The augmented reality software market size was valued at US$8.59 billion in 2019 and is projected to reach US$ 137.14 billion by 2027, growing at a CAGR of 57.21% from 2020 to 2027. The increased interest of large tech companies in augmented reality technology is one of the major factors driving this market. Smartphones have been recognized as the most promising device for the market in the future. Currently, with the growing usage of smartphones and AR browsers, consumers have started accepting this human-computer interaction (HCI), and augmented reality has gained more research interest and attention recently.
AR software works in conjunction with devices such as tablets, phones, headsets, and more which support features such as analytics, remote assistance, content management, etc. This is expected to encourage companies to have their facilities located at different geographical locations towards adopting AR software as this can help them manage a large setup using a small group of people.
Increasing demand for AR-based software applications for 3D visualization in the medical sector, the growing interest of large tech companies in AR along increasing demand for AR in the e-commerce and retail industries have been driving the global augmented reality software market. While limited processing power and inadequate storage might hinder the overall growth at a global level.
The COVID-19 pandemic has created an unprecedented impact across the global business landscape with widespread lockdowns, brick-and-mortar retail closures, essential eCommerce delivery limitations, and supply chain disruption. However, from a positive perspective, the pandemic has caused an acceleration of remote working and has increased the adoption of cloud infrastructure services and spending on specialized software. As the hybrid working model is expected to stay even in the post-pandemic age, the enterprise AR software market is expected to gain traction.
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