between 2017 and 2019. There were also a significant number of acquisitions & mergers during this period.
Google (US) is a media and high-tech company and provides solutions related to augmented and virtual reality. The company provides augmented reality eyeglasses known as Google Glass. Apart from this, the company is integrating its existing products & services with augmented reality. For instance, it offers AR in Google Search, live view beta in Google Maps, and AR in the Google Pixel camera. The company has also introduced Tango, an augmented reality solutions quadrant computing platform that enables mobile devices, such as tablets and smartphones, to use computer vision in order to detect their position with respect to the world using GPS or external signals. Google is continuously involved in updating its product portfolio with new versions and addons. The company is increasing the demand for augmented reality through its existing product line; such initiatives are strengthening the company’s product portfolio and generating more business and growth avenues.
PTC (US) develops and provides software-based product management and development solutions. The company operates through two business units—the Solutions Group and the Technology Platform Group. Augmented reality is categorized under the Technology Platform Group. PTC’s Vuforia Studio can be used for publishing and authoring AR experiences. The company also offers Vuforia, an AR technology platform, which enables users to interact with and see the real world through various applications, using AR. PTC is a leader in the augmented reality software market and focuses on combining augmented reality with IoT to enable application development, connectivity, analysis, and AR software applications for connected and smart products. PTC continues to strengthen its Vuforia AR business with new initiatives, including new partnerships and product developments and provides its customers with captivating solutions to enhance their digital transformation efforts.
Microsoft (US) has developed a hardware device known as Microsoft HoloLens, which is a head-mounted display that would be beneficial in applications such as consumer, medical, and education & training. Along with this advanced holographic computing device, Microsoft has also developed an upgraded version of the Windows 10 operating system. HoloLens offers a 3D virtual hologram experience and is likely to create a new approach in the computing, communication, and entertainment world. Strategically, the company is showing a huge interest in collaborating its augmented reality solution Competitive evaluation with game developers to redefine the gaming arena with AR technology.
Epson (Japan) offers smart glasses that use TFT-LCD and Si-OLED displays and can be used for a wide variety of consumer, commercial, and government applications, including flying drones, aerial photography & videography, medical surgery, VR learning, AR learning, emergency services response, and rescue operations. It also has applications in urban planning, real estate, architecture, engineering, security, media, agriculture management, and recreation, including gaming, watching movies, and AR tours of museums and galleries. The company aims to target niche applications of augmented reality to earn more business from untapped augmented reality applications. Epson is also engaged in the integration of its Moverio AR Smart glasses platform with other fast-emerging devices, such as drones.
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