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Augmented Reality (AR) Market By Technology (Marker-Based AR Technology, Markerless AR Technology, Anchor-Based AR Technology) By Offering (Hardware, Software) By Device Type (HUDs, HMDs) By Application (Consu By End-use Application (Consumer, Commercial, Healthcare, Automotive and Others), By Display Type (Head Mounted Display, Handheld Display, Head-Up Display, and Spatial Display), By Component (Hardware, Software) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2028

What is the Key Offering of Augmented Reality (A.R.)?

The hardware sector dominates the market thanks to the expanding use of A.R. devices across numerous industries and industrial verticals, including education, healthcare, construction, and retail. The sort of hardware employed, which enables A.R. to be produced without the use of any additional devices, is one of the technology's noteworthy qualities. From a hardware standpoint, heads-up displays with early iterations of artificial intelligence (A.I.) have forced businesses to test out technologies that draw on the potential of augmented reality (A.R.). A.R. has the potential to advance consumer interactions by "laying on top" of physical environments with digital data and objects.

augmented-reality-ar-market

What is the Market Size of Augmented Reality (A.R.) in value?

The global augmented reality (A.R.) market is anticipated to grow at a considerable CAGR of 40.10 percent in the upcoming years. The global Augmented Reality (A.R.) industry was estimated to be worth USD 25.1 billion in 2021 and is anticipated to grow to USD 189.80 billion by 2028. In the upcoming years, the demand for augmented reality (A.R.) is anticipated to grow significantly. Over the forecast period between 2022 and 2028, it is anticipated to create revenue potential for the key industry participants worth USD 164.70 billion.

Is Augmented Reality (A.R.) Market Fragmented?

Due to the augmented reality (A.R.) market's fragmentation, companies are using organic and inorganic expansion tactics to stay competitive. The market for augmented reality is becoming more competitive. Several corporations are expanding their market share by winning new contracts and entering new markets. 

Interesting Facts about Augmented Reality (A.R.) Industry

  • Due to the increased acceptance of A.R. platforms in the healthcare business, the projected period will significantly impact the expansion of the worldwide augmented reality market. Along with other elements, augmented reality (A.R.) offers captivating and engaging medical learning experiences for patients and healthcare professionals.
  • Privacy and security concerns, the biggest problems facing the A.R. industry, are the key factors stopping the global augmented reality (A.R.) market from growing and are expected to do so over the forecast period. 
  • In terms of volume and value, North America dominated the global Augmented Reality (A.R.) market in 2021, and it is anticipated that this dominance will last throughout the forecast period.
  • Consumer Augmented Reality (A.R.) to witness high growth during the forecast period.

Who are the Top 10 players/companies in the Augmented Reality (A.R.) market regarding value and volume?

The key players in the global Augmented Reality (A.R.) market include Google, Inc., PTC, Inc., Seiko Epson, Microsoft, Sony, Wikitude, Lenovo, Magic Leap, Inc., Samsung Electronics, and Apple. These significant competitors are focusing on the creation of new products as well as technology advancements to improve their Augmented Reality (A.R.) production and capture a competitive market share on a worldwide scale. Additionally, several regional and national players are investing significantly to diversify their product offerings and increase sales. For instance, in January 2021, Magic Leap and Google Software collaborated to offer Magic Leap business solutions on the Google Software Marketplace and investigate new cloud-based, spatial computing options.

Who are the Top 10 Countries in the Augmented Reality (A.R.) Market?

In the global Augmented Reality (A.R.) market, the major countries are China, the U.S., Canada, the U.K., India, Germany, Mexico, Japan, France, and Russia. The United States will be the primary producer and consumer of Augmented Reality (A.R.) in the global market in 2021. The United States dominated the North American regional market. Several world's top tech firms, including Microsoft and Google LLC, are based in the United States. The nation is regarded as a pioneer in embracing new technologies. 

Which is the Key Application Area in the Augmented Reality (A.R.) Market?

