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Portland, OR, Feb. 24, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global augmented reality in BFSI market garnered $763.23 million in 2021, and is estimated to generate $5.9 billion by 2031, manifesting a CAGR of 23.2% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.    

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Report coverage & details: 

Report coverage	Details
Forecast Period	2022-2031
Base Year	2021
Market Size in 2021	$763.23 million
Market Size in 2031	$5.9 billion
CAGR	23.2%
No. of Pages in Report	320
Segments covered	Component, Deployment Mode, Applications, End User, and Region.
Drivers	Rise in adoption of augmented reality in BFSI among the end user
	Enhancement in visualization of data using augmented reality (AR)
Opportunities	Growing usage of AI in augmented reality in BFSI market
Restraints	The cost of adopting augmented reality in BFSI is high, which led difficulties for the small lenders to adopt the technology

Covid-19 Scenario:    

• The COVID-19 pandemic had a moderate economic impact on the augmented reality in BFSI industry. 
• Additionally, the demand for remote operational tools was fueled by the COVID-19-induced lockdowns and strict social distancing policies, which resulted in an increase in digital penetration in the global augmented reality in BFSI market. 

The report offers a detailed segmentation of the global augmented reality in BFSI market based on component, deployment mode, applications, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years. 

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By component, the hardware segment contributed to nearly half of the global augmented reality in BFSI market share in 2021. The software segment is projected to maintain its lead in terms of revenue during the forecast period. Also, the same segment would display the fastest CAGR of 25.7% throughout the forecast period. The services segment is also assessed in the study. 

By deployment mode, the on-premise segment accounted for the highest share in 2021, contributed to nearly three-fifths of the global augmented reality in BFSI market. The cloud segment is expected to maintain its lead in terms of revenue during the forecast period. Also, the same segment is expected to manifest the fastest CAGR of 26.6% throughout the forecast period. 

By applications, the APIs and SDKs segment held the largest share in 2021, garnering more than two-fifths of the global augmented reality in BFSI market revenue, and is projected to maintain its dominance in terms of revenue during the forecast period. The costumer relationship manager (CRM) segment, on the other hand would showcase the fastest CAGR of 29.0% during the forecast period. The report also analyzes application delivery networks, content delivery networks, and other segments. 

By end-user, the banks segment held the largest share in 2021, garnering nearly half of the global augmented reality in BFSI market revenue, and is anticipated to maintain its lead in terms of revenue during the forecast period. However, the NBFCs segment would showcase the fastest CAGR of 27.4% during the forecast period. The report also discusses the insurance companies, and credit unions segments. 

By region, North America held the largest share in 2021, contributing to nearly two-fifths of the global augmented reality in BFSI market revenue, and is projected to maintain its dominance in terms of revenue during the forecast period. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 26.9% during the forecast period. The other regions analyzed in the study include, Europe and LAMEA.  

The key market players analyzed in the global augmented reality in BFSI market report include Oracle, VisionLabs, Samsung, IBM, Microsoft, Blippar Group Limited, IBM, Magic Leap, Inc., 3rockAR, Vuzix, Plain Concepts. 

The report provides a detailed analysis of these key players in the global augmented reality in BFSI market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, product portfolio, operating segments, and strategic moves of market players to showcase the competitive scenario.   

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Key benefits for stakeholders 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the augmented reality in BFSI market analysis from 2022 to 2031 to identify the prevailing augmented reality in BFSI market opportunity. 
• The market research is offered along with information related to key drivers, restraints, and opportunities. 
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 
• In-depth analysis of the augmented reality in BFSI market segmentation assists to determine the prevailing market opportunities. 
• Major countries in each region are mapped according to their revenue contribution to the global market. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
• The report includes the analysis of the regional as well as global augmented reality in BFSI market trends, key players, market segments, application areas, and market growth strategies. 

Augmented Reality in BFSI Market Report Highlights 

Component  

• Hardware 
• Software 
• Services 

Deployment Mode  

• On-Premise 
• Cloud 

Applications  

• APIs and SDKs 
• Application Delivery Networks (ADNs) 
• Content Delivery Networks (CDNs) 
• Customer Relationship Management (CRM) 
• Others 

End User  

• Banks 
• Insurance Companies 
• Credit Unions 
• NBFCs 

By Region  

• North America  (U.S., Canada) 
• Europe  (UK, Germany, France, Italy, Spain, Rest of Europe) 
• Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 
• LAMEA  (Latin America, Middle East, Africa) 

Key Market Players : Microsoft, Samsung, IBM, 3rockAR, Plain Concepts, Vuzix, Oracle, Blippar Group Limited, VisionLabs, Magic Leap, Inc. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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