Top Companies in Augmented Reality Market | Key Players Outlook by VMR

The global Augmented Reality and Virtual Reality market is witnessing considerable growth owing to the training and infotainment market.

Top Companies in Augmented Reality Market | Key Players Outlook by VMR
Augmented Reality market

Upcoming Trends in the Augmented Reality Market

The Global Augmented Reality Market is valued at USD 16.92 Billion in 2021 and is projected to reach a value of USD 105.67 Billion by 2028 at a CAGR of 35.7% over the forecast period. Augmented Reality (AR) is the enrichment of the objects and spaces in the physical world through the use of computer-generated artificial, virtual and synthetic 3D elements. Different from virtual reality, AR does not replace the actual world, but rather it enriches the actual world environment with 3D digital elements. AR can be used in many different fields, such as military research, the games industry, medicine, and engineering, and is becoming increasingly widespread as innovative technology and an interdisciplinary field. In particular, the fact that mobile devices such as smartphones and tablet computers have more powerful processors, higher-resolution screens, and more highly-developed cameras, and are empowered with features such as GPS, digital compasses, and accelerometers, has contributed to AR becoming ever more widespread

In recent years, AR applications have become widespread very rapidly. At the same time, market share in this area is growing and investments are increasing. Gartner Inc. published a new report titled "Gartner Hype Cycle for Emerging Technologies 2017" that sets megatrends. Artificial intelligence (AI), transparently immersive experiences, and digital platforms are currently reforming augmented reality market on a global scale.

Some of the key players operating in the augmented reality market are listed below:

Company Name

Revenue in USD

  • BioflightVR

<$5 Million

  • EchoPixel

<$5 Million

  • Proximie

$18 Million

  • Medical Realities

<$5 Million

  • Help Lightning Inc.

$6 Million

  • Orca Health

<$5 Million

  • AccuVein

$10 Million

  • Augmedix

$20 Million

  • SentiAR

<$5 Million

  • Meta

$409 Million

  1. BioflightVR

BioflightVR is a Los Angeles-based team of passionate doctors, content developers, and programmers dedicated to advancing immersive medical platforms. The company is a privately held organization consisting of 12 employees. The BioflightVR design group has won Emmy awards and Visual Effects Society awards for their pioneering computer graphics work on popular television shows CSI and ER.

  1. EchoPixel

EchoPixel is building a new world of patient care with its interactive, 3D medical visualization software. The True 3D system allows medical professionals to interact with patient-specific organs and tissue in an open 3D space emanating from a display, enabling doctors to immediately identify, evaluate, and dissect clinically significant structures. In diagnostic, surgical planning, and image-guided treatment applications, EchoPixel is a privately held, venture-backed company located in Santa Clara, CA.

  1. Proximie

Proximie is a technology platform that uses a combination of machine learning, artificial intelligence, and augmented reality to allow clinicians to virtually ‘scrub in’ and collaborate with each other from anywhere in the world.  The company is a privately held organization consisting of 153 employees.

  1. Medical Realities

Medical Realities is an award-winning business offering medical training products, specializing in Virtual Reality and Augmented Reality. By using Virtual Reality, Medical Realities can reduce the cost of medical training, reach a wider audience & provide a completely safe learning environment for doctors, surgeons, and medical students. The company is located in London and has 15 employees working majority of them are students.

  1. Help Lightning

Help lightning is a B2B software as a service (SaaS) company specializing in remote assistance. It provides next-generation video collaboration services that enable a company’s experts to work virtually side-by-side with anyone needing help, anywhere in the world. The company’s cloud-based solution applies augmented reality features, including the merging of two video streams and the use of 3D annotation to improve real-time communications and solve difficult problems. Help Lightning Inc. is used for the installation, inspection, training, servicing, and repair of complex equipment and products.  With Help Lightning, customers see immediate performance improvements including an increase in first-time fix rates, fewer truck rolls, expanded workforce capacity, and an increase in end-customer satisfaction while enhancing service revenue and margin.

  1. Orca Health

Orca Health is a private healthcare technology company. Based in Salt Lake City, Utah, the company develops mobile patient education software for physicians on Apple iOS. Orca Health has collaborated with Harvard University to develop applications and e-books relating to the human heart.

  1. AccuVein

AccuVein Inc. is the global leader in vein illumination. The AV400 vein illumination system allows health care professionals to see a map of peripheral veins on the skin’s surface with the goal of improving vascular access procedures including blood draw, IV infusion, and blood donation as well as for avoiding veins for cosmetic injectable procedures.

  1. Augmedix

Augmedix, Inc. (Nasdaq: AUGX) provides automated medical documentation and data services to large healthcare systems and physician practices, supporting medical offices, clinics, hospitals, emergency departments, and telemedicine nationwide. The Company’s Ambient Automation Platform converts the natural conversation between physicians and patients into timely and comprehensive medical notes and performs a suite of related data services. These services relieve physicians of administrative burdens to enable more time for patient care. Augmedix’s proprietary platform uses automatic speech recognition, natural language processing, and clinical datasets to capture the ambient visit conversation and generate a structured medical note. The structured medical note data is then used to deliver additional data services. Quality is assured by trained medical documentation specialists.

  1. SentiAR

SentiAR is digital health, Software Company adding a new dimension to clinical practice in interventional procedures. Spun out of Washington University, we have developed the first 3D visualization platform using real-time holography of the patient's anatomy and catheter location with a goal to empower clinicians with more control and better precision to provide safer delivery of care.

  1. Meta

Meta Platforms, Inc., doing business as Meta and formerly known as Facebook, Inc., and Inc., is an American multinational technology conglomerate based in Menlo Park, California. The company is the parent organization of Facebook, Instagram, and WhatsApp, among other subsidiaries. The company is listed as FB (NASDAQ) in the stock exchange market. In 2021, the company generated revenue of USD 85.96 billion and has 71,000 employees working.  

Recent Developments

Artificial Intelligence (AI) in Augmented Reality (AR):  Incorporating AI components, such as deep learning and ontology, into AR, these strategies can be greatly improved. For example, the artificial intelligence algorithm can be applied to AR to offer users improved interactions with their physical environment. The AI algorithm can be used to collect more data that’s detailed to multiple complement AR sensors, such as gyroscopes and GPS.