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RIT News: William H. Sanders named RIT’s 11th president

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William Sanders, dean of Carnegie Mellon’s College of Engineering, has been named RIT’s next president.

ROCHESTER, N.Y., Jan. 28, 2025 /PRNewswire-PRWeb/ — William H. Sanders has been named Rochester Institute of Technology‘s 11th president. The current dean of Carnegie Mellon University’s College of Engineering was introduced to the RIT community on Jan. 28.

The RIT Board of Trustees selected Sanders from a national pool of candidates. He will assume RIT’s top post July 1, succeeding David Munson who will retire after serving eight years as RIT’s president.

Sanders will lead one of the nation’s leading research universities that enrolls more than 21,300 students in more than 200 career-oriented and professional programs. With 150,000 alumni worldwide, RIT is internationally recognized and ranked for its leadership in technology, the arts, and design.

“It is clear to me that Rochester Institute of Technology is a very special place,” said Sanders. “RIT has taken a unique approach on its path to excellence, working at the intersection of technology, the arts, and design. RIT’s acceleration in excellence has been due to charting its own way—being strategic in picking the intellectual areas that it focuses on and creating an identity that does not seek to replicate what others are doing.”

Sanders added: “The entire RIT family should be proud of what they have created—a university that is relentlessly forward looking. This is RIT’s time.”

A 25-member search committee composed of students, faculty, staff, alumni, administration, and trustees narrowed the pool of candidates before the final selection by the Board of Trustees.

“Dr. Sanders has been instrumental in advancing Carnegie Mellon’s reputation as a leader in transformative education and interdisciplinary and impactful research with an eye on doing good around the world,” said Susan Puglia, chair of the RIT Board of Trustees who also oversaw the Search Committee. “Bill is the right leader at the right time to take the baton from President Munson and continue the acceleration of our university’s amazing trajectory. He demonstrates a deep understanding of and appreciation for RIT and its history. Bill also articulates a compelling vision for RIT that will continue to drive RIT forward as a distinguished university both nationally and globally. This is an exciting time for RIT.”

Sanders is the current Dr. William D. and Nancy W. Strecker Dean of the College of Engineering at Carnegie Mellon University in Pittsburgh. He joined Carnegie Mellon in 2020 and led the creation of a new strategic plan to further position its renowned College of Engineering as a research powerhouse to address societal challenges with global reach. Prior to his time at Carnegie Mellon, he spent 25 years as a tenured professor and held the Herman M. Dieckamp Endowed Chair in Engineering at the University of Illinois, where he also held several leadership positions.

Sanders’ research interests include secure, dependable, and resilient computing systems with a focus on critical infrastructures. He has directed work at the forefront of national efforts to make the U.S. power grid smart and resilient. His significant scholarly record includes publishing more than 300 technical papers in this field.

A recognized leader in his field, Sanders was elected to the National Academy of Engineering (NAE) in 2023, one of the highest professional distinctions accorded to an engineer, for his contributions to cybersecurity and resiliency technologies for critical infrastructures.

Sanders is also an elected fellow of the Institute of Electrical and Electronics Engineers, the Association for Computing Machinery (ACM), and the American Association for the Advancement of Science (AAAS). Among many honors, he was the 2016 recipient of the IEEE Technical Field Award, Innovation in Societal Infrastructure, for “assessment-driven design of trustworthy cyber infrastructures for societal-scale systems.”

This record of accomplishments drew praise from the Board of Trustees, Puglia, and Munson, who will retire June 30 after serving more than 40 years in higher education.

“On behalf of RIT and the Greater Rochester-Finger Lakes region, I welcome Bill Sanders and his wife, Emily, to our community,” said Munson. “Bill and I were faculty colleagues at the University of Illinois. I have watched Bill’s career soar to impressive heights—from a pioneering researcher and successful entrepreneur to a collaborative and strategic leader. I am thrilled to have Bill as my successor because his appointment ensures that the future of RIT is secure, and the university’s upward trajectory will continue.”

To learn more: Read more about William Sanders’ credentials and the search process.

