Augmented Reality Software Market size worth $ 137.14 Billion, Globally, by 2028 at 57.21% CAGR

Verified Market Research

Increasing demand for AR devices in the medical sector and growing demand for AR in the e-commerce, consumer, commercial sectors and retail industries are the factors driving the market growth of the Augmented Reality Software Market.

JERSEY CITY, N.J., April 13, 2022 /PRNewswire/ --  Verified Market Research recently published a report, "Augmented Reality Software Market" By Vertical (Enterprise, Oil & Gas, Mining, Telecom, Aerospace & Defense), By Technology (3D Modelling, Workflow Optimization, Visualization, Navigation), and By Geography. According to Verified Market Research, the Global Augmented Reality Software Market size was valued at USD 8.59 Billion in 2020 and is projected to reach USD 137.14 Billion by 2028, growing at a CAGR of 57.21% from 2021 to 2028.

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Global Augmented Reality Software Market Overview

The primary factor driving the market growth is increasing demand for AR devices in the medical sector, increasing investments in the augmented reality market, growing demand for AR in the e-commerce and retail industries, increasing demand for augmented reality software in consumer electronics, increasing demand for AR-based applications in the automotive sector, and rising technological advancements in medical applications are the significant others factors boosting the market growth of the Augmented Reality Software Market.

Moreover, increasing demand for augmented reality in architecture, developing partnerships between telecom companies and AR manufacturers to decrease latency to invisible levels, and growing travel and tourism industry growth are opportunities for the Augmented Reality Software Market in the coming future. However, growing security and privacy issues related to augmented reality and extreme usage of augmented reality can occur health problems, fixed processing power and inadequate storage capacity, and dependent on the technological products on the advances in computers and digital networks, which are the significant factors hindering the market growth and will challenge the Augmented Reality Software Market in the future.