The market has been divided into consumer, commercial, aerospace & defense, healthcare, enterprises (manufacturing), automotive, energy, and others based on application. The gaming and entertainment apps that use A.R. technology to produce 3D visual objects in the natural world fall within the consumer segment of the market. A.R. technology is increasingly used in consumer applications due to the thriving gaming, sports, and entertainment industries. HMDs are becoming increasingly popular for consumer applications. They are utilized in sports and smart glasses (such as skiing and fighting games). Utilizing AR technology enables leaders in various sectors and industry verticals to find any problems or hiccups, check that all processes are ongoing, and assist effective operations in minimizing manufacturing-related downtime. In the aerospace and defense sectors, A.R. technology is also finding use. However, since technology in the aerospace and defense sector is still in its infancy, the use cases are restricted to helping technicians make decisions and cutting down on time spent looking for the information needed to refurbish any given product.

What are the Major Driving Factors for Augmented Reality (A.R.) Market?

During the projected period, the increasing use of Augmented Reality (A.R.) platforms in the healthcare sector would significantly impact the growth of the worldwide augmented reality market. For patients and clinicians, A.R. offers fascinating and interactive medical learning experiences. Additionally, the adoption of A.R. by well-known corporations for a more individualized user experience may ultimately impact the market's growth. The mobile augmented reality (A.R.) market is growing due to factors like the widespread use of mobile A.R. in the healthcare sector, the rapid expansion of the retail sector, and the quick adoption of A.R. technology by the tourism and education sectors. To compete in the tourism industry, businesses must use augmented reality applications.

What are the Major Restraints for Augmented Reality (A.R.) Market?

The main factors preventing the worldwide augmented reality (A.R.) market from expanding include privacy and security issues, which are the most significant challenges facing the A.R. industry. These issues result from inconsistent A.R. programming, negligence on the side of app and device makers, and end users' negligence. Some AR applications don't have safeguards to safeguard user identity and privacy.

Which Region Dominated the World Augmented Reality (A.R.) Market?

The North American AR market is expected to grow significantly over the forecast year, owing to numerous suppliers investing heavily in market innovation and the United States' dominance in the global software market. The U.S. is widely regarded as having one of the world's most advanced A.R. markets. The majority of the American businesses developing this technology are situated here. Strong AR markets have developed in the area due to the region's high technological exposure and accessibility of smart devices. The Hololens, a Microsoft augmented reality product, was initially made available in the U.S. and Canada, where people responded well to it. The region also boasts the highest rate of smart gadget adoption, particularly for smartwatches and smart glasses. The area provides a significant opportunity for expanding the market under study throughout the projected period because intelligent devices, particularly smartphones, significantly impact the A.R. industry's development. Another market where augmented reality technologies are heavily used is smart glass, which is expected to expand rapidly throughout the projected period.

In the forecast period, it is expected that the Asia Pacific will become the region with the quickest rate of growth. Developed nations like Japan and Australia are steadily forging their way to the top of the regional market by leveraging a sizable client base and increasing the deployment of internet-based platforms. The region's continuous implementation of 5G high-speed networks is also anticipated to hasten the adoption of augmented reality (A.R.) technology and AR-based solutions.

Segmentation of Global Augmented Reality (A.R.) Market-

Global Augmented Reality (A.R.) Market – By Technology

  • Marker-Based AR Technology
  • Markerless AR Technology
  • Anchor-Based AR Technology 

 Global Augmented Reality (A.R.) Market – By Offering

  • Hardware
  • Software 

Global Augmented Reality (A.R.) Market – By Device Type

  • HUDs
  • HMDs

 Global Augmented Reality (A.R.) Market – By Application

  • Consumer
  • Commercial
  • Enterprise (Manufacturing)
  • Enterprise (Manufacturing)
  • Aerospace & Defense
  • Energy
  • Automotive
  • Others

Frequently asked questions about the global Augmented Reality (A.R.) industry

North America accounted for the highest share in the global Augmented Reality (A.R.) market in terms of value and volume.

It is anticipated that the widespread use of handheld devices, such as smartphones and smart glasses, and the following rise in the use of mobile augmented reality technologies to deliver a more immersive experience will aid in the market's expansion are the major factors driving the growth of the market.

Hardware Augmented Reality (A.R.) had a significant share in 2021.

Consumers had a significant share in the global market in 2021.

Augmented Reality Market Scope

Report Attribute Details
Market Value in 2021 USD 25.1 billion
Market Value in 2028 USD 189.80 billion
CAGR 40.10%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Aug 2022
Category:  Technology & Media
Report ID:   57950
Report Format:   PDF
Pages:   180
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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