The Global Augmented Reality Market was valued at USD 41.50 Billion in 2022 and is projected to reach USD 1457.42 Billion by 2031, expanding at a CAGR of 48.5% during the forecast period. The growth of the market is attributed to the rising investment in technology across various industry verticals.
Augmented reality (AR) is an interactive experience between the real-world environment and computer generated output. AR is a technology that provide 3D registration of virtual and real objects and enhances the experience of the users by rendering or superimposing the digital content. AR technology is deployed in real time and in semantic contexts with environmental elements. It can be used in various industry verticals, ranging from consumer electronics to aviation applications.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing availability of content and the launch of developer tools is excepted to boost market growth.
- Standard operating systems with lower costs of developing AR apps is anticipated to drive the market during forecast period.
- Growing adoption and availability of the cloud-based services is excepted to propel the augmented reality market.
- Rising demand for remote assistance and collaboration with enterprises to assist in workflow management and optimization is expected to boost the market growth.
- Impact of excessive AR usage on user’s health can hinder the market.
- Expanding usage of AR technology in biotechnology and healthcare can create opportunities for the market in the projected timeline.
Scope of Augmented Reality Report
The report on the global augmented reality market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Augmented reality market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Hardware and Software), Applications (Gaming, Education, Healthcare, Retail and Advertising, Automotive?, and Military and Defense)
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Google LLC (ALPHABET INC.), Seiko Epson Corporation, Vuzix Corporation, RealWear Inc., and Toshiba Corporation
Global Augmented Reality Market Segment Insights
Hardware to Account a Significant Market Share
Based on types, the market is divided into hardware and software. The hardware segment is anticipated to account a significant market share owing to increasing development in heads-up displays (HUDs) have compelled organizations to tap into AR possibilities. These products have enabled overlaying digital information and objects on top of physical environments. It has the potential to take consumer interactions to the next level. Conversely, the software segment is expected to grow at a high CAGR during the forecast period. Rising investment in the development of AR technology is driving the segment growth.
Healthcare Segment to Hold a Major Market Share
Based on applications, the global augmented reality market is segmented into gaming, education, healthcare, retail and advertising, automotive, and military and defense. The healthcare segment is expected to hold a major market share during the forecast period. AR provides a virtual view of a patient, which helps a surgeon to see the heath condition of the patient’s body. It helps the surgeon to conduct minimally invasive surgeries effectively. Rising use of AR modeling and 3D visualization is expected to boost the healthcare segment. Some of the uses of AR includes improving fitness, teaching complex subjects to medical students, training doctors, managing pharmacy, and to provide value-based care to patients.
North America to Dominant Market
In terms of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the market owing to the presence of a major number of vendors, which are heavily investing in AR innovation. ?Rising adoption rate of smart devices, which include smartwatches and smart glasses is further boosting the market growth in the region. Smartphones are playing a key role in the development of the AR market and is expected to offers a huge opportunity for the growth of the market during the forecast period. ?
The market global augmented reality market has been segmented on the basis of
- Retail and Advertising
- Military and Defense
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key players operating in the global augmented reality market includes Google LLC (ALPHABET INC.), Seiko Epson Corporation, Vuzix Corporation, RealWear Inc., and Toshiba Corporation.