The global Augmented Reality market accounted for USD 17.14 Billion in 2020 and is expected to reach USD 128 Billion by 2028, growing at a CAGR of 29% from 2021 to 2028.
The global Augmented Reality market accounted for USD 17.14 Billion in 2020 and is expected to reach USD 128 Billion by 2028, growing at a CAGR of 29% from 2021 to 2028.
The increasing demand for remote assistance and collaboration from enterprises that assist in workflow managing and optimization is projected to drive market growth. Businesses are using Augmented Reality (AR) -based apps for identifying, tracking, and resolving technical issues also as for tasks, like retrofitting, manufacturing, assembling, and repairing production lines.
The rising preference among persons for smart glasses, smartphones, and other handheld and wearable devices is pouring the adoption of mobile AR technology to supply immersive experiences.
As such, companies are particularly exploring the potential of AR technology to supply a customized and interactive experience to customers. For instance, in June 2018, Hennes & Mauritz AB’s brand Monki approved AR technology to supply a 3D experience to its clientele through smartphones while presenting garments on the web platform.
Various initiative by market players is additionally among the rationale in charge of the event of the augmented reality market. for instance, in January 2018, Google launched a replacement Google expedition, which offers AT to colleges and allows a better learning experience & understanding for scholars. Additionally, it's being employed to see 3D world landmarks, landscapes, and lots more.
The COVID-19 pandemic has spread across the planet and impacted numerous industries both positively so as negatively. The planet is struggling against the pandemic, which has slowed down the worldwide economy. AR solutions are anticipated to contribute substantially to the healthcare sector in combating the spread of COVID-19.
AR is predicted to enhance the present healthcare situation and assist the hospitals by providing medical training also as evaluating the arrangements for surgical procedures. Augmented reality helps doctors accomplish surgeries more proficiently.
The outbreak of the pandemic is probably going to inspire pharmaceutical vendors to spread their R&D investments in AI, which acts as a core technology for allowing various initiatives. The increasing adoption of digital media is one of the main factors driving the expansion of the market.
The closure of faculties, colleges, and institutions for an indefinite period due to the spread of the COVID-19 outbreak has boosted the demand for online learning, as schools struggle to stay at pace with the predetermined academic calendars. On the flip side, COVID-19 has affected manufacturing operations across the world. The delays in the production of consumer electronics products like smartphones, tablets, smart glasses, and wearables, thanks to the lockdowns imposed, are hindering the expansion of the market.
Upcoming trends like growing convergence between AR, wearable devices, and GPS is likely to spice up the need for the augmented reality market. The high penetration of smartphones and tablets is the primary reason that is prompting the approval of the augmented reality market. User Interface limitations might hinder the event of the augmented reality market. It also shows technological inefficiency in determining different physical challenges due to a lack of knowledge insight management, hindering the augmented reality market.
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
The augmented reality market is split supported by the display, component, region, and application. Components comprised during this tech are software and hardware (semiconductors, display, and sensor). The hardware elements are expected to grow with a robust CAGR within the years to return. Firms like Microsoft and Sony are likely to launch their AR-based devices within the near future, which is anticipated to accentuate the competition within the augmented reality market over the years to return. Additionally, different firms are operating on improving the standard of processors and sensors, which are used in AR devices. for instance, Google has joined hands with the chip makers to create camera components and processors for Android handsets.
The hardware component segment accounted for the most important revenue share of over 60% in 2020. It is predicted to continue dominating the market over the forecast period due to the growing adoption of AR devices across various industry verticals, including healthcare, education, manufacturing, retail, and e-commerce, among others. The software component segment is expected to show the highest CAGR from 2021 to 2028. The acceptance of AR technology is fast traction in the wake of the COVID-19 pandemic as individuals are observing forward to having an immersive and real-like experience at home.
E-commerce is becoming a serious area of focus for retailers in APAC, where China is becoming the most important e-commerce market worldwide. The high demand for AR devices and software from the commercial sector would help drive the AR market in APAC. Growing consumer and commercial markets with increasing investments in countries like Japan, India, and China would boost the expansion of the AR market in APAC.
