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Augmented Reality is undergoing rapid changes with shifts in consumer behaviors. Major sectors have been using the technology to interact between the 3D visual objects in real-time and the real world. The sectors using these technologies include e-commerce, gaming, healthcare, tourism, education, and construction.
AR technology has been widely useful during these pandemic times. And so several brands, retailers, and companies have been turning towards VR and AR technologies to enable consumers to preview products before buying them.
According to the Grand View Research report the global AR market size value was $17.67 billion in 2020 and is expected to grow at a CAGR of 43.8% between 2021 to 2028.
An IDC report estimated that the worldwide spending on AR/VR products and services is anticipated to see a surge of 54% until 2024.
Here are 5 AR stocks to keep an eye on, with booming AR adoption
Apple is planning to release its AR headset and AR glasses to build its AR market. The open-source tool of Apple's ARKit 4.0 of augmented reality development is gaining more popularity. This tool also introduced a tool for outdoor AR navigation called Geo Tracking.
Alphabet is owned by Google. It is introducing publicly-made street view photos. As long as the Android user has an ARCore-capable smartphone, Google will accept submissions for Street View photos. Google's AR Live View walking directions for Google map added to improve the experience of the user.
Facebook is working on its AR wearable for all-day use. It is expected to be released between 2023 to 2025. FB is planning to launch its first pair of smart glasses in 2021 with AR technology. Facebook is yet to introduce tools for brands to include AR product catalogs in ads.
Microsoft uses AR for its Hololens that is based on mixed reality combined with AR/VR. Microsoft is also riding to expand on AR glasses which can help in CT and MRI imaging of the patient.
Snapchat's parent Snap is well known in the AR-supported ad market for its filters and lenses. In 2020 Snap launched its first-ever 5G enabled Landmark Lens which uses AR technology.