Media Contact

Carl Langsenkamp, www.rit.edu, 5852618632, carl.langsenkamp@rit.edu

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Software as a Service (SaaS) Market to Grow by USD 562.6 Billion (2025-2029), Driven by Rising Mobile App Usage, with AI Impacting Market Trends – Technavio

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NEW YORK, Jan. 31, 2025 /PRNewswire/ — Report on how AI is redefining market landscape – The global software as a service (saas) market size is estimated to grow by USD 562.6 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 23% during the forecast period. Augmenting use of mobile apps is driving market growth, with a trend towards increasing use of vertical saas. However, issues associated with system integration poses a challenge. Key market players include Accenture PLC, Adobe Inc., Alphabet Inc., Amazon.com Inc., BetterCloud Inc., Box Inc., Cisco Systems Inc., Convedo Ltd., Fujitsu Ltd., Hewlett Packard Enterprise Co., Infosys Ltd., International Business Machines Corp., Intuit Inc., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, ServiceNow Inc., Shopify Inc., and Zendesk Inc..

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Software As A Service (SaaS) Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 23%

Market growth 2025-2029

USD 562.6 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.5

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 49%

Key countries

US, Canada, UK, Germany, France, Japan, China, Italy, India, and Brazil

Key companies profiled

Accenture PLC, Adobe Inc., Alphabet Inc., Amazon.com Inc., BetterCloud Inc., Box Inc., Cisco Systems Inc., Convedo Ltd., Fujitsu Ltd., Hewlett Packard Enterprise Co., Infosys Ltd., International Business Machines Corp., Intuit Inc., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, ServiceNow Inc., Shopify Inc., and Zendesk Inc.

Market Driver

The SaaS market is experiencing significant growth with major players like Alphabet and Google Cloud Marketplace, Microsoft Cloud, IBM Cloud Integration, and IT companies dominating the scene. Remote work policies and Communication Service Providers are driving the demand for cloud computing technologies. SaaS products, including Human Resource Management, Enterprise Resource Planning, Customer Relationship Management, Artificial Intelligence, and Internet of Things, are leading the way. Trends like hybrid cloud, cloud security, and public/private cloud solutions are shaping the industry. Large enterprises in IT and telecom, healthcare, education, B2B and B2C sectors are major contributors. SaaS growth is fueled by flexibility, investment, and ongoing costs. Time and space are crucial as more employees use laptops, tablets, and mobile devices for work. Experts predict mobile SaaS growth, especially in SMEs, due to the subscription-based business model. However, challenges like downtime issues, competitive environment, and cybersecurity concerns persist. The Cloud Security Alliance reports data breaches and cyber-attacks as major concerns. Employee well-being and operational efficiency are also essential considerations. According to Statista, the market size is projected to grow, with flexibility being a significant factor. Deployment models, application areas, and ongoing costs vary, making it essential for businesses to choose the right SaaS products and partners. 

Vertical Software as a Service (SaaS) refers to cloud computing solutions tailored for specific industries, such as retail, healthcare, or automotive manufacturing. These solutions offer customizable features to cater to the unique needs of each sector. Examples include retail analytics software, healthcare business intelligence tools, and logistics analytics. Enterprises seeking industry specialization find vertical SaaS cost-effective and beneficial. Vertical SaaS enables the generation of industry-specific customer data and intelligence, enhancing operational efficiency and decision-making capabilities. 

