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North America was one of the most significant regions in the market and is expected to remain one of the leading regional markets for augmented reality in the coming years. The dominant position of the region in the market can be attributed to the rising technology adoption rate in the region. However, the primary reason for the region’s growth in the industry is the prominent presence of the significant players in the industry, such as Google and Microsoft, which are both headquartered in the United States.
In the coming years, the Asia Pacific region is expected to present significant growth opportunities for the major players in the industry due to the rising penetration of smartphones and smart devices within the region. Thus, major players in the industry are increasingly investing within the region, especially within emerging countries like India and China. In January 2021, Google received a patent in India for its virtual graffiti technology, which would enable the user to leave a virtual message at a location via a mobile augmented reality system. The augmented reality industry in the Asia Pacific is especially expected to see a boost in the commercial sector, aided by the robust growth of the e-retail sector in the region. Chinese retailers like JD.com are seeking to launch virtual fitting rooms, which will enable consumers to virtually “try on” clothes. JD.com had earlier introduced its AR beauty mirror, which allows consumers to see how different shades of lipsticks and make-up will look on them without actually applying them. Such developments are expected to catalyse the growth of the overall augmented reality industry in the coming years.
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The major players in the global augmented reality market are Google LLC, Microsoft Corporation, PTC Inc., Epson America, Inc., Apple Inc., and Lenovo Group Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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