Enterprise Augmented Reality (AR) Software Market – Global Growth, Trends, Forecasts Report 2020-2025 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Enterprise AR Software Market – Growth, Trends, Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.

Augmented reality (AR) reached the phase of product realization very slowly, owing to the complex nature of the technology.

The Microsoft Hololens project that started in 2010, took six years for development, and launched the developer’s edition in the first quarter of 2016. Magicleap, the secret AR startup, which raised over USD 1.9 billion, is launching a product after seven years of development.

A recent ISACA study of nearly 12,000 consumers and IT professionals describes the benefits of adding augmented reality to private and work life. Most respondents say they believe that using AR-enhanced devices daily can help them acquire new skills. As many as 67% believe AR devices can bring healthcare benefits. Similarly, 64% of people think AR will make shopping easier. Workplace training, safety guides, and product demonstrations have been voted the top potential benefits of the augmented reality industry.

The current market scenario has observed a greater focus on creating content and tools with more smartphone compatibility. This is expected to be driven by photorealistic AR, enabled by the combination of software and hardware advances, one of the most significant launches of dedicated AR frameworks in the smartphone operating systems.

Companies in the market are entering into partnerships. In 2019, PTC Inc. acquired augmented reality services firm Twnkls and hired a McKinsey executive to start a new digital transformation solutions group, in a bid to accelerate customer adoption of its software.

Key Market Trends

Increasing acceptance of AR across industry verticals

  • AR has witnessed an increasing implementation in existing applications and platforms, including gamification for customer engagement, AR applications, social media-based marketing, and enterprise collaboration for unified workplace communications (such as Microsoft HoloLens, for assessing insurance risks). In addition, games developers are anticipated to use AR as a differentiator that could encourage new downloads.
  • While AR is still over a decade away from achieving its full market potential, technological advancements in the space industry have accelerated the market studied over the past two years. The increasing availability of content and the launch of developer tools, such as ARKit, are driving the growth of this segment. The increasing adoption and availability of cloud have been major drivers for the AR market, as it provides the platform and infrastructure to address the scalability limitation of on-premise AR experiences.
  • The precision of indoor location services has grown significantly, which has enabled the use AR location features for vehicle, campus, and in-building navigation and identification. Image recognition capabilities have allowed enterprises to use AR for object identification and display, by assisting real-time decision making.
  • The future of the AR market is expected to be augmented by the amalgamation of the virtual and physical worlds, to generate new, engaging, interactive, and personalized experiences that benefit both customers and the business.
  • The precision of indoor location services has grown significantly, which has enabled the use AR location features for vehicle, campus, and in-building navigation and identification. Image recognition capabilities have allowed enterprises to use AR for object identification and display, by assisting real-time decision making.

Competitive Landscape

The Enterprise AR software market is competitive and consists of several players. Many companies are increasing their market presence by introducing new products, expanding their operations, or entering into strategic mergers and acquisitions.

  • October 2020 – Librestream announced that Siemens Energy selected the Librestream Onsight augmented reality platform for its Connected Worker solution. Siemens Energy is deploying the Connected Worker solution across its thousands of field service workers as well as external contractors who together service thousands of global energy and power customers. The partnership with Librestream also enables Siemens Energy to directly offer the Connected Worker solution to its customer base.
  • August 2020 – RE’FLEKT began officially selling the Microsoft HoloLens 2 as an add-on to their AR software packages. The move comes after RE’FLEKT, successfully launched their REFLEKT ONE software on the HoloLens 2 with Bosch at IAA 2019. By pre-packaging as a joint software and hardware bundle, they easily provide enterprise customers with everything they need for industrial machine maintenance, operations and training – from content creation to deployment on the included HoloLens 2.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Industry Stakeholder Analysis

4.3 Value Chain Analysis

4.4 Porters Five Force Analysis

4.5 Impact of COVID-19 on the market

4.6 Market Drivers

4.6.1 Increasing acceptance of AR across industry verticals

4.7 Market Challenges

4.7.1 Technical and Regulatory Issues

5 MARKET SEGMENTATION

5.1 Category

5.1.1 Education

5.1.2 Healthcare

5.1.3 Retail

5.1.4 Manufacturing

5.1.5 Other End-user Verticals

5.2 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Ubimax GmbH

6.1.2 Atheer, Inc

6.1.3 Scope AR

6.1.4 RE’FLEKT GmbH

6.1.5 Vuforia (PTC Inc.)

6.1.6 Blippar Ltd

6.1.7 Upskill

6.1.8 Librestream

6.1.9 Fieldbit

6.1.10 XMReality

6.1.11 Third Eye Gen Inc

6.1.12 Seiko Epson Corporation

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/b8iazn

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