Spatial Augmented Reality: Introduction
- Augmented reality based on projection is called spatial augmented reality, which can produce immersive content by overlapping virtual and real-world environment. Spatial augmented reality (SAR) is a technology where the combination of real and virtual objects is produced by projecting virtual images on real objects by using projection mapping.
- Spatial augmented reality is used by end-users to offer digital contents, in order to meet the demand of customers for creating intermediary spatiality between augmented presence and virtual co-presence.
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Global Spatial Augmented Reality Market: Dynamics
Global Spatial Augmented Reality Market: Key Drivers
- Growing acceptance of 3D video among organizations is expected to enhance the growth of the spatial augmented reality market.
- Increasing adoption of dashboard mounted display graphics in order to provide camera video tape in vehicles is expected to fuel the growth of the market.
- Increase in demand for spatial augmented reality among enterprises for virtual meetings is expected to boost the growth of the market during the forecast period.
- Rising penetration of the internet across developed and developing countries is a major factor which drives the growth of the spatial augmented reality market.
- Growing adoption of spatial augmented reality in the consumer sector for team collaboration and entertainment is expected to trigger the growth of the market.
- Rising real-time projection-based augmented reality systems by using artificial intelligence and machine learning capabilities is projected to create new opportunities for the spatial augmented reality market during the forecast period 2021- 2031.
Global Spatial Augmented Reality Market: Restraints
- Lack of regulatory compliance is the major factor which can hamper the growth of the spatial augmented reality market over the forecast period.
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Impact of COVID-19 on the Global Spatial Augmented Reality Market
The COVID-19 outbreak has been a major challenge for the post-pandemic business environment. Governments of different countries across the world have imposed lockdowns to curb the spread of the disease. Hence, people are adopting spatial augmented reality to entertain themselves at home during pandemic period. This could have a positive impact on the market. In addition, organizations are adopting spatial augmented reality during the pandemic outbreak, due to remote work platforms, for online video conferencing. Spatial augmented reality is extensively used by organizations across both developed and developing countries during the pandemic outbreak for virtual meetings on various platforms such as Zoom, and Skype. This in turn is likely to enhance the growth of spatial augmented reality during the COVID-19 outbreak.
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North America to Hold a Major Share of the Global Spatial Augmented Reality Market
- In terms of region, the global spatial augmented reality market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global spatial augmented reality market in 2020. The U.S. is the key market in the region due to the increasing adoption of spatial augmented reality by the media & entertainment industry. Additionally, presence of well-established players who offer spatial augmented reality is expected to boost the market in the North America region.
- The spatial augmented reality market in Asia Pacific is projected to expand at a rapid pace during the forecast period due to growing preference for spatial augmented reality in various applications such as live events and movies in China, Japan, Singapore, Australia, and India. This in turn is expected to trigger the growth of the spatial augmented reality market in the Asia Pacific region.
Global Spatial Augmented Reality Market: Competition Landscape
Several local, regional, and global players are active in the spatial augmented reality market with a strong presence. Hence, the market is fragmented in nature. Rapid technological advancements have created significant opportunities in the global spatial augmented reality market. Market players are increasingly focusing on collaboration, mergers, and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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