Augmented Reality (AR) Market

Augmented Reality (AR) Market

Augmented Reality (AR) Market- By technology, offering, device type, and application;

Market Synopsis:

Global Augmented Reality (AR) market is valued at USD 16.3 Billion in 2021 and is projected to reach a value of USD 78.0 Billion by 2028 at a CAGR of 29.50% over the forecast period.

The Augmented Reality (AR) market is witnessing growth due to the surging demand for Augmented Reality (AR) devices and their applications in the healthcare sectors, and the rising demand for Augmented Reality (AR) in e-commerce and retail sectors due to coronavirus. Moreover, growth in the demand for augmented devices and technology in the automotive industry globally, and increasing investments in Augmented Reality (AR) are the factors expected to fuel the growth of the Augmented Reality (AR) market in the coming years. An increase in internet connectivity and the mobile gaming industry are contributing to the growth of the Augmented Reality (AR) market during the forecast period. The increase in the adoption of Augmented Reality (AR) technology in the healthcare sector and rising demand for augmented devices in e-commerce due to covid-19 are expected to drive the Augmented Reality (AR) market growth in the upcoming years. The continuous growth in the development of 5G technology is projected to boost the growth of the Augmented Reality (AR) market in the years to come. Whereas, the high growth of the travel and tourism industry and increasing demand for Augmented Reality (AR) in enterprise applications are expected to provide growth opportunities for the Augmented Reality (AR) market in the coming years. Besides, increasing health issues associated with the unnecessary use of Augmented Reality (AR) and privacy and security issues are expected to hamper the growth of the Augmented Reality (AR) market during the forecast period.

Market Segmentation:

The Augmented Reality (AR) market is segmented as technology, by offering, device type, and application. Based on technology the market is segmented as Marker-Based AR Technology, Marker less AR Technology, Anchor-Based AR Technology. Based on offering, the market is segmented as Hardware, and Software. On the basis of device type, the market is segmented as HUDs, and HMDs. On the basis of application, the market is segmented as Consumer, Commercial, Enterprise (Manufacturing), Healthcare, Aerospace & Defense, Energy, Automotive, and others.

The hardware segment is projected to hold the largest share of the market during the forecast period

Based on offerings, the hardware segment is projected to acquire the largest share of the Augmented Reality (AR) market during the forecast period. The growth of the hardware segment is mainly attributed to the increasing adoption of Augmented Reality (AR) hardware worldwide.

The customer segment is estimated to acquire the largest share of the market during the forecast period

Based on application, the customer segment is accounted to hold the largest share of the Augmented Reality (AR) market during the forecast period. The growth of the customer segment is attributed to involves gaming and entertainment applications, where Augmented Reality (AR) technology is used to create 3D visuals in the real world. Additionally, the thriving gaming and sports in the gaming sector drive the demand for Augmented Reality (AR) technology in customer applications.

North America is projected to acquire the largest market share during the year 2021

The North American region is projected to grow at the highest CAGR during the forecast period. The growth of North America is mainly attributed to rising investments in immersive technologies and driving the demand for advanced technology in the region. The increase in the demand for immersive technologies, strengthens the hold on the Augmented Reality (AR) devices are increasing the growth of the Augmented Reality (AR) market in North America.

Asia Pacific region is holding the largest market share during the forecast period

The thriving manufacturing sector in emerging countries such as China and India are estimated to fuel the growth of the Augmented Reality (AR) market in the APAC region. The gaming sector in the APAC region is experiencing significant growth and contributes to the increasing demand for Augmented Reality (AR) technology in the APAC region during the forecast period. The increasing investments in the commercial applications of Augmented Reality (AR) are also fueling the growth of APAC region. The booming healthcare and automotive sector in Japan are expected to boost the demand for Augmented Reality (AR) technology in the Asia Pacific region in the coming years.

Competitive Landscape:

The new product launches and contracts are predicted to offer significant opportunities for the key players in the market. Some of the major key players in the market are GOOGLE.

Segmentation of Augmented Reality (AR) Market: