In 2016, the market for Augmented Reality software reached USD 2.13 billion. It is expected to reach USD 35.22 trillion by 2022. This forecast period will see a CAGR (57.36%) of 57.36%. The base year for the study is 2016. It was predicted to increase in the years 2017–2022. AR software is driving the market. This includes applications for business, consumer, medical, and commercial purposes. The rising interest in augmented reality technology by large tech companies is one of the main drivers of this sector. The most promising future device has been identified to be the smartphone. As smart phones and AR browsers gain more attention, consumers have started to accept the Human-Computer Interface (HCI).
The market analysis is followed by a SWOT analysis on Augmented Reality.
Strengths
> AR-based software applications are increasingly in demand in the medical sector for 3D visualization.
> Augmented reality is a growing interest in large tech companies.
> Augmented reality is becoming more important in the retail and e-commerce industries.
Weakness
> A limited user interface (UI) can slow down AR apps’ navigation performance.
> The processing power and storage capacity are limited.
> Reliance on technological achievements in a computer and digital network advances.
Opportunities
> The number of investments in Augmented Reality (AR), is increasing.
> Augmented Reality is being used more in the tourism industry
> There are many opportunities in the automotive and industrial industries.
Threats
> The adoption rate is low due to privacy concerns and design complexities.
> Reconfiguration of applications for different platforms.
Where is AR Training Used?
AR technology is not just limited to games. Many companies have realized its potential and have created immersive apps to help them take advantage. Let’s take a look at some examples of Augmented Reality training in different industries.
Manufacturing: Augmented reality allows employees, executives, product developers and managers to collaborate. This will ensure that quality issues or manufacturing flaws are detected before the product reaches its final consumer. Augmented reality can be used by product developers to create 3D models of new products and then introduce them to production.
Construction: AR is the fusion of 3D digital models and real-world buildings sites for engineering, design, and construction. AR can be used to increase efficiency by connecting design and construction teams within a virtual world.
Automobile: Salesmen can demonstrate automobile functions in showrooms by using a headset or a smartphone cam. This system allows for the visualization of large amounts of data that overlap, such as interior and exterior elements, performance, weight and finance.
Healthcare: More life sciences companies are using Augmented Reality (AR), which combines the physical and virtual worlds to bring new therapies to life. AR allows for rich interactive experiences that show how new medical technologies and medications interact with the body. This technology could be used by brand teams or content suppliers to improve the engagement of healthcare professionals.
Education: It makes education more engaging, attractive, and improve learning capability by including images, video and content. Augmented Reality in Education can improve tech learning and teaching to advanced levels, such as the ability to change old teaching methods and skills. This allows for more innovative learning.
How does AR training work?
Augmented Reality allows you to create a virtual world from real-world footage. Digital objects, people, and models can be added to the screen. The screen’s graphics create an environment where digital and physical models can coexist.
An app for training forklift operators might tell users to lie down and point the camera at their feet. This app will show them virtual pedals and driving controls beneath their knees.
AR is now focused on smartphones, due to the high number of smartphones that have front-facing cameras and the ability of lightweight options that can meet this requirement. Many companies are trying to get into the smart glasses market. There are some leading AR companies in India that are currently on the market. Other companies are in the pipeline.
What are Some Augmented Reality Training Benefits?
Augmented reality could be used by an enterprise to increase training efficiency, or even to replace existing programs. It is possible to see great results and immediate benefits if you apply it in your business. This will not only benefit the individuals being trained, but also the entire company. These are just a few examples.
Benefits for Business
> Employee engagement and retention are improved.
> Complex concepts and topics are simplified.
> The universality of the solution has resulted in lower expenses.
> Because the logistics are straightforward, there is no need to purchase any specific equipment or teachers.
> You can easily expand the scope of your application to include other positions.
> Updates can be made automatically in hours.
Benefits for Employees
> It is easier to understand information.
> Learning can be done anywhere and at any time.
> Each person learns with augmented reality at their own pace.
> Safety is not at risk.
> External pressure and stress are not present
Final Thoughts
Augmented Reality makes our lives easier. AR can be used in almost any industry. It is a key driver of growth and income in all industries, including Education, Healthcare and Entertainment as well as Manufacturing and Oil and Gas. Grand View Research estimates that the global AR market will grow at a 43.8 percent CAGR and reach USD 340.16 million by 2028.
