Augmented Reality Market Size, Share, Growth Report 2030

Augmented Reality Market Overview   

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.

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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.

COVID-19 Impact Analysis:

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.

Global Augmented Reality Market: Report Scope:

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Growth Factors

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.

Segment Analysis Preview

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.

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Regional Analysis Preview

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.

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Key Market Players & Competitive Landscape

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

• Hardware (Sensor, Semiconductor, and Display)
• Software

By Display

• Head-mounted display  
• Head-up display
• Handheld display
• Spatial display

By Application

• Aerospace & Defense
• Industrial 
• Consumer
• Commercial
• E-Commerce
• Retails

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa