Future of AR in Social Media Market 2020 Comprehensive Study for Industry Professionals

According to the AllTheResearch analysis, the global AR in social media Market was valued at US$ 42.7 million in 2018 and is expected to reach US$ 411.4 million by the year 2023, growing at a CAGR of 57.3%.

Social media companies are one of the most prominent users of augmented reality (AR) technologies. Companies are fully utilizing this booming technology to provide users with a more personalized, integrated experience. The growth of AR in social media Market is mainly propelled by the growing use of mobile or connected devices to better integrate the apps with AR.

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An increasing number of companies are investing in the AR technology. The foremost reason why AR has become such a promising technology is that many companies are now utilizing the potential of the technology by creating real-time image filters and a geo-tagging function that enables users to get information about the location of their family and friends. AR technologies have enabled many brands to manage audience engagement. For instance, Facebook has aligned with over 700 brands to accomplish the companies’ AR plan of developing an enhanced advertising platform powered by augmented reality technology. These are the factors that are propelling the demand for AR in social media Market.

AR is being progressively used by companies to gain more and more footprints in social media marketing and beyond. Various brands such as Lenskart and Shoppers Stop are leveraging AR experiences on social media platforms like Facebook to interact or connect with customers. Facebook has announced a camera effects platform that turns smartphone cameras into the first AR platform, giving an opportunity to developers and artists to create effects for the Facebook camera. The key elements of its AR camera effect platform are AR Studio and Frame Studio that have allowed Facebook users to create a full spectrum of camera effects, from simple frames to interactive augmented reality (AR) experiences.  Also, YouTube, with its many social media elements, has recently added Snapchat-like AR selfie filters for YouTube Stories.

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Another key application of AR in social media Market is that it helps users imitate in-store shopping by providing consumers the chance to use filters and other AR features to try out products for themselves. Some of the popular social media websites are incorporating AR to deliver personalized learning experiences. For instance, 3D advertisements are created using AR where the audience not only sees but feels the ads around them, which gives an immersive experience.

AR in social media Market Segmentation:

By Raw Materials: Silicon, GaN, SiC, Glass, Plastic, Metals, SiC, Others.
By Components: Camera, Sensors, IMU, Displays, Processor, Memory, Graphics, Audio, Module, Others.
By Services & Solutions: Documentation, Visualization, 3D modelling, Navigation, Workflow optimization, Others.
By Applications: 3D Modelling/ Design.
By Products, Parts and Devices: Handheld Devices.

Global AR in social media Market:

The AR technology has affected the way in which individuals create, communicate, and share content through social media.

Handheld devices account for a significant share in the AR in social media Market. Users are now creating immense potential for AR technologies. The rapid utilization of tablets, smartphones, and other personalized devices has enabled them to explore and create a brand-new experience of engaging themselves in events and initiatives. AR has allowed users to display virtual images by accessing smartphone features such as GPS, camera, sensors, and display.

The US is leading the market in terms of AR adoption in social media platforms. The presence of leading companies in the country deploying AR technology such as Facebook, Inc., Snap Inc., and others, and the high adoption rate of AR are some of the factors for the dominance of the country. Further, rising investments by social media companies in the country are also creating lucrative opportunities for the AR technology.

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For analyzing AR in social media Market, we have studied several trends that are impacting the market and interconnected markets. Our Interconnectivity module focuses on the key nodes of heterogeneous markets in detail. Artificial intelligence, industrial IoT, 5g technology, sensors, and connected devices markets are some of our key researched markets.

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