Augmented Reality (AR) Market and its key opportunities and challenges

October 16 16:58 2019
Augmented Reality (AR) Market and its key opportunities and challenges

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Major companies that are part of the value chain include Google, Inc. (US), PTC Inc. (US), Microsoft Corporation (US), Wikitude GmbH (Austria), DAQRI LLC (US), Zugara, Inc. (US), Blippar (UK), Magic Leap, Inc. (US), MAXST (South Korea), and Osterhout Design Group (US).

The augmented reality market was valued at USD 4.21 billion in 2017 and is expected to reach USD 60.55 billion by 2023, at a CAGR of 40.29% between 2018 and 2023.

How can the increasing demand for augmented reality in architecture sector offer opportunities for the augmented reality market?

The increasing demand for AR in architecture would be a major opportunity for the growth of AR. AR can be used to project the digital information on architectural models. It can also be used to experience the interior of a building even when the design of the building is in its initial stages. This will help the architects get an image of the project from screen to the physical space. Streamlining of the construction process is another application in the construction industry using AR.

In architecture, AR systems are used for interior design applications through which a user can transform 2D drawings into 3D physical models and digital simulations. The AR-based architecture applications help user choose accurate model or design before construction by looking at it in the 3D way. Using these applications, users can rearrange designs and floorings in the building. They propose complex simulation to evaluate their designs based on sun exposure, cast shadows, wind pattern, and traffic congestion. Head-mounted display (HMD) can be used for site surveying and for determining location of underground cables. It can also be used as a visualization tool to track how the building responds to the surroundings.

For instance, AR technology has been used in RMIT University (Australia) to make architecture students understand the design space differently. This has helped students to deal with complex geometries with utmost ease.

At present, this opportunity has a medium impact, and the trend is expected to be high in the next three to four years.

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Why does reconfiguration of applications for different platforms acts as a challenge for the augmented reality market?

In AR, the majority of the applications are designed for different purposes with specific configurations, so these applications cannot be used for other purposes. Therefore, the development of new applications usually requires additional effort and time. In addition, AR applications have limitations pertaining to operating systems, android versions, and programming languages with the platforms. Moreover, mobile AR has restrictions regarding the size of the devices and processing power for AR applications. Hence, reconfiguration of applications for different platforms acts as a challenge for the augmented reality market.

Increase in demand for AR in retail and e-commerce

The retail industry has witnessed a huge growth over the past two decades. The retail industry involves the sale of products and merchandise online or from static locations such as a physical store. The retail shops are overcrowded, and customers do not want to invest a lot of time in purchasing. The increasing adoption of online shopping and merchandise will be a major driver for the growth of the AR market. Hence, the trend of online shopping has grown over the years. So, most small and large retailers have increased their investments in the e-commerce divisions.

However, they are still facing issues when entering the online shopping space. It is mainly due to the lack of interaction with physical products wherein customers are not able to get into the depth of the products while purchasing online. The use of AR in the retail space will help retailers reduce the purchasing gap between customers and online products. With the help of AR, customers can see brands and their stocks online. Furthermore, AR dressing rooms are created, which allow shoppers to virtually try on their purchases quickly and easily. It can reduce returns for clothing by allowing customers to try a product before they buy it with the use of a 3D preview.

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