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Market Challenges

The SaaS market is witnessing significant growth with major players like Alphabet, Google Cloud Marketplace, Google Workspace, Microsoft Cloud, IBM Cloud Integration, and IT companies offering various cloud software solutions. Remote work policies and communication service providers are driving the demand for cloud computing technologies. SaaS products, including Human Resource Management, Enterprise Resource Planning, Customer Relationship Management, Artificial Intelligence, and Internet of Things, are in high demand among large enterprises in IT and telecom, healthcare, education, B2B and B2C enterprises, and SMEs. Challenges include digitization level, VAT, quarterly earnings, and expert opinions. Public and private clouds, hybrid cloud, and deployment models like PaaS are relevant segments. Main drivers are flexibility, investment, ongoing costs, and time and space savings. Mobile SaaS growth is a major attributing factor, with mobile devices and 3D printing technologies leading the way. However, the competitive environment presents challenges like downtime issues, data security concerns, and employee well-being. Business models, digital transformation, and cybersecurity are ongoing concerns for SaaS providers. Cloud Security Alliance reports reveal data breaches and cyber-attacks as significant challenges. Companies must ensure compliance with current exchange rates and country-specific levels for optimal net returns. SaaS growth is a net positive for businesses, offering subscription-based access to information, applications, and team partnerships via the internet on laptops, tablets, and web browsers.Enterprises are increasingly turning to Software as a Service (SaaS) solutions due to their cost-effectiveness compared to traditional IT deployments. With SaaS, businesses avoid the need to purchase or construct their own IT infrastructures, install software, configure applications, and hire IT staff for maintenance. SaaS offers flexibility and adaptability, enabling enterprises to serve their customers more efficiently and enhance business processes. However, integrating new SaaS systems and IT infrastructure can present challenges. One such issue is connecting to monolithic systems, which combine UI and data access code into a single program from a single platform. Addressing these integration complexities is crucial for successful SaaS implementation.

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Segment Overview

This software as a service (saas) market report extensively covers market segmentation by

Deployment 1.1 Public cloud1.2 Private cloud1.3 Hybrid cloudEnd-user 2.1 Large enterprises2.2 SMEsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Public cloud- The public cloud segment of the Software as a Service (SaaS) market is growing due to its elasticity and scalability, making it an ideal choice for IT-enabled services. Public cloud delivers IT services over the Internet, including software applications like email, sales management, CRM, financial management, HRM, billing, and collaboration. Vendors offer these services on a subscription-basis, providing multi-tenant capabilities, high availability, and reduced complexity. Enterprises benefit from no upfront investments, flexible pricing, and cost agility. Public SaaS solutions, such as Microsoft Office 365 and Slack, are widely adopted by SMEs for their simplicity and ease of implementation. Additionally, public cloud services offer access to advanced platform solutions like AI, big data, data analytics, and IoT. These advantages are driving the growth of the public cloud segment in the global SaaS market.

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Research Analysis

The Software as a Service (SaaS) market is experiencing unprecedented growth due to the increasing shift towards remote work and digital transformation. SaaS products, including those for communication, collaboration, and productivity, have become essential for businesses of all sizes. The relevance of this segment is further amplified by the current global situation, which has accelerated the adoption of cloud-based solutions. Key drivers for the SaaS market include the level of digitization, time and cost savings, and the ability to access information, devices, and team partnerships from anywhere, at any time. Communication service providers and B2C enterprises are major consumers of SaaS solutions. The SaaS market is not limited to IT companies, with many other industries also adopting these services. Quarterly earnings reports and expert opinions provide insights into the financial health and future prospects of SaaS providers. The European Union’s Value-Added Tax (VAT) regulations also impact the SaaS market, adding complexity to pricing and billing structures. Main drivers of growth include the increasing use of laptops and tablets, as well as the integration of cloud consulting services and IBM Cloud Integration. Current exchange rates also play a role in the global SaaS market, with fluctuations impacting pricing and revenue for providers. The SaaS market is expected to continue its growth trajectory in the coming years, as more businesses embrace the benefits of cloud-based solutions.

