Artificial Intelligence
$105+ Mn Augmented Reality (AR) and Virtual Reality (VR) Market is Expected to Grow at a CAGR of over 35.7% During 2022-2028 | Vantage Market Research
WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) — The “Augmented Reality and Virtual Reality Market Size, Share & Trends Analysis Report by Application (Consumer, Enterprise, Commercial, Others), by Organization Size (Large Enterprises, Small & Medium-sized Enterprises), by Industry Vertical (Gaming, Entertainment & Media, Aerospace & Defense, Healthcare), by AR Technology (Marker-based, Markerless, Anchor-based), by VR Technology (Non-immersive, Semi/ Fully Immersive), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” report has been added to VantageMarketResearch offering.
Synopsis:
The global Augmented Reality and Virtual Reality Market size is expected to reach over USD 105,676.7 Million by 2028, exhibiting a CAGR of 35.7% during the forecast period.
The global Augmented Reality and Virtual Reality Market are witnessing substantial growth owing to the training and infotainment market. Augmented reality is a field of computer research that deals with the combination of computer-generated data and the real world. Moreover, augmented reality involves co-operation with real-time and the data can be produced in real-time which is expected to increase the demand for augmented reality during the forecast period. In addition, augmented reality is used in various applications such as presentation, television, simulations (flying, driving), video games (physical interaction with 3d models) which is projected to drive the growth of the augmented reality market in the upcoming years. Besides, heavy penetration is the wide spectrum of application areas for the virtual reality technology. Moreover, the use of virtual reality in the healthcare sector is experiencing tremendous growth and thus driving the growth of the Augmented Reality and Virtual Reality Market during the forecast period. The rising demand for augmented reality devices in the healthcare sector, growing demand for AR in the retail and e-commerce sector are the major factors projected to boost the market growth during the forecast period. The easy accessibility of affordable virtual reality devices, increasing adoption of HMDs in various industries, growing digitalization, advancement in technologies, and high investments in the virtual reality market are the prime factors expected to drive the virtual reality market growth during the forecast period. Furthermore, growth in the mobile gaming industry, increasing internet connectivity, and increase in the use of consumer electronic devices are predicted to be the key factors contributing to the growth of the Augmented Reality and Virtual Reality Market during the forecast period.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Augmented Reality and Virtual Reality market is predicted to grow at a CAGR of roughly 35.7% during the forecast period.
- The Augmented Reality and Virtual Reality market was estimated to be worth roughly USD 16.92 Billion in 2021 and is expected to reach USD 105.67 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Augmented Reality and Virtual Reality market.
List of Prominent Players in the Augmented Reality and Virtual Reality Market:
- Google (US)
- Sony (Japan)
- Apple (US)
- Samsung Electronics (South Korea)
- Microsoft (US)
- HTC (Taiwan)
- Oculus (US)
- PTC (US)
- Seiko Epson (Japan)
- Lenovo (China)
- Wikitude (Austria)
- Magic Leap (US)
- Blippar (UK)
- Upskill (US)
- MAXST (South Korea)
- EON Reality (US)
- Vuzix (US)
- Cyber Glove Systems (US)
- Leap Motion (US)
- Atheer (US)
- Sixense Enterprises (US)
- Nintendo (Japan)
- Psious (Spain)
- Marxent Labs (US)
- Inglobe Technologies (Italy)
- Meta Company (US)
- Niantic (US)
- Augment (France)
- Mindmaze (Switzerland)
- Firsthand Technology (US)
- Worldviz (US)
- Virtuix (US)
- Survios (US)
- Intel (US)
- Real Wear (US)
- Merge Labs (US)
- SpaceVR (US)
- Virtually Live (Switzerland)
- Xiaomi (China)
- Panasonic (Japan)
- Dynabook Americas (US)
- Optinvent (France)
- Way Ray (Switzerland)
- Scope AR (US)
- Continental (Germany)
- Visteon (US)
- Talespin (US)
- Craftars (Romania)
- Scanta (US)
- Appentus Technologies (India)
- BIDON Games Studio (Ukraine)
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Market Dynamics:
Drivers:
Growth in the demand for augmented reality devices and their use in various healthcare applications during the forecast period is driving the growth of the Augmented Reality and Virtual Reality Market. The rising demand for AP in the e-commerce and retail sector due to the Covid-19 pandemic, increase in investments in AR technology are prime factors driving the growth of the AR and VR market during the forecast period. The increasing development in the travel and tourism industry and partnership between telecom players and augmented reality manufacturers to decrease latency in order to improve the imperceptible level is projected to drive the growth of the Augmented Reality and Virtual Reality Market during the forecast period.
