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Augmented Reality (AR) is a technology that overlays digital information onto the real world, enhancing our perception of reality. AR has been around for a while, but it is only in recent years that it has gained significant traction, thanks to advancements in hardware and software. The AR market is expected to grow significantly in the coming years, driven by factors such as the increasing adoption of smartphones and tablets, improvements in AR technology, and the growing demand for AR applications in various industries. In this article, we will explore the trends that are shaping the AR market till 2023.
- Increasing Adoption of AR in Retail
One of the most significant trends in the AR market is the increasing adoption of AR in retail. Retailers are using AR to enhance the shopping experience for customers by providing them with a more immersive and personalized experience. For example, some retailers are using AR to create virtual try-on experiences for customers, allowing them to see how products would look on them before making a purchase. Other retailers are using AR to create interactive displays that allow customers to learn more about products and services.
The use of AR in retail is expected to grow significantly in the coming years. According to a report by MarketsandMarkets, the global AR in retail market is expected to grow from $411 million in 2018 to $7.95 billion by 2023, at a compound annual growth rate (CAGR) of 80.2%. The report cites factors such as the increasing adoption of smartphones and tablets, improvements in AR technology, and the growing demand for personalized shopping experiences as driving this growth.
- Growing Demand for AR in Healthcare
Another significant trend in the AR market is the growing demand for AR in healthcare. Healthcare providers are using AR to improve patient outcomes by providing more accurate diagnoses and treatments. For example, some healthcare providers are using AR to create virtual representations of patients’ anatomy, allowing doctors to better understand their condition and plan surgeries more effectively.
The use of AR in healthcare is expected to grow significantly in the coming years. According to a report by MarketsandMarkets, the global AR in healthcare market is expected to grow from $609 million in 2018 to $4.9 billion by 2023, at a CAGR of 51.6%. The report cites factors such as the increasing adoption of smartphones and tablets, improvements in AR technology, and the growing demand for more accurate diagnoses and treatments as driving this growth.
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- Advancements in AR Technology
Advancements in AR technology are also driving the growth of the AR market. Hardware manufacturers are developing new devices that make it easier for users to access and interact with digital information overlaid onto their physical environment. For example, some manufacturers are developing smart glasses that provide users with a hands-free way to access digital information.
Software developers are also making significant advancements in AR technology. They are developing new tools and platforms that make it easier for developers to create high-quality AR applications. For example, some developers are creating platforms that allow developers to create AR applications without having to write code.
The advancements in AR technology are expected to continue over the next few years. According to a report by IDC, global spending on AR and virtual reality (VR) is expected to reach $18.8 billion by 2020, up from $11.4 billion in 2017.
- Extending reading: The difference between AR, VR, MR, and XR
- The 10 best AR APPs for Android in 2024
- The Top 3 Best AR Smart Glasses for iPhone
Conclusion
In conclusion, the trends shaping the AR market till 2023 include increasing adoption of AR in retail, growing demand for AR in healthcare, and advancements in AR technology. These trends are being driven by factors such as the increasing adoption of smartphones and tablets, improvements in hardware and software technology, and growing demand for personalized shopping experiences and more accurate diagnoses and treatments.
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