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.
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.
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.
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.
Key Players Operating in the Global Spatial Augmented Reality Market Include:
- Apple Inc.
- Dimenco B.V.
- HTC Corporation
- Magic Leap, Inc.
- Microsoft Corporation
- Oculus VR
- Realmax Inc.
- SAMSUNG ELECTRONICS CO., LTD.
- Snap Inc.
- Sony Interactive Entertainment Europe Limited.
- Topcon Corporation
- Trimble Inc.
- VRgineers, Inc.
Global Spatial Augmented Reality Market: Research Scope
Global Spatial Augmented Reality Market, by Display
- Surround Screen
- Desktop Configuration
- Embedded Screen
- Diagonal Screen
- Transparent Screen
Global Spatial Augmented Reality Market, by End-user
- Media & Entertainment
- Retail & e-commerce
Global Spatial Augmented Reality Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.