The Augmented Reality (AR) Market valued USD 16.3 Billion in 2021 and is expected to grow to reach a revenue of USD 78.0 Billion by the year 2028. The market is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 29.8% within the forecast period of 2022-2028. Augmented Reality (AR) is an enhanced version of the real physical world that is achieved through the use of digital visual elements, sound, or other sensory stimuli delivered via technology.
Augmented Reality (AR) is mainly growing in mobile computing and business applications majorly. Various interactive experiences through multiple sensory modalities, including haptic, auditory, and visual somatosensory can be achieved with Augmented Reality (AR). The augmented reality market has grown in the fields like manufacturing, healthcare, logistics, and others focusing on adopting training technology, maintenance, and monitoring. The driving factors of Augmented Reality (AR) adoption are increasing availability, accessibility, and affordability across the globe. On the other hand, wearing the devices can affect the user’s ability to interact socially, leading to loneliness and depression. Thus, the rising concerns regarding the impact of excessive AR usage on users are likely to hamper the market growth. However, the technological aid provided for developing new cutting-edge technologies is a major opportunity that can propel the Augmented Reality (AR) market during the forecast period.
The Augmented Reality (AR) Market can be segmented on the basis of technology employed into marker-based AR technology, markerless AR technology, and Anchor-based AR technology. While based on application, the market consists of consumer, commercial, manufacturing, healthcare, aerospace and defense, automotive, and energy, among others. The healthcare sector is being immensely assisted by the integration of Augmented Reality (AR) in recent years. This is largely due to the rising focus on finding and developing preventative as well as surgical measures for chronic disorders. The Augmented Reality (AR) Market has two types of devices namely, HUDs and HMDs.
Based on offerings of Augmented Reality (AR), the market is categorized into hardware and software. The hardware component is expected to lead the segment of the market. The increasing demand and application of AR devices across industries are boosting hardware growth. Companies such as Apple Inc., Google LLC, and Microsoft Corporation are developing advanced products using this technology. The software component is also likely to witness rapid growth during the forecast period owing to the rising demand for apps. The rising use of smartphones is boosting this segment. Also, the key players are focusing on integrating AR software with tablets, smartphones, and computers to offer real-time interactive solutions, and boost the market further.
On the basis of regional analysis, the Global Augmented Reality (AR) Market is categorized in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.North America is predicted to be the most profitable region over the projection period, based on region. Higher use of these technologies, investment in Research and Development (R&D), and favorable government policies are all propelling this area forward. While the Asia Pacific region is expected to grow with the fastest Compound Annual Growth Rate (CAGR) during the forecast period.
Some key players of the Global Augmented Reality (AR) Market are GOOGLE, INC., PTC INC., SEIKO EPSON, MICROSOFT, LENOVO, SAMSUNG ELECTRONICS, Apple Inc., WIKITUDE GMBH, MAXST CO., LTD., QUALCOMM, TOSHIBA CORPORATION, , UPSKILL, BLIPPAR, VISTEON CORPORATION, GLOBE TECHNOLOGIES, OPTINVENT, MAGIC LEAP, INC., MARXENT LABS, LLC, SCOPE AR, NIANTIC INC., ATHEER INC., VUZIX, META COMPANY, INTEL CORPORATION, CONTINENTAL..