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AR Software - Portugal

Portugal

The AR Software market in Portugal is set to witness a significant growth in revenue, with projections indicating that it will reach US$20.3m by 2024.
Furthermore, the market is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 7.95%, resulting in a projected market volume of US$29.8m by 2029.
It is worth noting that in the United States dominates this market segment, generating the highest revenue, which is estimated to be US$3,945.0m in 2024.
In terms of user base, the AR Software market in Portugal is also poised for growth.
By 2029, the number of users is projected to reach 5.1m users.
The user penetration rate, which stands at 50.1% in 2024, is expected to increase to 50.1% by 2029.
Moreover, the average revenue per user (ARPU) is expected to amount to US$4.0.
Portugal is experiencing a surge in the adoption of AR software in the tourism industry, enhancing visitor experiences and promoting cultural heritage.

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Analyst Opinion

The AR Software market in Portugal is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Portugal, there is a growing demand for AR Software due to the increasing use of smartphones and tablets. Consumers are increasingly relying on these devices for various tasks, including shopping, entertainment, and communication. As a result, there is a rising interest in AR Software that can enhance the user experience and provide interactive and immersive content.

Trends in the market: One of the key trends in the AR Software market in Portugal is the integration of AR technology into various industries. Companies are leveraging AR Software to enhance their products and services, offering customers a unique and engaging experience. For example, in the retail sector, AR Software is being used to create virtual showrooms and allow customers to try on clothes or visualize furniture in their homes before making a purchase. Similarly, in the tourism industry, AR Software is being used to provide virtual tours and enhance the visitor experience. Another trend in the market is the development of AR Software for educational purposes. With the increasing adoption of digital learning platforms, there is a growing demand for AR Software that can provide interactive and immersive educational content. This trend is particularly relevant in Portugal, where the government has been investing in digital education initiatives.

Local special circumstances: Portugal has a well-developed technology sector, with a strong focus on innovation and entrepreneurship. This has created a favorable environment for the growth of the AR Software market. The country has a number of technology hubs and startup incubators, which provide support and resources for companies developing AR Software. Additionally, Portugal has a highly skilled workforce in the technology sector, which further contributes to the growth of the market.

Underlying macroeconomic factors: The growth of the AR Software market in Portugal is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in increased consumer spending power. This has created a favorable market for AR Software, as consumers are more willing to invest in innovative and immersive technologies. Furthermore, Portugal is known for its strong tourism industry, which attracts a large number of visitors each year. The use of AR Software in the tourism sector has the potential to enhance the visitor experience and attract more tourists to the country. Overall, the AR Software market in Portugal is experiencing significant growth and development. This is driven by customer preferences for interactive and immersive experiences, trends in the market such as integration into various industries and educational purposes, local special circumstances including a strong technology sector and skilled workforce, and underlying macroeconomic factors such as economic growth and a thriving tourism industry.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on AR software revenue, which includes revenues related to in-app purchases as well as revenues from the purchase of social media, gaming, and eCommerce apps.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).