Some of the key players in the Augmented Reality market are Magic Leap, Immersion, Apple, Daqri LLC, Sony, Blippar, Microsoft, Wikitude, Google, PTC, CyberGlove Systems Inc., Infinity Augmented Reality, Eon Reality, Inc., ODG, and Samsung Electronics among others. These players are all set to place the augmented reality market to new heights. The global Augmented Reality market is segmented as follows:
By Component
By Display
By Application
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Component
FIG NO. 2. Market Attractiveness Analysis, By Display
FIG NO. 3. Market Attractiveness Analysis, By Application
FIG NO. 4. Market Attractiveness Analysis, By Region
FIG NO. 5. Global Augmented Reality Market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 6. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 7. Market Revenue Share, By Component, 2020 & 2028
FIG NO. 8. Global Augmented Reality Market for Hardware, Revenue (USD Billion) 2016 – 2028
FIG NO. 9. Comparative Revenue Analysis of Augmented Reality Market for Hardware, By Country, 2020 & 2028
FIG NO. 10. Global Augmented Reality Market for Software, Revenue (USD Billion) 2016 – 2028
FIG NO. 11. Comparative Revenue Analysis of Augmented Reality Market for Software, By Country, 2020 & 2028
FIG NO. 12. Market Revenue Share, By Display, 2020 & 2028
FIG NO. 13. Global Augmented Reality Market for Head-mounted, Revenue (USD Billion) 2016 – 2028
FIG NO. 14. Comparative Revenue Analysis of Augmented Reality Market for Head-mounted, By Country, 2020 & 2028
FIG NO. 15. Global Augmented Reality Market for Head-up, Revenue (USD Billion) 2016 – 2028
FIG NO. 16. Comparative Revenue Analysis of Augmented Reality Market for Head-up, By Country, 2020 & 2028
FIG NO. 17. Global Augmented Reality Market for Handheld, Revenue (USD Billion) 2016 – 2028
FIG NO. 18. Comparative Revenue Analysis of Augmented Reality Market for Handheld, By Country, 2020 & 2028
FIG NO. 19. Global Augmented Reality Market for Spatial, Revenue (USD Billion) 2016 – 2028
FIG NO. 20. Comparative Revenue Analysis of Augmented Reality Market for Spatial, By Country, 2020 & 2028
FIG NO. 21. Market Revenue Share, By Application, 2020 & 2028
FIG NO. 22. Global Augmented Reality Market for Aerospace & Defense, Revenue (USD Billion) 2016 – 2028
FIG NO. 23. Comparative Revenue Analysis of Augmented Reality Market for Aerospace & Defence, By Country, 2020 & 2028
FIG NO. 24. Global Augmented Reality Market for Industrial, Revenue (USD Billion) 2016 – 2028
FIG NO. 25. Comparative Revenue Analysis of Augmented Reality Market for Non-Industrial, By Country, 2020 & 2028
FIG NO. 26. Global Augmented Reality Market for Consumer, Revenue (USD Billion) 2016 – 2028
FIG NO. 27. Comparative Revenue Analysis of Augmented Reality Market for Consumer, By Country, 2020 & 2028
FIG NO. 28. Global Augmented Reality Market for Commercial, Revenue (USD Billion) 2016 – 2028
FIG NO. 29. Comparative Revenue Analysis of Augmented Reality Market for Commercial, By Country, 2020 & 2028
FIG NO. 30. Global Augmented Reality Market for E-Commerce, Revenue (USD Billion) 2016 – 2028
FIG NO. 31. Comparative Revenue Analysis of Augmented Reality Market for E-Commerce, By Country, 2020 & 2028
FIG NO. 32. Global Augmented Reality Market for Retails, Revenue (USD Billion) 2016 – 2028
FIG NO. 33. Comparative Revenue Analysis of Augmented Reality Market for Retails, By Country, 2020 & 2028
FIG NO. 34. Global Augmented Reality Market Revenue Share, By Region, 2020 & 2028
FIG NO. 35. North America Augmented Reality Market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 36. Porter’s Five Forces Analysis for Global Augmented Reality Market
FIG NO. 37. PEST Analysis for Global Augmented Reality Market
FIG NO. 38. Pricing Analysis for Global Augmented Reality Market
FIG NO. 39. Value Chain Analysis for Global Augmented Reality Market
FIG NO. 40. Company Share Analysis, 2019
FIG NO. 41. Radar Determinant Chart, 2019
FIG NO. 42. Company Strategic Developments – Heat Map Analysis
FIG NO. 43. Google Business Segment Revenue Share, 2020 (%)
FIG NO. 44. Google Geographical Segment Revenue Share, 2020 (%)
FIG NO. 45. Market Channels
FIG NO. 46. Marketing Channel Development Trend
FIG NO. 47. Growth in World Gross Product, 2008-2018
FIG NO. 48. Research Methodology – Detailed View
FIG NO. 49. Research Methodology
List of Tables
TABLE NO. 1. Global Augmented Reality Market: Snapshot
TABLE NO. 2. Quarterly Augmented Reality Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Augmented Reality Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
TABLE NO. 6. Global Augmented Reality Market for Hardware, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Augmented Reality Market for Software, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Augmented Reality Market for Head-mounted, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9. Global Augmented Reality Market for Head-up, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10. Global Augmented Reality Market for Handheld, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11. Global Augmented Reality Market for Spatial, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12. Global Augmented Reality Market for Aerospace & Defence, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 13. Global Augmented Reality Market for Industrial, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 14. Global Augmented Reality Market for Consumer, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 15. Global Augmented Reality Market for Commercial, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 16. Global Augmented Reality Market for E-Commerce, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 17. Global Augmented Reality Market for Retails, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 18. Global Augmented Reality Market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 19. North America Augmented Reality Market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 20. North America Augmented Reality Market Revenue, By Component, 2016 – 2028 (USD Billion)
