The global AR media and immersive video content apps market is expected to register a market share of USD 34.6 billion in 2019 at a CAGR of 35.7% during the forecast period.
The global AR media and immersive video content apps is a technology-based elevation in standard media streaming to multi-dimension virtual and holographic surroundings providing a complete perspective of a real environment. With the development of digital technology, the combination of 3D technology with human sensory capabilities is set to create a significant evolution in media streaming and data sharing medium standards. Partnerships and collaborations between the system developers and application industry operators using AR technology are expected to emerge as a key driving factor for market growth.
Technological developments, integration of content creation platforms with AR technology, and mass development of apps are expected to bolster the global market growth. The application of AR media and video content apps has increased at considerably within the enterprises and end-use consumers, creating lucrative market growth opportunities.
Hardware device management and development plays a vital role in the immersive media ecosystem. Smartphone applications embedded with advanced operating systems such as Android and iOS have increased the availability of AR integrated applications. The introduction of Software Development Kits (SDKs) has attracted UI/UX developers towards AR technology over traditional performance management services offered by smart devices.
Governments and regulatory authorities as policymakers play a critical role in encouraging the use and development of immersive video content apps. Several governments are expected to form favorable regulatory authorities to propel the market growth during the forecast period.
Many retail chains have released AR-based apps to elevate the customer experience, increase customer engagement and establish strong relations with potential customers. This helps companies penetrate within the regional markets, connect with potential customers on social media platforms, and create different revenue streams beyond their flagship stores and location-based physical outlets.
AR technology facilitates education using interactive elements and initiating in-depth learning by providing students actual interaction with the elements. The startups, such as Immersive VR Education and zSpace integrate AR technology in the education sector.
Established global theatre operator, IMAX, has initiated operations to equip theaters with advanced AR-based capabilities and immersive video content to propel the operations in location-based entertainment. The deployment of Walt Disney World by Walt Disney is further expected to boost the AR and immersive video content apps’ sales globally.
Based on platforms, the android segment is projected to account for a high share in the global market during the forecast period as majority of the consumers use android devices. Android-based smartphone applications are expected to drive segmental growth across the globe. The development of various immersive content video apps on the android platform is also projected to boost segmental market growth.
Based on application, the media and entertainment, and gaming segments are projected to exhibit a high share in the global AR media and immersive video content apps market. The immense popularity of the video game, Pokemon Go, has made evident the interactive experience offered by AR technology and immersive content.
The capability to provide immersive and interactive experience has encouraged several content creators and technology-based service providers to create AR-based content, increasing the applications in the gaming sector. Several consumers in media and entertainment industry are striving to present their creation in a more expressive and technology-driven format which is expected to attract more audience and thus propel the market growth.
North America is expected to observe the highest market share during the forecast period. Progressive technological advancements and significant research operations to integrate AR and immersive video content apps in the end-use industries propelled the market applications.
According to the study by the NASSCOM Foundation, In 2018, the U.S. alone has witnessed an investment of USD 3,300 million in AR technology. Currently, from the total investments made in the global immersive media and AR technology market, nearly one-third share is directed to the U.S., and the same investment scenario is estimated to grow further by 2029.
Recently in the U.S., the housing rental and leasing business have observed a considerable integration of AR technology which provides considerable ease to landlord, estate agents and buyers. Use of 360° cameras to capture photos and videos gives idea of the property to the buyers and also help them to navigate the area without physical presence at the location. Agents and buyers can provide panoramic projections of the distinctive features of the property to attract customers and buyers towards the property. Thus, increasing applications and promising benefits imparted by the technology is expected to provide lucrative growth opportunities for regional market growth.
Asia-Pacific is projected to emerge as the most lucrative market spearheaded due to the presence of developing countries like China and India. Growing favorable applications and indicative implications are projected to bolster the regional market growth. Larger engagement in the video gaming applications integrated with immersive content and AR technology in the artwork and prominent media and advertising consumption by the application developers of China is expected to provide spurring growth for the region.
Indian startup ecosystem s expected to serve as a crucial factor in adoption and elevation in interest for immersive media and immersive experiences across different sectors such as retail tech, education, and media entertainment. According to our analysis, between 2013–2018, more than 70 startups laid the foundation for the prominent growth of AR media and immersive video content apps in the Asia-Pacific region.
the major key players in the global AR media and immersive video content apps market are
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