What is the global market size of Augmented Reality Market?

Global Augmented Reality (AR) Market was valued at USD 31.97 Billion in 2022 and is expected to grow from USD 42.04 Billion in 2023 to reach USD 375.90 Billion by 2031, at a CAGR of 31.5% during the forecast period (2024-2031).

Who are the key vendors in the Global Augmented Reality Market?

The Augmented Reality Market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key Augmented Reality Market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Apple Inc.', 'Google LLC', 'Microsoft Corporation', 'Magic Leap, Inc.', 'Niantic, Inc.', 'PTC Inc.', 'Atheer Inc.', 'Upskill', 'Blippar', 'Daqri', 'Zugara', 'Wikitude', 'Infinity AR', 'Catchoom', 'Zappar', 'Re'Flekt', 'Scope AR', 'Vuzix', 'Marxent', 'ARToolKit'

What is the key driver of Global Augmented Reality Market?

The key factor that drives the industry growth includes the key investments done by the key players in the market. Augmented Reality Market growth is also expected to be fueled by market players' increasing collaboration with 5G providers to address latency issues. Qualcomm, for example, established a partnership with Bharti Airtel in February 2021 to demonstrate 5G and minimize latency difficulties. Further, Microsoft Corporation along with the UK-based company Dimension formed a partnership that aims to provide a mixed reality immersive experience using extended reality content, digital humans, augmented and virtual reality technology, and Microsoft HoloLens. Such activities undertaken by the key players operating in the Augmented Reality Market are projected to drive market growth.

Which region accounted for the largest share in Global Augmented Reality Market?

The global augmented reality market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region held the most substantial share of the market. It is anticipated to maintain its dominance; the regional Augmented Reality Market is likely to be driven by the increased investments by the players and government in the region. The US government is interested in increasing the usage of immersive technology, thereby bolstering the region's augmented reality market share. For example, the United States Defense Advanced Research Projects Agency expressed interest in IMT Atlantique in 2019 and contacted the business to build smart contactless lenses for the military. Further, the Asia-Pacific region is anticipated to be the fastest-growing region during the forecast period. The regional growth of the Augmented Reality Market is attributed to the booming automotive, manufacturing, logistic, and gaming industries in the economies such as China and India.

What is the key market trend for Global Augmented Reality Market?

One of the key trends in the global Augmented Reality market is increased demand for enhanced customer experience. Maintaining client relationships has become the most crucial component of business expansion. Customers are becoming less loyal, and they are switching between products and services at a faster rate, necessitating novel customer engagement solutions. Many businesses are experimenting with augmented reality to leave a lasting impression on their customers since it provides a personalized and engaging experience that improves customer satisfaction. This is likely to aid the global augmented reality industry growth during the forecast period.

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

Q: What is the augmented reality market growth?

The global 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.

Report ID: SQMIG45J2039 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 119 | Figures: 77

Augmented Reality Market Insights

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 growth of the market is driven by rising adoption of AR technology in the healthcare sector, as well as in the increasing demand for AR in the retail and e-commerce sectors. The AR Market now occupies its growing position in the technology sector with the introduction of digital enhancements into the real world to improve users' experiences and operations of different industries. AR devices impose digital information into real world settings, which can be photos, videos, or three-dimensional figures. This is how users discover their own setting for reality. The market now has the most intense growth among all industries, because of several factors and provided the enterprise and the consumer with both opportunities and challenges at the same time. The main goal of the AR industry is to change the sensation of individuals in the way they engage with digital content and information in real-life settings. The fact is that AR in the gaming industry & remote health services, along with advanced virtual reality, is aiming to create a world where digital & physical realms interact. Based on Skyquest’s in-depth analysis, it is found that approximately 1.4 billion are active users of AR devices. Furthermore, an enormous scope is available with the implementation of Augmented and Virtual Reality in Education, Training, Marketing, and entertainment, where users are increasingly able to create and become more involved.

US Augmented Reality Market is poised to grow at a sustainable CAGR for the next forecast year.

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FAQs

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.

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.

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Augmented Reality Market Insights

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What is the augmented reality market growth?

Which device type segment is expected to grow at a significant CAGR in the augmented reality market?

What is the global market size of Augmented Reality Market?

Who are the key vendors in the Augmented Reality Market?

What is the key driver of Augmented Reality Market?

What is the key market trend for Augmented Reality Market?

Which region accounted for the largest share in Augmented Reality Market?

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