TABLE NO. 21. North America Augmented Reality Market Revenue, By Display, 2016 – 2028 (USD Billion)
TABLE NO. 22. North America Augmented Reality Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 23. U.S. Augmented Reality Market Revenue, By Component, 2016 – 2028 (USD Billion)
TABLE NO. 24. U.S. Augmented Reality Market Revenue, By Display, 2016 – 2028 (USD Billion)
TABLE NO. 25. U.S. Augmented Reality Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 26. Canada Augmented Reality Market Revenue, By Component, 2016 – 2028 (USD Billion)
TABLE NO. 27. Canada Augmented Reality Market Revenue, By Display, 2016 – 2028 (USD Billion)
TABLE NO. 28. Canada Augmented Reality Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 29. Mexico Augmented Reality Market Revenue, By Component, 2016 – 2028 (USD Billion)
TABLE NO. 30. Mexico Augmented Reality Market Revenue, By Display, 2016 – 2028 (USD Billion)
TABLE NO. 31. Mexico Augmented Reality Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 32. Drivers for the Augmented Reality Market: Impact Analysis
TABLE NO. 33. Restraints for the Augmented Reality Market: Impact Analysis
TABLE NO. 34. Major Buyers of Augmented Reality
TABLE NO. 35. Distributors/Traders List of Augmented Reality
TABLE NO. 36. Global Augmented Reality Market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 37. Global Augmented Reality Market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)
This report is based on in-depth qualitative and quantitative analyses of the global Augmented Reality market. Zion Research has collected and analyzed key data belong to the global Augmented Reality market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Augmented Reality across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Augmented Reality industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Augmented Reality market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Augmented Reality (AR) is a live direct or indirect view of a physical, real-world environment whose objects are augmented by sensors of computer-generated input such as sound, graphics video, or GPS data. Hardware components used for augmented reality include processor, contact lenses, display, sensors and input devices. Smartphone and tablets are major computing devices used for augmented reality (AR). In order to enable rapid development augmented reality (AR) uses some software such as software solutions, software developer kits, and cloud services that are implemented in hardware devices.
The major factors which are fueling the augmented reality (AR) market growth are high penetration of smartphone and tablet worldwide. Increasing demand of technology base head mounted display (HMD) also have large application in medical, e-commerce, aerospace and defense which in turn driving augmented reality (AR) market. It is used in marketing, retail, commercial that may boost the AR market. Effective use of AR technology in retail and marketing further open ups new doors for the market penetration. For example, shopping experiences with the help of user’s location and android applications for smartphones such as virtual changing room and adoption of AR technique will help users to visualize products realistically from any remote location. The gaming sector is also estimated to offer more interactive and engaging applications and products. The recent launch of Pokemon Go has experienced high demand in among users. Augmented reality market also has application in sight-seeing, e-learning, tourism, and facility management. Adoption of smart glasses is predicted to exhibit the significant market growth in consumer sector. Several companies are trying to manufacture more user friendly and light weight glass.
However, user interface (UI) may restraint the market growth because of its technical inefficiency in determining various physical obstacles. Another drawback of augment reality is that these products do not see hundred percent real since they are the digital reaction which can hamper the market growth.
Augmented Reality (AR) market is segmented on the basis of few parameters such as components, display, and application. The hardware component is expected to show significant growth in the augmented Reality (AR) market in near forecast period. The commercial applications such as e-learning, tourism, and e-commerce are expected to exhibit robust growth due to the high penetration of smartphones, and tablet.
Asia pacific is predicted to acquire the highest share for augmented reality market. China is estimated to drive the regional growth due to increasing investments in augmented reality devices and software. Also, China’s several chipset manufacturers are planning to adopt AR technology by immensely investing funds in this technology. Many companies in North America are also investing in augmented reality market through collaboration and strategic partnership with another key player.
Some of the major players of augmented reality (AR) market are Immersion, Magic Leap, Daqri LLC, Apple, Blippar, Sony, Wikitude, Microsoft, PTC, Google, Infinity Augmented Reality, CyberGlove Systems Inc., ODG, Eon Reality, Inc., and Samsung Electronics among others.
The global Augmented Reality market was valued at USD 17.14 Billion in 2020.
The global Augmented Reality market is expected to reach USD 128 Billion by 2028, growing at a CAGR of 28.4% between 2021 to 2028.
Some of the key factors driving the global Augmented Reality market growth are the adavancement of technology, increasing digitalization and rising health awareness among individuals.
Asia Pacific region held a substantial share of the Augmented Reality market in 2020. The high demand for AR devices and software from the commercial sector would help drive the AR market in APAC.
Some of the major companies operating in the Augmented Reality market are Magic Leap, Immersion, Apple, Daqri LLC, Sony, Blippar, Microsoft, Wikitude, Google, PTC, CyberGlove Systems Inc., Infinity Augmented Reality, Eon Reality, Inc., ODG, and Samsung Electronics among others.
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