The AR market is expected to reach $6000 billion by 2023

Augmented reality (AR), also known as spatial computing is known as the technology of the future. It is continuously growing and expanding into various industries. Spatial computing is a broad term which refers to the way humans interact with computers in the same surrounding. Spatial computing machines occupy the same space as humans rather than being constrained to on location. Many technology enthusiasts believe that AR is going to change we interact with technology. According to Markets and Markets, the AR is expected to reach $60,55 billion worldwide by 2023, growing at a CAGR of 40.29 percent during the forecast period comprised between 2018 and 2023. Top investors have already shown interest in the AR market.

With the ever-growing usage of smartphones, tablets, and other devices in the market the AR software market will experience the growth by 2023. Due to increasing demand for AR in healthcare, retail, and e-commerce, there is a huge potential for AR implementation in architecture and the enterprise industry. Billion dollar companies like Google, Apple, Intel, Samsung, and Facebook has shown interest in the investment and acquisition of AR. The Augmented Reality let humans and machines to interact with each to create a final product. This is also changing the way businesses use to make their presentations.

Virtual Reality and Augmented Reality isn’t just limited to gaming anymore. These have proved as game-changing tools for many industrial applications. Virtual, Augmented and Mixed Reality technologies have been improving very fast. A few years back, these were limited to gaming and entertainment space only but now it is using in the smart city planning. In the construction industry, immersive technology helps to develop smart cities with augmented reality. AR technology is becoming a crucial part of the construction industry. Cities collect huge amounts of data. AR technology can make this data easy and visible for stakeholders. Architects and city planners consider it as an integral part of the more creative and straightforward approach.

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