Market Research Overview

The Software as a Service (SaaS) market is experiencing unprecedented growth, driven by the increasing digitization of businesses across various industries. SaaS products, delivered over the internet on a subscription basis, offer flexibility, cost savings, and ease of use for businesses of all sizes. SMEs and large enterprises in sectors like IT and telecom, healthcare, education, B2B and B2C, are adopting SaaS solutions for human capital management, operations management, communication, and more. Key drivers include the level of digitization, remote work policies, and the availability of cloud computing technologies. SaaS offerings span various application areas such as Enterprise Resource Planning, Customer Relationship Management, Artificial Intelligence, Internet of Things, and Robotic Process Automation. The market is competitive, with various solutions available for time, space, and information management. SaaS growth is majorly attributed to mobile SaaS, cloud-based software services, and team partnerships. However, businesses face challenges such as downtime issues, ongoing costs, data security concerns, and the need for employee well-being in the digital transformation era. SaaS solutions are available on public and private clouds, with hybrid cloud offerings gaining popularity. Main drivers of SaaS market growth include the flexibility of subscription models, ongoing investment, and the availability of various SaaS products. Statistics show that the market is expected to continue growing, with experts predicting significant expansion in the coming years. However, businesses must carefully consider the costs of hosting data, electricity, and employee fees when adopting SaaS solutions. Competitive environment and cybersecurity concerns are also major considerations. In conclusion, the SaaS market offers numerous benefits for businesses, but careful consideration is required when selecting a solution. Factors such as deployment, application area, and ongoing costs must be taken into account. With the right solution, businesses can streamline operations, improve efficiency, and stay competitive in today’s digital landscape.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentPublic CloudPrivate CloudHybrid CloudEnd-userLarge EnterprisesSMEsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Esports Market to Grow by USD 3.47 Billion (2024-2028), Boosted by Increased Branding Through Esports, with AI Redefining Market Landscape – Technavio

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NEW YORK, Jan. 31, 2025 /PRNewswire/ — Report with market evolution powered by AI – The global esports market size is estimated to grow by USD 3.47 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 20.5% during the forecast period. Increase in branding through e-sports is driving market growth, with a trend towards increase in e-sports betting. However, growing cost of game development poses a challenge. Key market players include Activision Blizzard Inc., Amazon.com Inc., ANT Esports, Beyond the Summit, Caffeine, Electronic Arts Inc., Gfinity Plc, Hi-Rez Studios Inc., Intergalactic Gaming Ltd., Kabam Games Inc., Modern Times Group MTG AB, Nintendo Co. Ltd., Riot Games Inc., Rovio Entertainment Corp., Starladder Ltd., Take Two Interactive Software Inc., TaKeTV GmbH, Tencent Holdings Ltd., Valve Corp., and Wargaming Group Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Esports Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 20.5%

Market growth 2024-2028

USD 3467.22 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.5

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 43%

Key countries

US, Canada, China, Japan, and Germany

Key companies profiled

Activision Blizzard Inc., Amazon.com Inc., ANT Esports, Beyond the Summit, Caffeine, Electronic Arts Inc., Gfinity Plc, Hi-Rez Studios Inc., Intergalactic Gaming Ltd., Kabam Games Inc., Modern Times Group MTG AB, Nintendo Co. Ltd., Riot Games Inc., Rovio Entertainment Corp., Starladder Ltd., Take Two Interactive Software Inc., TaKeTV GmbH, Tencent Holdings Ltd., Valve Corp., and Wargaming Group Ltd.

Market Driver

The Esports market is experiencing significant growth, with electronic sports gaining popularity among gamers and non-gamers alike. This trend includes various genres such as fighting games, real-time strategy games, and multiplayer games like Fortnite, League of Legends, Overwatch, and Valorant. The audience reach is expanding, with high schools and colleges offering dedicated programs and scholarships for esports. Celebrities and influencers are joining the scene, adding to the fan engagement. Esports players can now turn their gaming skills into a professional career, with event organizers hosting league tournaments and offering ticket sales, merchandise, and media rights. Game developers and publishers earn revenue through game publisher fees, microtransactions, and a recurring revenue model. However, concerns around addiction, distraction, and health issues such as metabolic disorders, musculoskeletal injuries, and poor posture are rising. Infrastructure improvements, including high-tech gadgets and internet access, are essential for the growth of esports. Investors, including private equity firms, are recognizing the potential of the industry and making significant gaming investments. The infrastructure for league tournaments and streaming platforms is also improving, with live streaming, video-on-demand, and virtual reality products enhancing the user experience. The gaming industry leaders are addressing concerns around integrity with the Esports Integrity Coalition. Overall, the esports market is a growing industry with a significant consumer spending trend, reaching new heights in viewership, especially during social distancing norms. 

