The global augmented reality market size was US$ 16.9 billion in 2021. The global augmented reality market is forecast to grow to US$ 109.4 billion by 2030 by growing at a compound annual growth rate (CAGR) of 29.5% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
- Augmented Reality technology finds its wide applications across various industrial verticals, such as automotive, defense, healthcare, industrial, e-commerce and entertainment. The growing automation across these industries will fuel the growth of the global augmented reality market.
- Increasing demand for convenient remote assistance methods will surge the growth of the market. Furthermore, Augmented Reality (AR) -based applications are highly efficient for tracking, identifying, and resolving technical. The beneficial services of augmented reality will significantly contribute to the growth of the market. Hennes & Mauritz AB’s brand Monki deployed AR technology in 2018 with the aim to provide a 3D experience to its customers via smartphones. Thus, the growing adoption of the technology will escalate the market growth during the study period.
- The adoption of AR technology in healthcare is increasing rapidly. It helps the surgeon conduct minimally invasive surgeries and visualize joints, muscles, and internal organs without making a single cut. Thus, the growth of the healthcare segment and increasing healthcare expenditure will contribute to the growth of the augmented reality market.
- Security and privacy issues associated with AR may limit the growth of the market.
- Augmented reality technology is forecast to gain traction due to the growing popularity of AR head-up displays and smart helmets to understand blueprints and instructions. Furthermore, growing number of partnerships between industry players will benefit the overall augmented reality market. For instance, PTC and the University of Sheffield Advanced Manufacturing Research Centre (AMRC) inked a partnership deal to implement Vuforia Expert Capture.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has triggered the deployment of AR technology across all industrial verticals. The demand for AR apps increased abruptly in the education sector. In addition, other segments like healthcare and e-commerce also surged the adoption of the technology in order to carry out operations efficiently. Furthermore, trending smart factory infrastructure has been a significant push for the global augmented reality market.
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Regional Analysis
North America is forecast to hold the highest share in the augmented reality market due to the presence of prominent industry players, such as Apple, Inc., Google LLC, Microsoft, and Magic Leap, Inc., which will contribute to the market growth. The Asia-Pacific augmented reality market is forecast to grow at the highest growth rate due to the rollout of high-speed 5G networks. India is also emerging as a promising regional market due to growing automation across the healthcare, education, defense, and e-commerce segment.
Competitors in the Market
- Microsoft
- Google LLC
- Apple, Inc.
- Sony Corporation
- Blippar Ltd
- Infinity Augmented Reality Ltd.
- Niantic, Inc.
- Zappar Ltd.
- Magic Leap, Inc.
- Wikitude GmbH
- Other Prominent Players
Market Segmentation
The global augmented reality market segmentation focuses on Component, Display, Application, and Region.
Component Outlook
- Hardware
- Software
Display Outlook
- HMD & Smart Glass
- HUD
- Handheld Devices
Application Outlook
- Aerospace & Defense
- Automotive
- Education
- E-commerce & Retail
- Gaming & Entertainment
- Healthcare
- Industrial & Manufacturing
- Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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