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  • Business
    Globe Newswire

    Enterprise AR Software Market - Growth, Trends, Forecasts (2020 - 2025)

    Augmented reality (AR) reached the phase of product realization very slowly, owing to the complex nature of the technology. - The Microsoft Hololens project that started in 2010, took six years for development, and launched the developer’s edition in the first quarter of 2016.New York, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise AR Software Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05989484/?utm_source=GNW Magicleap, the secret AR startup, which raised over USD 1.9 billion, is launching a product after seven years of development.- A recent ISACA study of nearly 12,000 consumers and IT professionals describes the benefits of adding augmented reality to private and work life. Most respondents say they believe that using AR-enhanced devices daily can help them acquire new skills. As many as 67% believe AR devices can bring healthcare benefits. Similarly, 64% of people think AR will make shopping easier. Workplace training, safety guides, and product demonstrations have been voted the top potential benefits of the augmented reality industry.- The current market scenario has observed a greater focus on creating content and tools with more smartphone compatibility. This is expected to be driven by photorealistic AR, enabled by the combination of software and hardware advances, one of the most significant launches of dedicated AR frameworks in the smartphone operating systems.- Companies in the market are entering into partnerships. In 2019, PTC Inc. acquired augmented reality services firm Twnkls and hired a McKinsey executive to start a new digital transformation solutions group, in a bid to accelerate customer adoption of its software.-Key Market TrendsIncreasing acceptance of AR across industry verticals- AR has witnessed an increasing implementation in existing applications and platforms, including gamification for customer engagement, AR applications, social media-based marketing, and enterprise collaboration for unified workplace communications (such as Microsoft HoloLens, for assessing insurance risks). In addition, games developers are anticipated to use AR as a differentiator that could encourage new downloads.- While AR is still over a decade away from achieving its full market potential, technological advancements in the space industry have accelerated the market studied over the past two years. The increasing availability of content and the launch of developer tools, such as ARKit, are driving the growth of this segment. The increasing adoption and availability of cloud have been major drivers for the AR market, as it provides the platform and infrastructure to address the scalability limitation of on-premise AR experiences.- The precision of indoor location services has grown significantly, which has enabled the use AR location features for vehicle, campus, and in-building navigation and identification. Image recognition capabilities have allowed enterprises to use AR for object identification and display, by assisting real-time decision making.- The future of the AR market is expected to be augmented by the amalgamation of the virtual and physical worlds, to generate new, engaging, interactive, and personalized experiences that benefit both customers and the business.- The precision of indoor location services has grown significantly, which has enabled the use AR location features for vehicle, campus, and in-building navigation and identification. Image recognition capabilities have allowed enterprises to use AR for object identification and display, by assisting real-time decision making.APAC to Dominate Enterprise AR Market- Asia-Pacific is one of the most important markets for Enterprise AR technology and is supposed to record the largest growth over the forecast period. The region offers one of the largest enterprise applications markets for AR software. Moreover, the increasing government programs favoring the development of AR technologies are also motivating local vendors to invest in the studied market.- South Korea is also emerging as one of the significant markets for enterprise AR technologies, owing to the increasing government investments in the market studied and the rising adoption of AR technologies amongst the country’s end-user applications. In South Korea, the federal government in 2016 declared plans to invest USD 363m in the AR marketplace over five years. The government started the Korean Virtual Reality-Augmented Reality Complex (KoVAC) in Seoul in 2017; six more such centers have been built, which the government proposes to expand to 20 by the end of 2020.- As a result of the COVID-19 pandemic, there recently has been a big push for more adoption of the enterprise AR technology. The sudden need for virtual meetings, remote collaboration, more efficient workflows and reduced IT costs is working in favour of AR technology in the enterprise. For instance, VeativeLabs headquartered in India offers employees in the power, oil and gas industry a safe training atmosphere where they can learn in a simulated world without being exposed to the hazards.Globally, the United States is assumed to be an extremely innovative market for enterprise AR software. Most of the organizations such as Google, PTC, Microsoft, and Daqri, among others, developing in this technology are present in the United States. Huge technology exposure and ease of availability of smart gadgets such as smartphones that include AR software have created a strong enterprise AR software market.- Though China governs the gaming sector, Japan is the third-largest market according to revenues and makes over USD 14 million a year. The country’s gaming companies are some of the major adopters of advanced AR technologies at a global level. According to the Computer Entertainment Supplier’s Association, the Japanese gaming market was expected to reach approximately JPY 1.59 trillion by fiscal year 2025, up from close to JPY 1.4 trillion in fiscal year 2018. Some of the notable Japanese players in AR software space include names such as GrapeCity, Cluster and HADO (Meleap Inc.).NexTech AR Solutions based in Canada, announced that it has signed a letter of intent to acquire interactive video solutions provider Jolokia in an all-stock transaction. According to the deal, on closing, NexTech AR would require an initial payment of 1 million shares in restricted stock priced at USD 1, with a 12-month earn out if certain revenue milestones are hit of an additional USD 4 million in restricted stock.Competitive LandscapeThe Enterprise AR software market is competitive and consists of several players. Many companies are increasing their market presence by introducing new products, expanding their operations, or entering into strategic mergers and acquisitions.- October 2020 - Librestream announced that Siemens Energy selected the Librestream Onsight augmented reality platform for its Connected Worker solution. Siemens Energy is deploying the Connected Worker solution across its thousands of field service workers as well as external contractors who together service thousands of global energy and power customers. The partnership with Librestream also enables Siemens Energy to directly offer the Connected Worker solution to its customer base.- August 2020 - RE’FLEKT began officially selling the Microsoft HoloLens 2 as an add-on to their AR software packages. The move comes after RE’FLEKT, successfully launched their REFLEKT ONE software on the HoloLens 2 with Bosch at IAA 2019. By pre-packaging as a joint software and hardware bundle, they easily provide enterprise customers with everything they need for industrial machine maintenance, operations and training – from content creation to deployment on the included HoloLens 2.Reasons to Purchase this report:- The market estimate (ME) sheet in Excel format- 3 months of analyst supportRead the full report: https://www.reportlinker.com/p05989484/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________ CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001

  • PS5 stock update: PlayStation boss says ‘absolutely everything is sold’ as Sony looks to increase supply
    Business
    The Independent

    PS5 stock update: PlayStation boss says ‘absolutely everything is sold’ as Sony looks to increase supply

    PlayStation has said that “absolutely everything is sold” as fans still struggle to get hold of new PS5s. The company is working hard to fix the problems with supply but sounds unlikely to have significant amounts of new consoles in the future, according to an interview with Jim Ryan, Sony Interactive Entertainment’s chief executive. Mr Ryan said that the Covid-19 outbreak may have impacted the amount of consoles available, but not significantly.