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  • Market Value of Augmented Reality

Augmented Reality is growing rapidly with new mobile-based innovations like Apple ARKit, Hololens DAQRI, Epson Moverio etc. Apple ARKit enables brands and business to take an AR initiative which can potentially reach millions of customer who use iOS11 enables devices. This makes ARKit the biggest contender in the AR platform. If your business is considering to deploy AR app, your goal is not limited to develop a software for a heads up display (HUD) such as Hololens which has a reach to limited audience. Having said that, HUD best fits to address some commercial use cases which are hard for ARKit. Overall, the AR software market is booming because of brands who are finding a quick way to extend their existing software offerings into AR via ARKit and Hololens.

Companies have started to experiment the capabilities of AR technology across different business functions, right from sales to field worker use cases. The emerging AR technology provides ample opportunity for business to transform the way they operate and reach to customers. AR has the potential to redefine business operations and customer communication. To reap these commercial advantages you need the agility and ability to develop something quickly in AR. There will be lucrative business rewards for businesses that move quickly into AR. Tools like Apple ARKit offers a broad risk managed approach to experimenting with an AR app or prototype.

AR is envisioned to be a significant driver of growth within the technology sector. Total revenue generated by the AR market is expected to increase exponentially in the years to follow. Revenue flow from AR hardware sales, mobile driven AR, AR content, AR software development will see a steep increase. From an IT spending standpoint the biggest question is to see which business sector is most likely to be impacted from this AR transformation. A recent research has indicated that a good sum of commercial revenues will be split between manufacturing, education, healthcare, entertainment and retail. Healthcare and manufacturing will be the early adopters of AR software occupying half of the overall value of AR market. Healthcare and manufacturing adopt AR in a faster pace due to the increasing progress in technology adoption combined with compelling use case applications.