Each week The AREA looks through all the market reports relevant to Augmented Reality specifically with a focus on AR in the enterprise. Many of these reports contain facts and projections around both the AR and VR markets. Our focus is on bringing you the highlighted facts related to AR in the Enterprise and other headline facts from the industry.
Earlier this week a report was released by whatech stating the global AR and VR Market is expected to grow at a compound annual growth rate of 85.4% and it set to grow 44.5% over the period of 2016 to 2022.
This market is expected to grow due to an increase in awareness about technologies among consumers, mass scale adoptions of both augmented and virtual reality in many industries and an integration of AR and VR to create mixed reality for future technologies.
Main points that have been stated in this report consist of:
- Commercial application of AR generated the highest revenue among all applications.
- The commercial sector is utilizing AR technology on a wider level
- AR applications are being used by retail companies through tablets and smart-phones
- Mobile advertising is being used by AR companies to increase brand recognition
- The market is dominated by the North American Region
- Most prominent companies in the hardware segment are American
- China is expected to play an important role due to their well-established manufacturing and engineering sector.
Please note, the AREA Is not involved with producing the market reports nor affiliated with them.