Augmented Reality Connected Service Market Segmentation Detailed Study with Forecast to 2025
Augmented Reality (AR) is primarily an integration of digital information with environment on the real-time. It can be understood as a service technician checking for the operations of a complex machine or an engineer providing remote-assistance for the installation of an equipment or a customer imagining how a certain furniture would fit into his living room. Emerging as a tool for powerful digital experiences, AR is primed to revolutionize a number of aspects of everyday life and pave ways for a number of industry verticals to improve the efficiency of their production procedures. As smartphones and tablet cameras go ubiquitous, the demand in the global augmented reality connected service market is projected to multiply at an exceptional CAGR during the forecast period of 2017 to 2025.
Augmented reality has shown the possibilities of integrating new technologies such as the Internet of Things (IoT), artificial intelligence (AI), pattern recognition, machine learning, and robotics. Some of the common examples of augmented reality for connected service can be self-service wherein a user gains knowledge in a digitally enhanced manner or guides himself through a questionnaire to rectify maintenance issues. A number of industries that relate with providing assistance on the run time, such as healthcare and automotive breakdown, can provide field services with information of previous recorded incidents and asset information on the finger tips.
The global augmented reality connected service market is also anticipated to gain strong demand from business to business (B2B) and business to client (B2C) industries by enabling enhanced service results and improve user experience to entice sales. In the near future, thanks to the rapid expansion of the augmented reality connect service market, companies will not only be able to achieve greater savings by redefining their service functions but also offer improved after-sales customer experience.
Augmented Reality (AR) or enhanced version of reality is the collaboration of a virtual scene (computer generated) with the user’s natural surroundings in real time, through devices such as head mounted devices, smart glass and head-up display. Expansion of physical reality through additional layers of computational information to the real environment for the experience of high resolution graphics is AR. Information in this context can be either text, sound, graphics or even smell. This simplifies human interaction of physical objects through digital devices, which means every object can be enriched with additional information.
Collaboration of mobile phone and internet connectivity made the world hyper-connected, which transformed client-server and web based technologies to smart phone oriented. The next step ahead which makes communication hyper-real is when services for augmented reality comes into application. Though AR is in emerging stage of adoption, this technology is expected to offer various aids to warehousing operation, transportation optimization, last mile delivery and enhanced value added services. It offer new options for controlling real world object, as more and more smart objects are connected through internet.
AR has the potential to integrate new technologies such as pattern recognition, artificial intelligence (AI), robotics and machine learning. Moreover it can be applied to all parts of value chain that starts at product design & prototyping and ends at the assembly of all parts. This reduces formation time, as information can be directly provided on field, resulting in efficiency and effectiveness of value chain.
The increasing demand for AR, from 3D operating room simulation to centralized health center, this is resulting in market opportunities for augmented reality connected services to expand. As computing power and information access become easier through smartphones, which impacts AR hardware and software to strengthen connectivity and interaction. The flexibility offered by augmented reality that merge a real world with virtual images to create a virtual world, this is going to have a bigger impact on entertainment and ecommerce market. In areas such as digital prototyping and design reviews AR is going to save time which drives the market growth for augmented reality connected service in the forecast period.
While the set of devices launched, are all expected to fall short of parameters that include higher frame rates, higher resolution and others, which is hinders market growth.
The global augmented reality connected service market is segmented on the basis of augmentation type, component and end user verticals. Based on augmentation type it is segmented into display, geospatial and recognition augmentation. The component segment is classified into hardware and software. Hardware segment is further categorized into head mounted display, smart glass, head-up display, handheld device, 3D cameras, sensors and semiconductor component. Moreover, on the basis of end user vertical, it can be segmented into aerospace & defense, consumer, medical, education, commercial and others.
In terms of regional market, Asia Pacific region has witnessed high growth in the past and is expected to dominate the augmented reality connected services market in the near future due to rising number of startups in the region. Moreover, North America followed by Europe is expected to show the growth in augmented reality connected services market. As many of the established companies are investing through strategic partnerships and collaborations with emerging players.
Some of the key vendor in the augmented reality connected service market includes NuFormer Projection B.V., Manus Virtalis Ltd., MindMaze SA, Blippar.com Ltd., Barco N.V., Machinae B.V., Nokia Corporation., EON Reality Inc., HTC Corporation., VirZOOM Inc., Oculus VR LLC, ZeroLight Ltd., Independiente Communications Ltd., Microsoft Corporation., Aurasma Ltd., Samsung Electronics Co. Ltd., and Google Inc., Infinity Augmented Reality Inc., Vuzix Corporation, Sony Interactive Entertainment LLC, and CyberGlove Systems Inc.