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Global Augmented Reality (AR) Market Share Is Expected to Grow At A CAGR Value Of Around 31.5% By 2028

03-Jun-2022 | Facts and Factors

According to the Facts & Factors report, the global augmented reality (AR) market was worth 15.2 (USD billion), and is predicted to grow to around 90.8 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 31.5%.

Augmented reality (AR) is a real-world interactive experience in which objects in the real world are enhanced by computer-generated image features, sometimes across multiple modalities such as auditory, visual, somatosensory, haptic, and olfactory. AR is defined as a system that combines real and virtual worlds, allows for real-time interaction, and accurately registers virtual and real objects in 3D. The sensory information overlaid can be constructive (i.e., beneficial to the natural environment) or destructive (i.e., masking of the natural environment). This experience is so intertwined with the physical world that it is interpreted as an immersive part of the real world. In this way, augmented reality changes one's continual perception of a real-world situation, whereas virtual reality does not.

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Browse the full “Augmented Reality (AR) Market By Component (Software and Hardware), By Type of Device (Handheld Devices, Smart Glasses, Heads-up Display, Stationary AR Systems, and Others), By Application (Education, Healthcare, Automotive, Gaming & Entertainment, Industrial Manufacturing, Aerospace & Defense, E-Commerce & Retail, and Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028"  report at https://www.fnfresearch.com/augmented-reality-market

Because of the rising demand for 3D imaging in the healthcare sector, the global augmented reality market has experienced unprecedented growth. Rising digitization, especially in developing countries, coupled with a stronger focus on technology, and the development of the internet of things will generate more lucrative market growth opportunities. The increasing popularity of e-commerce is also going to fuel the growth rate of the augmented reality market. However, rising security and privacy concerns associated with augmented reality will pose a huge technical challenge to market growth. The high expenditure needed for research & development efforts on advanced technical solutions will further impede the market growth. A lack of skilled or trained professionals or technological expertise, particularly in developing and underdeveloped economies, will further derail market growth. Variations in infrastructure quality around the world will also limit market growth.

The global augmented reality (AR) market is segmented on the basis of component, type of device, application, and region. By component, the market is divided into software and hardware. The market is expected to be led by the hardware segment. AR device demand and applications in a variety of industries are driving hardware growth. By type of device, the market is divided into handheld devices, smart glasses, heads-up displays, stationary AR systems, and others. During the forecast period, the heads-up display is anticipated to gain the most market share. Heads-up displays are becoming more popular in the automotive industry. The increasing use of enhanced mobile games is boosting market growth.

By application, the market is divided into education, healthcare, automotive, gaming & entertainment, industrial manufacturing, aerospace & defense, e-commerce & retail, and others. The industrial manufacturing segment had the highest revenue share of 25% in 2021 and is expected to maintain its market dominance throughout the forecast period.

During the forecast period, Asia Pacific is expected to be the fastest-growing regional market. Developed countries like Australia and Japan are gradually establishing themselves as regional market leaders by effectively utilizing a large number of customers and expanding the execution of internet-based platforms. The continued deployment of high-speed 5G networks in the Asia Pacific is also expected to spur rapid adoption of AR technology and AR-based solutions throughout the region. India, with its large population and rapidly growing internet penetration rate, is emerging as one of Asia Pacific's leading economies utilizing AR technology in the production and healthcare sectors, where more immersive and hands-on experience is critical.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 15.2 Billion

Projected Market Size in 2028

USD 90.8 Billion

CAGR Growth Rate

31.5% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Sony CorporationNiantic, Inc., Google LLC, Blippar Limited, Magic Leap, Incorporated, Apple, Inc., Wikitude GmbH, Microsoft, Infinity Augmented Reality Limited, Zappar Limited, and Others

Key Segment

By Component, Type of Device, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Some of the key players in the global augmented reality (AR) market are Sony CorporationNiantic, Inc., Google LLC, Blippar Limited, Magic Leap, Incorporated, Apple, Inc., Wikitude GmbH, Microsoft, Infinity Augmented Reality Limited, and Zappar Limited.

Recent Development

  • June 2021: Magic Leap Inc. collaborated with AMD to develop semi-custom visual computing and enterprise-class augmented reality devices. This collaboration will enable businesses to transform and reimagine how data and virtual information are fused and graphed in the physical world.
  • February 2020: Qualcomm Technologies, Inc. has announced the release of an extensive reality headset centered on the Qualcomm Snapdragon XR2 Platform. It will provide premium quality augmented, simulated, and mixed reality devices to customers and businesses.

The global augmented reality (AR) market is segmented as follows;

By Component

  • Software
  • Hardware

By Type of Device

  • Handheld Devices
  • Smart Glasses
  • Heads-Up Display
  • Stationary AR systems
  • Others

By Application

  • Education
  • Healthcare
  • Automotive
  • Gaming & Entertainment
  • Industrial manufacturing
  • Aerospace & Defense
  • E-Commerce & Retail
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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