The global augmented reality market size was USD 1.98 billion in 2020 and is projected to expand at a 151% CAGR during the forecast period, 2021 – 2028. 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.
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.
Attributes |
Details |
Report Title |
Augmented reality market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Hardware and Software), Applications (Gaming, Education, Healthcare, Retail and Advertising, Automotive?, and Military and Defense) |
Regional Scope |
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa |
Report Coverage |
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 |
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.
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.
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. ?
Key players operating in the global augmented reality market includes Google LLC (ALPHABET INC.), Seiko Epson Corporation, Vuzix Corporation, RealWear Inc., and Toshiba Corporation.
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