Challenges:
An increase in privacy and security issues associated with augmented reality, and reconfiguration of applications for different platforms are the major factors limiting the growth of the Augmented Reality and Virtual Reality Market during the forecast period. Limited field of view and overcoming social challenges to increase the adoption rate of AR and VR is expected to hinder the growth of the market in upcoming years.
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Segmentation of Augmented Reality and Virtual Reality Market:
By Application -(Revenue- USD Million, 2016-2028)
- Consumer
- Enterprise
- Commercial
By Organization size-(Revenue- USD Million, 2016-2028)
- Large Enterprises
- Small- & Medium-sized Enterprises
By Industry Vertical-(Revenue- USD Million, 2016-2028)
- Gaming
- Entertainment & Media
- Aerospace & Defense
- Healthcare
- Education
- Manufacturing
- Retail
- Others
By Technology-(Revenue- USD Million, 2016-2028)
By AR Technology-
- Marker-based
- Markerless
- Anchor-based
By VR Technology-
- Non-immersive
- Semi/ Fully Immersive
By Region- (Revenue- USD Million, 2016-2028)
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East and Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Regional Trends:
APAC region is projected to lead the Augmented Reality and Virtual Reality Market and is estimated to grow at the highest CAGR during the forecast period. APAC is an emerging economy and is witnessing prime changes in the acceptance of the latest advancements and technologies. APAC region is witnessing an increase in the adoption of the latest technologies owing to the presence of numerous display panel manufacturers in the region. The Augmented Reality and Virtual Reality Market in the APAC region are projected to grow substantially in various sectors such as commercial, healthcare, and consumer which is responsible for the growth of the region. The increasing growth in consumer and commercial markets is the prime factor expected to drive the Augmented Reality and Virtual Reality Market in years to come. Moreover, growing commercial and consumer markets with the rise in investments in developing countries like India, China, and Japan are estimated to boost the growth of the Augmented Reality and Virtual Reality Market in the APAC region.
Recent Developments:
- In July 2021, Matterport, Inc; partnership with PTC Inc; to allow to generate an AR experience for large spaces, with PTCs augment reality software Vuforia studio and Vuforia engine, customers can enhance digital twin captured with Matterport platform with AR experience Known as Area Targets.
- In March 2020, Epson America, Inc., a partition of Seiko Epson Corporation of Japan, combined with 3D Holo Group (US), a company that focuses on AR software architecture and systems integration, to sell Epson’s AR glasses.
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Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Augmented Reality and Virtual Reality Market?
- How will the Augmented Reality and Virtual Reality Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Augmented Reality and Virtual Reality Market?
- What is the Augmented Reality and Virtual Reality market drivers and restrictions?
- What will be the CAGR and size of the Augmented Reality and Virtual Reality Market throughout the forecast period?
The report on the Augmented Reality and Virtual Reality Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Augmented Reality and Virtual Reality Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Application • Consumer • Enterprise • Organization Size • Large Enterprises • Small- & Medium-sized Enterprises • Industry Vertical • Gaming • Entertainment & Media • Aerospace & Defense • Healthcare • Education • Manufacturing • Retail • Others |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Google (US) • Sony (Japan) • Apple (US) • Samsung Electronics (South Korea) • Microsoft (US) • HTC (Taiwan) • Oculus (US) • PTC (US) • Seiko Epson (Japan) • Lenovo (China) • Wikitude (Austria) • Magic Leap (US) • Blippar (UK) • Upskill (US) • MAXST (South Korea) • EON Reality (US) • Vuzix (US) • Cyber Glove Systems (US) • Leap Motion (US) • Atheer (US) • Sixense Enterprises (US) • Nintendo (Japan) • Psious (Spain) • Marxent Labs (US) • Inglobe Technologies (Italy) • Meta Company (US) • Niantic (US) • Augment (France) • Mindmaze (Switzerland) • Firsthand Technology (US) • Worldviz (US) • Virtuix (US) • Survios (US) • Intel (US) • Real Wear (US) • Merge Labs (US) • Space VR (US) • Virtually Live (Switzerland) • Xiaomi (China) • Panasonic (Japan) • Dynabook Americas (US) • Optinvent (France) • Way Ray (Switzerland) • Scope AR (US) • Continental (Germany) • Visteon (US) • Talespin (US) • Craftars (Romania) • Scanta (US) • Appentus Technologies (India) • BIDON Games Studio (Ukraine) |
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html
Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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View original content:https://www.prnewswire.co.uk/news-releases/screenpoint-medical-leadership-transition-pieter-kroese-confirmed-as-ceo-302127719.html
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