Augmented reality market registered a revenue of USD 16.1 billion in 2020 and is projected to reach USD 229.6 billion in 2028, growing at a very high CAGR 39.4% during the forecast period.

Introduction of the Augmented Reality Industry Report

Augmented reality provides interactive experience through various sensory modalities such as visual, somatosensory, haptic, among others. The AR is increasingly used in various applications in entertainment, training, and education areas. The global augmented reality market covers various offering, including hardware such as display & projectors, cameras, semiconductor components, sensors, and software, among others.

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Market Dynamic

Key Drivers and Emerging Trends

One of the major key drivers that is surging the growth of the global augmented reality market size includes the growing requirement for AR devices in the healthcare sector. The AR plays a crucial role in the healthcare industry and offers a virtual view of a patient, in which a surgeon determines the health condition of the patient. It also helps the surgeon in conducting minimally invasive surgeries. The usage of augmented reality enhances fitness, teaches complex subjects to medical students. Additionally, the increasing demand for remote assistance and collaboration from enterprises that assist in workflow management and optimization is further contributing to the market growth. Companies are using Augmented Reality (AR) based apps for tracking, identifying, and resolving the technical issues and tasks, including manufacturing, repairing production lines, among others.

The increasing adoption of smartphones, smart glasses, and other handheld and wearable devices is further surging the usage of mobile AR technology to offer immersive experiences. Various organizations are focusing on bringing innovation in AR technology to provide a customized and interactive experience to the customers. In June 2018, Hennes & Mauritz AB’s brand Monki adopted AR technology to provide a 3D experience to its customers using smartphones while presenting garments on the online platform. The AR technology is also helping to transform indoor navigation. For instance, MobiDev illustrated indoor navigation through its ARcore platform by the construction of an optimal route to the user’s desired destination and demonstrating it on mobile devices.

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Device Type – Segment Analysis

Based on the device type, the head-up displays is expected to grow at a higher CAGR during the forecast period. The augmented reality head-up displays are in the introduction phase and is expected to be used in the automotive sector on a massive scale over the coming years. Various players such as WayRay, Visteon, Continental, BMW, among others, are planning to enter the market through different strategies. For instance, BMW launched the AR HUDs in the upcoming premium models in 2020.

Application – Segment Analysis

Based on the application, the healthcare segment is anticipated to grow at a faster CAGR during the forecast period. This is attributed to the increasing adoption of AR technology in vein visualization, surgical visualization, and medical training, and education. On the other hand, the enterprise (manufacturing) segment is projected to dominate the market during the forecast period. The AR helps the industries in ensuring efficient operations by the detection of glitches quickly and keeps all the processes going and reduces the manufacturing downtime.

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Regional – Segment Analysis:

Based on the region, North America region is projected to lead the market during the forecast period. The US region has the presence of various big players including Google LLC, Microsoft Corporation, Apple, Inc., and Magic Leap, Inc. The growing adoption and the rising deployment of the latest advanced technologies are further helping the market to grow. On the other hand, the Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. China and Japan are the leading countries in terms of the high customer base and adoption of AR technology. The AR technology enables an unrestricted stream of real-time images, information, and analytics by wearing AR headsets and operating the machinery and medical procedures.

Top Market Players

Various notable players operating in the market include Google LLC, Microsoft Corporation, PTC, Seiko Epson Corporation, Lenovo, Wikitude GmbH, Vuzix Corporation, DAQRI, Magic Leap, Inc., and Zugara, Inc. among others. 

Key Developments:

• • In 2020, Microsoft introduced new update in its ARKit 4. The company updated the app with LIDAR scanner depth API, location anchors, and expanded face tracking support through AR capabilities.
  • In 2019, Seiko Epson Corporation launched the Moverio Assist, a new software that uses the existing smart glasses from the organization to offer an easy way to deploy remote assistance for teams in the enterprise space.

Segments covered in the Report:

The global Augmented Reality market has been segmented on the basis of Offering, Device Type, Type, Application and regions. Based on Offering, the market is segmented into Hardware and Software. Based on Device Type, the market is segmented into Head-Mounted Displays and head-up Displays. Based on Type, the market is segmented into Marker-based Augmented Reality, Marker-less Augmented Reality, and Anchor-based Augmented Reality. Based on Application the market is segmented into Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defence, Energy, Automotive, and Others. 

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Key questions answered in this research report:

• • At what pace is global Augmented Reality market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Augmented Reality market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Augmented Reality market?
  • Which Offering generated maximum revenues in 2019 and identify the most promising Offering during the forecast period?
  • What are the various Device Type areas of global Augmented Reality market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2020)	USD 16.1 billion
Market Base Year	2020
Market Forecast Period	2021-2028
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Offering, By Device Type, By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Google LLC, Microsoft Corporation, PTC, Seiko Epson Corporation, Lenovo, Wikitude GmbH, Vuzix Corporation, DAQRI, Magic Leap, Inc., and Zugara, Inc. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Augmented Reality Market by Offering

• • Hardware
  • Software

Global Augmented Reality Market by Device Type

• • Head-Mounted Displays
  • Head-up Displays

Global Augmented Reality Market by Type

• • Marker-based Augmented Reality
  • Marker-less Augmented Reality
  • Anchor-based Augmented Reality

Global Augmented Reality Market by Application

• • Consumer
  • Commercial
  • Enterprise
  • Healthcare
  • Aerospace & Defence
  • Energy
  • Automotive
  • Others

Global Augmented Reality Market by Region

• • North America Augmented Reality Market (Option 1: As a part of the free 25% customization)
    • By Offering
    • By Device Type
    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Augmented Reality Market (Option 2: As a part of the free 25% customization)
    • By Offering
    • By Device Type
    • By Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Augmented Reality Market (Option 3: As a part of the free 25% customization)
    • By Offering
    • By Device Type
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Augmented Reality Market (Option 4: As a part of the free 25% customization)
    • By Offering
    • By Device Type
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Augmented Reality (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Google LLC
  • Microsoft Corporation
  • PTC
  • Seiko Epson Corporation
  • Lenovo
  • Wikitude GmbH
  • Vuzix Corporation
  • DAQRI
  • Magic Leap, Inc.
  • Zugara, Inc.