Augmented Reality Market Size, Share, Growth Analysis, By Offering(Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity sensors]), By Device Type(Head up displays (HUD), and Helmet mounted displays (HMD) (AR Smart Glasses and Smart Helmets)), By Technology(Marker-Based AR Technology (Passive Markers and Active Markers), Markerless AR Technology (Model-based Tracking and Image Processing-based Tracking), and Anchor-Based AR Technology), By Application(Commercial (Gaming, Sports & Entertainment [Sports, Entertainment, Theme parks), By Region - Industry Forecast 2024-2031

The augmented reality market is expected to grow at a compound annual growth rate of 40.9% from 2022 to 2030 to reach USD 597.54 billion by 2030.

Smart glasses are expected to grow at the highest CAGR in the augmented reality market.

Augmented Reality (AR) Market was valued at USD 32.1 Billion in 2022 and is expected to grow from USD 42.85 Billion in 2023 to reach USD 432.35 Billion by 2031, at a CAGR of 33.5% during the forecast period (2024-2031).

The Augmented Reality market growth is leading technology companies including Apple, Meta, and Google leaving nothing to be desired. Apple's accessibility stronghold with the support of ARKit renders a broad range of AR app builders who can build amazing AR experiences for iPhones and iPads. Similarly, Meta mirrors Oculus headsets in a bid to attain a bridge among virtual and with a priority on social interaction. On top of these so-called tech giants, there are several specialized AR hardware companies, like Magic Leap and Vuzix, who are getting into targets at this point, offering more AR-focused headsets which are — big enterprise applications. A highly competitive environment which positions collaborative partnerships and competing between both large players and niche specialists encourages innovation. Merits are made through meeting the criteria of user friendliness, hardware accessibility, developing software that encourages widespread AR usage and enhanced experience by diversity. 'Apple Inc. (US) ', 'Google LLC (US) ', 'Samsung (South Korea) ', 'Alibaba (China) ', 'AWS (US) ', 'Microsoft Corporation (US) ', 'Magic Leap, Inc. (US) ', 'Niantic, Inc. (US) ', 'PTC Inc. (US) ', 'Atheer Inc. (US) ', 'Blippar (UK) ', 'Zugara (Switzerland) ', 'Wikitude (Austria) ', 'Unity (US) ', 'Zappar (UK) ', 'TILTLABS (Canada) ', 'Scope AR (Austria) ', 'Vuzix (US) ', 'Marxent (Canada) ', 'ARToolKit (US)'

Increasing Demand for Enhanced Customer Experience: The increasing number of fickle-minded customers and rapid change of brands is creating new challenges for brands which demand innovative customer engagement solutions. A substantial amount of business is currently utilizing AR technologies to attract their customers towards their brand. For instance, as reported by Adloid.in, a business-to-business solutions provider of AR, where clients integrating the provider's online augmented tools for customer engagement see a rise in sales by 200%. Moreover, this technology will empower customer service with an online customer support system, where the customers can see and chat with agents while they shop at the store.

North America has emerged as the dominating force in the AR market. This is due to the leadership of the information technology industry. It is the result of the presence of leading actors, powerful technological support, and a wide range of apps in gaming, healthcare, retail, and manufacturing. Moreover, United States is expected to account for USD 10.9 billion market volume by 2024. Similarly, the U.S. government plays a crucial role in boosting the adoption of immersive technology to enhance the region's share of the augmented reality industry. Overall, the major tech hubs, including Silicon Valley, keep on driving innovation in augmented reality in this region and companies with financial capital and talent pools are also able to expand with the same knowledge.