The global esports market is witnessing significant growth in the area of betting. Esports events are increasingly resembling traditional sports events due to escalating prize pools and sponsorships. This legitimacy has attracted more fans and bettors towards esports. High-profile tournaments offer lucrative betting opportunities for fans, accessible online or via mobile devices. The global reach of esports enables fans worldwide to participate in betting activities. Esports betting platforms provide ease and convenience, making it an integral part of the esports industry. 

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Market Challenges

The Esports market is experiencing rapid growth, with electronic sports gaining popularity among gamers and non-gamers alike. However, challenges persist, including addiction concerns and health issues such as metabolic disorders, musculoskeletal injuries, and poor posture from long hours of gaming. Audience reach is expanding, with fans engaging in various activities like live streaming and virtual reality products. Celebrities and influencers are entering the scene, driving consumer spending on high-tech gadgets and games. Colleges and universities offer dedicated programs, and even high schools are investing in Esports. Event organizers generate revenue through ticket sales, merchandise, media rights, and sponsorships. Game publishers collect fees, while game developers benefit from microtransactions and a recurring revenue model. The gaming industry is attracting investors, with private equity firms and league tournament infrastructure investments on the rise. Despite these opportunities, challenges remain, including infrastructure, internet access, and social distancing norms. The Esports Integrity Coalition ensures fair play, while streaming platforms offer various streaming types and viewership opportunities. Overall, Esports is a burgeoning industry with a diverse range of opportunities and challenges.The escalating consumer preference for enhanced in-game content has driven up the cost of game development significantly. In 2021, game budgets exceeded USD750 million. For instance, Call of Duty: Modern Warfare 2, released in 2009, was developed for approximately USD50 million. In contrast, Cyberpunk 2077, launched in 2020, had a development cost of around USD174 million. Game developers employ software like SpeedTree to automate tree creation and generate realistic visuals. Additionally, producing detailed, customized graphics for large-scale games is a major expense. These factors have contributed to the increase in game development costs.

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Segment Overview 

This esports market report extensively covers market segmentation by

Revenue Stream1.1 Sponsorships1.2 Media rights1.3 Publisher fees1.4 Advertising1.5 Merchandise and ticket salesGenre 2.1 MOBA2.2 FPS2.3 RTS2.4 OthersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Sponsorships- Esports boasts a large, engaged audience of young, tech-savvy consumers with substantial purchasing power, making it an attractive market for sponsors. Sponsorship deals are struck with esports event organizers, teams, and individual players. Brands like Red Bull and Monster Energy, as well as endemic sponsors such as Intel, Logitech, and HyperX, have established long-term partnerships. Non-endemic brands, including Coca-Cola, Mercedes Benz, Adidas, Tinder, Geico, M&M’s, Volkswagen, Fortum, McDonald’s, and Shanghai Pudong Development Bank, are increasingly investing in esports sponsorships to reach this demographic. Esports offers unique opportunities for in-game advertising, branded content, and virtual events, driving growth in the sponsorship segment of the global esports market. Prominent esports tournaments, such as Dreamhack, Intel Extreme Masters, League of Legends World Championship, League of Legends Pro League, and ESL Pro League, attract significant sponsorship deals.

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Research Analysis

Esports, the thriving world of competitive video gaming, has seen explosive growth in recent years. Live streaming platforms have become the backbone of this industry, allowing millions of viewers to engage with their favorite games and gamers in real-time. Games like Fortnite, League of Legends, and Overwatch have amassed massive viewership, leading to significant investments in the sector. League tournaments and infrastructure have evolved, providing organizers with the tools to create experiences for their audience. Millennials and influencers have played a crucial role in driving engagement activity, with ticket sales and advertising revenue becoming substantial sources of income. The Esports Integrity Coalition ensures fair play and maintains the integrity of the industry, further bolstering its legitimacy. With continuous innovation and growth, the future of esports looks brighter than ever.

