Augmented Reality Industry Will Boom Due to Innovative Interactive Experiences

Although, there have been isolated Augmented Reality (AR) applications for many years, the technology needed to fully realize their promise has just lately become available. In essence, AR creates pictures or animations that are superimposed on the real world using large amounts of data and analytics. The majority of AR apps are currently supplied through mobile devices, but distribution will gradually move to hands-free wearables like head-mounted displays or smart glasses.

According to Fortune Business Insights, the global market for augmented reality could be worth USD 1,109.71 billion by 2030 with a CAGR of 50.7% over the forecast period. The market stood at USD 42.20 billion in 2022 and reached USD 62.75 billion in 2023. 

How is AR useful?

AR adds value to businesses in two main ways: first, by becoming a component of products, and second, by enhancing performance throughout the whole value chain, including in the areas of product development, production, marketing, service, and a variety of other areas.

Fortune Business Insights^TM Presents the Top Augmented Reality Companies in the World

1. Magic Leap, Inc.

Magic Leap, Inc., a global leader in the augmented reality industry, develops, and deploys advanced AR solutions with human computing interfaces and software. It offers AR solutions like ArborXR, Arvizio, Avrio Analytics, Geopogo Inc., and more.

July 2022: The company announced a strategic partnership with NavVis, a provider of digital and reality capture factory solutions, to enhance the use of AR applications across various industries, including manufacturing, automotive, retail, and the public sector.

2. Upskill (TeamViewer)

In the augmented reality industry, Upskill is a big player, and now the company has been acquired by TeamViewer, which will integrate its AR platform, into TeamViewer products, offering more features and capabilities to connect with customers. The company offers products such as TeamViewer Frontline and TeamViewer Assist.

July 2022: The company announced a partnership with Siemens Digital Industries to integrate TeamViewer's enterprise AR platform Frontline on Siemens Teamcenter software, a Product Lifecycle Management (PLM) solution based on immersive experiences with interactive and 3D content, to improve the product improvement process.

3. Vuzix

A leader and one of the top augmented reality companies in the market for augmented reality Vuzix engages in the design, manufacturing, marketing, and sale of visual components, AR solutions, smart glasses, and waveguides. The company provides smart wearable display and computing products that enable the development and deployment of AR applications. It offers products such as Vuzix Blade smart glasses, M400 and M4000 smart glasses, and Vuzix Shield smart glasses.

December 2022: The company announced a collaboration with Fujitec, the global manufacturer of escalators, elevators, and moving walkways, that will deploy Vuzix M400 smart glasses to support engineers working in the areas of elevator training and maintenance in Japan.

4. Qualcomm Technologies, Inc.

Qualcomm Technologies, Inc., a well-known company in this industry, offers XR, AR, and VR solutions that deliver superior mobile AR at low power. The Qualcomm Snapdragon XR1 Platform is designed to provide an efficient, diverse computing solution that is optimized from end-to-end users' perspectives. The Snapdragon AR Smart Viewer consists of a Snapdragon XR1 chipset on the glasses that helps in sharing processing with a connected Snapdragon 5G PC device or smartphone.

March 2022: Square Enix announced a partnership with the company by deploying Snapdragon XR Developer Platform to create new games by taking advantage of emerging AR technologies.

5. Meta

The company builds technology and engages with the products through personal computers, mobile devices, wearables, virtual reality (VR) headsets, and in-home devices that enable people to connect and share with friends and family. The company is divided into two business segments: Reality Labs (RL) and Family of Apps (FoA). RL includes our augmented and virtual reality-related consumer hardware, software, and content.

January 2023: The company collaborated with Luxexcel, a manufacturer of 3D-printed prescription lenses that will integrate smart lens technology into its AR business.

6. PTC

PTC industrial AR offers to build and deliver consumable work instructions by covering digital content in real-world work environments. It provides Vuforia AR technology, which allows digital information to be visualized in a physical context, as well as advanced AR content development solutions to industrial enterprise customers in manufacturing, service, engineering, and operations.

March 2022: The company announced the agreement with RE’FLEKT, a provider of enterprise AR software and remote guidance solutions, to expand PTC’s AR technical expertise with RE’FLEKT intellectual property around the European market.

7. RealWear, Inc.

The company offers AR solutions with voice-controlled, hands-free industrial wearables that are designed around safety for the manufacturing industry. This technology displays a digital line of sight in the worker's eye without preventing their vision or taking their hands or attention off the task in front of them.

May 2021: The company collaborated with STIM, a fish health service provider, to deploy RealWear’s HMT-1 assisted reality wearable solution into the aquaculture industry. The adoption of the solution will enable STIM teams to increase operational productivity while reducing travel and helping the market for augmented reality grow.

8. Threekit, Inc.

Key company in the Augmented Reality Industry Threekit, Inc. offers an end-to-end visualization solution that gives brands the ability to create immersive product experiences using modern technologies. Threekit’s AR platform allows the customized product to be put into AR form in real time.

February 2021: Showpad, a global sales enablement provider, and Threekit announced a partnership to introduce AR and enhanced 3D visualization to strengthen buyer engagement and increase the effectiveness of sales experiences virtually.

9. Niantic, Inc.

The company develops and deploys advanced AR games and apps that connect the digital and physical worlds. It offers Lightship Platform tools for mapping, understanding, sharing, and developing the power to create innovative, real-world AR experiences and is a significant company in the market for augmented reality.

November 2022: The company partnered with Qualcomm to introduce a new outdoor AR headset that will be specifically used for outdoor use.

10. Avegant Corp.

It is a light engine design and manufacturing company that offers cutting-edge technologies with a compact, efficient, and manufactured AR light engine. The company's primary products are the AG-30L and 50L, which are likely to grow the market.

September 2021, Avegant introduced its newest products, the AG-50L 50° and 30L 30° LED light engines, which will reduce engine volume and weight while maintaining efficiency and allowing users to have a larger field of view and a more immersive AR experience. 

Should The Business Focus On AR Design And Deployment, Or Will Outsourcing Or Partnering Be Adequate?

Due to shortage of digital expertise, many businesses are vying to Gain access to it.

Many are unsure about whether to work with specialized software and service providers or hire and train AR employees. Since AR has the potential to have a significant impact on their industry's competition, some businesses are forced to regard expertise in the field as a strategic asset and engage in recruiting and developing it. Yet, businesses can collaborate with specialized software and service providers to make use of outside skills and technology if AR is vital but not absolutely necessary for competitive advantage.