5 Key Augmented Reality Statistics you must know

Augmented Reality is not only an upcoming exciting technology but also a business opportunity with numerous applications. But, how exactly is Augmented Reality gearing the future for advancement? In this blog, KKWIEER lists out 5 such AR statistics that can help you understand the current state of the industry and also its potential growth in the near future.

By 2022, the number of augmented reality monthly users could reach 2 billion.

According to research, this growth will be justified mainly by the increasingly advanced software development kits allowing more developers to include augmented reality in their apps.

The estimated AR market by 2024 is valued to be $50 billion

The AR market is a rapidly growing industry with an estimated market value of $50 billion by 2024. AR has the potential to impact every corner of the economy, from entertainment to healthcare. As investment in AR becomes increasingly rapid by big tech, we can expect to see AR becoming a more integrated element.

The AR software market is expected to reach $35.22 billion by 2022

Various mobile apps will enrich the world of education, healthcare, and entertainment. While some of them will offer in-app purchases, others may apply a blend of free and premium monetization models.

More than 5% of AR use will be in retail by 2022

Most people tend to associate AR solely with the entertainment industry. But, the reality is that AR will become a more and more integral part of our lives in the near future. Retail is expected to account for more than 5% of AR use by 2022. This also means AR can help businesses increase conversions by up to 40%.

More than 32% of consumers use AR while shopping

The customers’ purchasing approach is constantly changing. In 2020, more than 32% of consumers used AR while shopping. The unique opportunity presented by AR helps engage customers and also to focus the consumer on the USPs of the product. With 73% of mobile users reported positively, AR is bringing in extremely high levels of satisfaction for consumers.

AR is no longer a far-fetched technology; the meteoric rise of this technology proves that it’s here to stay, and for a good reason. What are your thoughts about this technology?

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