Market Research Overview

Esports, also known as electronic sports, has gained significant traction as a global phenomenon, attracting millions of viewers and gamers alike. The gaming genre, which includes multiplayer games like League of Legends, Overwatch, Fortnite, and Valorant, among others, has become a source of engagement activities for fans and a potential professional career choice for gamers. The infrastructure required for esports includes high-tech gadgets, dedicated programs in colleges and universities, and infrastructure investments from event organizers and private equity firms. The esports industry’s audience reach extends to smartphone users, social distancing norms, and even Spain, with live streaming and video-on-demand platforms providing access to video game tournaments. The industry’s revenue model is based on ticket sales, merchandise, media rights, and a recurring revenue model from game publisher fees and microtransactions. However, concerns over addiction, health issues such as metabolic disorders, musculoskeletal injuries, and poor posture, and distraction from academic pursuits persist. The Esports Integrity Coalition and gaming industry leaders are working to address these concerns while also promoting fan engagement through influencers and celebrities. Technology improvements and the integration of virtual reality products are expected to further boost the industry’s growth, with consumer spending on gaming and gaming platforms continuing to rise. The industry’s popularity has also led to scholarships and dedicated programs for gamers in high schools and colleges. Overall, the esports market is a dynamic and evolving industry that continues to capture the attention of audiences and investors alike.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Revenue StreamSponsorshipsMedia RightsPublisher FeesAdvertisingMerchandise And Ticket SalesGenreMOBAFPSRTSOthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Augmented Reality (AR) Market to Grow by USD 461.8 Billion (2024-2028), Boosted by Rising Investments in AR Technology, with Market Evolution Powered by AI – Technavio

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NEW YORK, Jan. 31, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global augmented reality (AR) market size is estimated to grow by USD 461.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 46.1%  during the forecast period. Increasing investments in AR technology is driving market growth, with a trend towards increasing AR integration in mobile devices. However, privacy concerns over ar technology  poses a challenge. Key market players include Alphabet Inc., Atheer Inc, Dynabook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Meta Platforms Inc., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Augmented Reality (AR) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 46.1%

Market growth 2024-2028

USD 461.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

35.0

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 44%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Alphabet Inc., Atheer Inc, Dynabook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Meta Platforms Inc., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc.

Market Driver

The Augmented Reality (AR) industry is experiencing rapid growth, driven by advancements in 5G technology and the release of AR chipsets from tech players. AR glasses are becoming increasingly popular, with companies like Meta and Livestream Technologies leading the way. The AR technology is making waves in various sectors, including automotive for enhanced driving experiences, industrial & manufacturing for quality control and training, and the education industry for interactive e-learning apps. AR is also revolutionizing industries like defense & aerospace, healthcare with augmented surgeries, and the art & designing industry for virtual staging and designing. AR hardware, such as smart glasses and head-mounted displays, are being adopted by industries like retail for virtual fitting rooms and by law enforcement for safety management. AR technology is also being used in the media industry for virtual walkthroughs and in the gaming sector for experiences. Startups and established tech companies are investing heavily in AR, with Stanford University and Home Depot among those developing and designing AR applications. The future of AR is bright, with applications in professional training, spatial computing, and brand engagement across various industries. 

Several leading smartphone manufacturers, including Apple and Samsung, are integrating hardware and software to establish AR mobile platforms. This trend is also observed among mobile device manufacturers such as smartphones, phablets, and tablets, which are utilizing AR solutions to boost user experience and add value to their products. The AR market is projected to expand during the forecast period due to the growing popularity and penetration of AR technology in these devices. Vendors have developed AR applications for mobile phones to establish a mobile AR ecosystem. Consumers can now experience AR functionality on their mobile devices, thanks to basic computer vision and positional tracking capabilities. With the introduction of Google Tango, advanced features like accurate motion tracking, depth perception, and area learning through a device have become a reality. 

