How Big Is The Augmented Reality Market In 2020?
August 11, 2020
The Augmented Reality market is skyrocketing. Even though AR has been around for decades, the latest Web AR technology has now made it accessible to every level of the market. The number of Augmented Reality uses has greatly expanded as well. AR used to mainly only be used as a bold marketing ploy for huge consumer brands. Now, Augmented Reality is being used in every industry, including health, education, marketing, medical, automotive, retail, and so much more.
So, How Big is the Augmented Reality Market?
Well, according to the most recent figures, the AR market size is projected to reach $36664.5 Million by 2026! Though Web AR technology is still in its infancy, it has spurred monumental growth and has endless potential. The global AR market size in 2019 was $849 Million- which is impressive, but not as impressive as what we expect to see in the next several years. The $36664.5 Million projection shows a compound annual growth rate (CAGR) of 27.6% during 2020-2026!
What Industries Are Influencing the AR Market the Most?
Augmented Reality is a very flexible technology that can be applied to virtually any industry (no pun intended). However, the following industries are driving the AR market more than others.
The marketing industry is jumping all over Augmented Reality. After all, what better way to connect with customers than to provide them with an interactive experience? The impact of Augmented Reality on marketing is putting traditional marketing to shame with unprecedented conversion rates, customer engagement, and more. Having real-time Augmented Reality analytics alone is worth its weight in gold in the marketing industry. This example from AB InBev (the world's brewer), shows Hard Seltzer brand BON V!V use Web-based Augmented Reality to gives consumers a fun and engaging AR experience on the streets of Los Angeles.
The live events industry has had a really tough time recently, due to the blanket cancellation of live events across all industries. However, the events focused companies that were able to pivot and use Augmented Reality to provide a virtual alternative have seen huge wins. Take for example, this virtual expo booth created for cloud-computing giant Nutanix. They took their existing live expo booth design and converted it into a fully functioning and interactive virtual booth, which users could place in their own environment and view for themselves.
In this example, Nutanix gave viewers the ability to view 4 different brand videos, as well as click-through to future events and company information. This experience was developed by Aircards and built entirely using Web-based Augmented Reality, which meant that users didn't have to download any app to view. They could simply take their iOS or Android device, tap the link to activate and watch the booth come to life in front of their eyes.
It’s no surprise that the gaming industry is also greatly influencing the AR market. It was one of the first sectors to utilize Augmented Reality technology and continues to be one of the leaders in the AR market. AR in gaming gives users a more immersive gaming experience that can interact with the physical environment around them. Pokémon Go is the most notable example, but there is so much more to come.
The healthcare industry is embracing AR, perhaps faster than any other industry. The use of AR modeling and 3D visualization is one of the fastest-growing AR trends with countless benefits to the medical industries. Students, doctors, surgeons, researchers, nurses, and patients all benefit from simulations that AR can provide.
AR is taking E-commerce to the next level. The biggest AR trends in the retail sector include AR virtual try-ons and pop-up shops that are fuelling the AR market growth. Companies like Gucci, Sephora, and Timberland are enabling customers to “try on” shoes, makeup, and clothing. Furniture companies are also excitedly using AR so customers can virtually place furniture in their homes. Augmented Reality in retail is already proving to dramatically increase customer engagement, buyer confidence, and sales.
What Companies Use Augmented Reality?
Now, every company can use Augmented Reality. Since Web AR is an app-less technology, companies can use AR without having to invest in expensive app creation or web development. Aircards has helped big-name companies like Pot Noodle, HPE, The Motley Fool, and many more utilize Augmented Reality for their business. We can help your business, too—based on your goals and your budget.
Contact us today for a no-hassle consultation on what AR can do for your brand.
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