Augmented reality (AR) is the next big thing taking the world by storm, and many industries are rapidly adopting this technology given its utility. So, we think it could be wise to now scoop up the shares of Lumentum Holdings (NASDAQ:LITE) and Himax Technologies (NASDAQ:HIMX) because they are well positioned to benefit from AR’s attractive prospects. Read on to learn more.COVID-19 pandemic restrictions highlighted the importance of augmented reality (AR) because the restrictions compelled most businesses and schools to operate remotely. AR is believed to be the next big thing in the remote connectivity area because it digitally enhances the real time user environment and offers solutions to some of the many communication and networking challenges created by pandemic conditions.
The Increasing penetration of smartphones and other advanced gadgets, and rising investments in cloud-based services, are among the major factors that should drive the growth of the AR market. According to Data Bridge Market Research report, the AR market is expected to grow at a 45% CAGR between 2021 - 2028
Given this backdrop, we think it could be wise to bet on the shares of Lumentum Holdings Inc . (LITE) and Himax Technologies, Inc. (HIMX). They are well positioned to benefit from the rising adoption of AR.