Augmented Reality (AR) Market to Reach Valuation of USD 78.0 Billion by 2028 - Increasing Demand for Augmented Reality (AR) Devices in Retail and E-commerce Sector to Drive the Market Growth

Vantage Market Research

Apr 12, 2022

In terms of revenue, the Global Augmented Reality (AR) Market is expected to reach USD 78.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 29.8% from 2022 to 2028. The growth of the Augmented Reality (AR) Market is attributed to the factors such as surging demand for Augmented Reality (AR) devices and their applications in the healthcare sectors, and the increasing demand for Augmented Reality (AR) devices in e-commerce and retail areas due to the spread of coronavirus. Moreover, 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.

Key Highlights from the Report

  • The hardware sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The growth of the hardware segment is mainly attributed to the increasing adoption of Augmented Reality (AR) hardware worldwide.

  • The customer sub-segment held a significant market share in 2021. The market growth is attributed to factors such as gaming and entertainment applications, where Augmented Reality (AR) technology is used to create 3D visuals in the real world. the thriving gaming and sports in the gaming sector drive the demand for Augmented Reality (AR) technology in customer applications in the coming years.

  • Asia Pacific is the fastest regional segment. The thriving manufacturing sector in emerging countries such as China and India is estimated to fuel the growth of the Augmented Reality (AR) Market in the APAC region. The increasing investments in the commercial applications of Augmented Reality (AR) are also fueling the growth of the APAC region during the forecast period.

Some of the key players in the Augmented Reality (AR) Market include - GOOGLE, INC., PTC INC., SEIKO EPSON, MICROSOFT, LENOVO, SAMSUNG ELECTRONICS, Apple Inc., WIKITUDE GMBH, MAXST CO., LTD., QUALCOMM, TOSHIBA CORPORATION, , UPSKILL, BLIPPAR, VISTEON CORPORATION, GLOBE TECHNOLOGIES, OPTINVENT, MAGIC LEAP, INC., MARXENT LABS, LLC, SCOPE AR, NIANTIC INC., ATHEER INC., VUZIX, META COMPANY, INTEL CORPORATION, CONTINENTAL..

Market Dynamics:

The Augmented Reality (AR) Market is experiencing growth due to the increasing demand for Augmented Reality (AR) devices and their applications in the healthcare sectors, and the rising demand for Augmented Reality (AR) in retail sectors and e-commerce sectors due to the occurrence of coronavirus. Moreover, the rise in the demand for augmented devices and technology in the automotive industry globally, and increasing investments in Augmented Reality (AR) are the factors projected to fuel the Augmented Reality (AR) Market growth in the upcoming years.

Growth in internet connectivity and the expanding mobile gaming industry are positively contributing in 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 years to come.

North America is the largest market. North America holds the major share of 43.10% globally. The growth of North America is 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 the North American region in coming years.