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Quest for Improved Customer-Retailer Interaction in Retail Sector to Boost Adoption of Augmented Reality (AR) Technology

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Published on : Oct 17, 2016

ALBANY, NY, Oct 17, 2016: The report offers insights into the factors impacting the growth of the global augmented reality market (AR). It presents an overview of trending topics such as digital workflow, Shopfloor AR, Pokémon Go, and wearable computers for a coherent understanding. As per the findings of the report, the global AR market was valued at US$659.7 mn in 2015 and is expected to dramatically rise to US$80.8 bn by 2020.

The increasing demand for augmented reality in the e-commerce and retail sectors is providing a significant push to the market. AR offers a large number of technological solutions such as gesture-based technology, which enhances the interaction between customers and retailers. In addition, rising trends such as pop-up stores in the retail sector are expected to propel the growth of the market. Moreover, the rising demand for AR-based software hardware devices and applications for 3D visualization in diverse fields such as defense and medical is driving the global AR market. In recent times, there is an increasing use of augmented reality for training the fighter pilots, to present surgical guidelines to surgeons in the operation theatre, and for fast and secure transfer of data in crisis situations.

Furthermore, the adoption of AR technology in the gaming industry is increasing. This trend is growing popular amongst gaming companies as a way to boost revenue. A case in point is Pokémon Go. The game reached a massive 45 million active users per day after two months of its launch, with the market rising to $250 million. On the other hand, due to the lack of standards to share data, integrate systems, describe information, and support interactions, AR applications require reconfiguration for different platforms. This factor adversely affects the growth of the market. Other factors such as the high cost of procurement and technical barriers such as limited user interface, limited storage, low processing power, restricted size are hampering the wide-scale adoption of AR.

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On the basis of application, the global augmented reality market can be segmented into industrial and commercial. The commercial applications of AR are e-commerce and marketing, e-learning, facility management, and tourism and sight-seeing. Based on display, the market can be categorized into head-up display, handheld display, head-mounted display, and spatial display.

The report provides an in-depth analysis of the competitive landscape of the global augmented reality market. The report profiles key players in the market along with their cost and revenue structure, business strategies, latest developments, and contact information. Some of the key players in the market are Niantic, Microsoft, Google, Sony, PTC, Infinity Augmented Reality, and Wikitude. Some of the prominent companies in the market are Augmate, Facebook/Oculus, Essence, HTC, HP Autonomy, Intel/Reckon Instruments, IBM Watson Augmented Reality, Qualcomm, Samsung, and Yahoo.

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