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 Market Challenges

The Augmented Reality (AR) market is experiencing significant growth, with industries like 5G providers and tech players investing heavily in AR technology. However, challenges persist in the form of the need for AR chipsets and affordable AR glasses. The AR industry is transforming various sectors, including automotive, education, and manufacturing, by enhancing brand engagement, design and visualization, and professional training. AR is revolutionizing industries like defense & aerospace, healthcare, and gaming, with applications ranging from augmented surgeries and drug information to interactive showrooms and virtual fitting rooms. Companies like Meta, Livestream Technologies, and Stanford University are leading the way in AR development and designing. The future of AR also includes Mixed Reality (MR) and Spatial computing, with potential applications in law enforcement, safety management, and retail. Engineers, designers, and professionals in various industries are using AR for installation and assembly, quality control, and interactive training and upskilling. AR is also being used in home depots, automotive sectors, media and entertainment, and e-learning apps, providing experiences and improving productivity. AR technology is also being integrated into smartphones and smart glasses, making it accessible to a wider audience. OLED technology is expected to drive the market forward, providing better display quality for AR devices. Startups are also entering the AR space, bringing innovation and competition to the market. Overall, the AR market is poised for growth, with potential applications in various industries and use cases.Augmented Reality (AR) technology presents significant opportunities for businesses, enabling interactive experiences that engage consumers in new and innovative ways. However, privacy concerns pose a major challenge to the global AR market. AR collects and processes vast amounts of user data, raising potential risks to individual privacy. This information can originate from various sources, including social networking accounts, and may be accessed by unauthorized parties if devices are compromised. Furthermore, AR smart glasses, which automatically screen and process users’ environments, can infringe on privacy by capturing and transmitting data from surrounding areas. These concerns may hinder the growth of the AR market during the forecast period, necessitating data protection measures and transparent privacy policies.

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Segment Overview 

This augmented reality (ar) market report extensively covers market segmentation by  

Component 1.1 Hardware1.2 SoftwareEnd-user 2.1 Enterprise2.2 Retail2.3 Healthcare2.4 Media and entertainment2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Hardware-  The augmented reality (AR) market experienced substantial growth in 2022, with the hardware segment leading in terms of revenue share. This dominance is attributed to the increasing adoption of AR devices in various industries such as education, healthcare, construction, and retail. As businesses invest more in advanced AR solutions, the demand for these technologies continues to rise. AR hardware, which includes glasses that merge virtual reality and AR, offers enhanced and experiences. The global AR market is poised for significant expansion during the forecast period due to this growing demand.

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Research Analysis

The Augmented Reality (AR) market is revolutionizing various industries, including media and entertainment, gaming, retail, education, and more. AR technology overlays digital information onto the real world, enhancing user experience. In the gaming sector, AR games offer experiences, merging the physical and digital worlds. Smartphones and 5G providers enable widespread AR adoption, while tech players and startups innovate new applications. AR is transforming operations in industries like manufacturing, with spatial computing enabling remote installation and assembly, training, quality control, and safety management. In retail, AR is used for product visualization and customer engagement. In education, AR enhances learning experiences through interactive visualizations. In the media industry, AR is used for news reporting and content creation. Engineers at Stanford University and other institutions are pushing the boundaries of AR technology, while companies like Home Depot use AR for design and visualization, improving customer experience and streamlining operations. The future of AR is bright, with endless possibilities for innovation and industry disruption.

Market Research Overview

Augmented Reality (AR) is a revolutionary technology that overlays digital information onto the real world, enhancing user experience in various industries. AR technology is poised to transform sectors such as art & designing, automotive, defense & aerospace, education, and manufacturing, among others. AR is driving innovation in areas like brand engagement, design and visualization, and interactive showrooms. AR hardware includes AR glasses, Head-mounted displays, and smart glasses, powered by AR chipsets and OLED technology. AR is revolutionizing industries like automotive for a more driving experience, and healthcare for augmented surgeries and drug information. AR is also transforming education with e-learning apps and professional training. Startups and tech players are leading the charge in AR innovation, with key applications in gaming, media and entertainment, and safety management. AR is set to redefine operations, quality control, and retail experiences, offering virtual fitting rooms and virtual walkthroughs. Spatial computing and mixed reality (MR) are the future of AR, offering a more and interactive user experience. AR is also being explored in areas like law enforcement, industrial manufacturing, and wellbeing, offering potential solutions for safety management and training & upskilling. AR technology is poised to transform the way we live, work, and learn.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentHardwareSoftwareEnd-userEnterpriseRetailHealthcareMedia And EntertainmentOthersGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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