The global Augmented Reality market was valued at USD 17.14 billion in 2020 and is expected to be valued at USD 128 billion by 2028, growing at a 29% CAGR between 2021 and 2028.
AR is used in a variety of industries, including manufacturing, healthcare, and education. The increased use corresponds to the availability of new AR devices.
Businesses are heavily focusing on developing new approaches to capitalise on the potential of augmented reality (AR) technology, and providing end-users with a unique and interactive experience is expected to fuel market expansion over the forecast period. As handheld devices, smartphones and smart glasses are becoming increasingly popular.
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Growth Factors
The growing convergence of augmented reality, wearable devices, and GPS is expected to drive augmented reality demand. The growing popularity of smartphones and tablets propels the augmented reality industry forward. User interface issues may stymie the augmented reality industry’s growth. It also demonstrates technological inefficiency in analysing a wide range of physical challenges due to a lack of information insight management, which has had an impact on the augmented reality industry.
Segment Analysis Preview
The market for augmented reality is divided into four segments: display, component, region, and application. This technology incorporates both software and hardware (semiconductors, displays, and sensors). Hardware is likely to increase at a rapid pace in the next years. Microsoft and Sony are expected to take part.
Regional Analysis Preview
With China fast becoming the world’s largest e-commerce market, e-commerce is progressively becoming a primary priority for APAC businesses. The growing commercial need for AR devices and software will help boost the APAC AR industry. Growing consumer and commercial sectors, as well as expanding investment in nations such as Japan, India, and China, will boost the APAC AR industry forward.
Key Market Players Competitive Landscape
Some of the key players in the Augmented Reality market are Magic Leap, Immersion, Apple, Daqri LLC, Sony, Blippar, Microsoft, Wikitude, Google, PTC, CyberGlove Systems Inc., Infinity Augmented Reality, Eon Reality, Inc., ODG, Samsung Electronics among others. These players are all set to place the augmented reality market to new heights. The global Augmented Reality market is segmented as follows:
By Component
Hardware (Sensor, Semiconductor, and Display)
Software
By Display
Head-mounted display
Head-up display
Handheld display
Spatial display
By Application
Aerospace Defense
Industrial
Consumer
Commercial
E-Commerce
Retails
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East Africa
GCC
South Africa
Rest of Middle East Africa
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