The augmented reality software market was valued at USD 2.13 billion in 2016 and is expected to reach USD 35.22 billion by 2022, growing at a CAGR of 57.36% during the forecast period.
The increasing demand for AR-based software applications for 3D visualization in the medical sector, growing interest of large tech companies in AR, and increase in demand for AR in the e-commerce and retail sectors are the major drivers for the augmented reality software market. However, the limited processing power and inadequate storage are some of the factors restraining the growth of the augmented reality software market.
Augmented reality is used in the enterprise vertical mainly for the training of personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. Traditionally, training was conducted using classroom methods; however, the introduction of augmented reality has helped enhance the training methodology. Augmented reality would also help in conducting assembly, maintenance, and repair tasks smoothly and reduce the chance of errors. This would help boost the market for the enterprise vertical.