Analysts predicted that investments on augmented reality apps will pass the US$2.5 billion milestone in 2018. The retail and marketing segment is said to account for 68% of the investments.
Presently, yearly investments made towards the augmented reality market are expected to reach US$670 million this year. This came after a huge increase in demand over augmented reality applications, a unique form of mobile experience connecting the virtual and the real.
While 68% of the market is comprised of retail and marketing applications, standalone apps and enhancements account for 10% and 22% of the industry, respectively.
Aapo Markkanen, ABI Reasearch's senior analyst said that the current prominence of cloud technology is a natural breeding ground for augmented reality growth. Augemented reality app developers have been thriving in the current cloud-based technological landscape, according to Markkanen.
"The leading SDKs, Qualcomm's Vuforia and Metaio, introduced cloud recognition capabilities last year, and it's exactly moves like those that will help bringing AR to the mainstream," he added.
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