Impact of COVID-19 on the Global Augmented Reality (AR) Market
Augmented reality is a technology that superimposes a virtual image on a user's view of the real world. Digital information is incorporated into the physical environment whose elements are augmented with inputs such as video, sound, or graphics. The increasing penetration of advanced technologies across industries such as consumer electronics, automotive, and retail is responsible for driving the growth of the augmented reality market. Besides, the increasing adoption of mobile devices across the globe is driving market growth, as it appears to be the most convenient form of augmented reality. The COVID-19 pandemic has spread across the world and impacted various industries both positively as well as negatively. The world is struggling against the pandemic, which has slowed down the global economy. The COVID-19 pandemic has positively impacted the augmented reality market. AR solutions are expected to contribute substantially to the healthcare sector in combating the spread of COVID-19. AR is expected to improve the current healthcare situation and assist the hospitals by providing medical training as well as evaluating the arrangements for surgical procedures. Augmented reality (AR) helps doctors perform surgeries more efficiently. The outbreak of the pandemic is likely to inspire pharmaceutical vendors to increase their R&D investments in AI, which acts as a core technology for enabling various initiatives.
The increasing adoption of digital media is one of the major factors driving the growth of the market. The number of people staying at home has increased the number of Internet users across the world. The closure of schools, colleges, and institutions for an indefinite period owing to the spread of the COVID-19 outbreak has boosted the demand for online learning, as schools struggle to keep pace with the predetermined academic calendars. On the flip side, COVID-19 has affected manufacturing operations across the globe. The delays in the production of consumer electronics products such as smartphones, tablets, smart glasses, and wearables, due to the lockdowns imposed, are hindering the growth of the market.
The Asia-Pacific is expected to dominate the market over the forecast period owing to the increasing adoption of mobile devices and rising investments in AR devices. North America holds the largest share in the market due to the growing investments in smart devices, as well as the rapid adoption of the technology, which is driving the demand for the augmented reality market. The resumption in the manufacturing activities of consumer electronics devices is expected to fuel market growth over the forecast period.