Global Augmented Realty market is predicted to reach USD 229.6 Billion in 2028 from USD 16.1 Billion in 2020, exhibiting a CAGR of 39.4% over the upcoming years. Increasing adoption and availability of cloud is a major driver for the AR market.

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Market Dynamic

Key Drivers and Emerging Trends

The global augmented reality market is poised to witness a remarkable growth in recent years and will offer enormous growth opportunities to the players in industry. The driving factor contributing to the market expansion include increasing adoption of augmented reality in the healthcare industry to train medical professionals. Various AR solution providers have merged with healthcare organizations to offer their AR tools to facilitate AR-powered healthcare. For example, in 2022, Altoida Inc. entered into a partnership with Click Therapeutics to leverage AR technology to help understand the baseline measures of cognition and the way it can potentially affect patient outcomes. Further, as per the Augmented Reality Market research report, increasing investment in the AR market, growing demand for AR devices in the automotive industry, and retail and e-commerce platform are projected to offer enormous opportunities for the market. For example, Boeing Company established a new setup HorizonX, to attract huge external investment fund, through an investment in Upskill, a major company in enterprise software for industrial AR devices, and Zunum Aero, an aircraft manufacturer start-up based in Kirkland, Washington. Besides, the technology has gained immense prominence in the education industry to improve the learning experience using the 2D/3D models, AR books and AR games, will expand the Augmented Reality Market Size. The continuous evolution of AR technology along with the growing adoption of the technology in consumer application, has augmented the demand for AR chipsets. Thus, the growing demand for AR chipsets has encouraged industry-leading firms, such as Qualcomm and NXP, to introduce advanced AR-powered chipsets to cater the growing needs of the end-users. For instance, in January 2022, Qualcomm announced a partnership with Microsoft to produce unique chips for Augmented Reality glasses, which will be compatible for use with Metaverse apps.

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Offering Segment Analysis

Hardware segment is estimated to lead the market during the forecast period, due to the increasing investment in advanced AR products and solution. For instance, in January 2020, Hangzhou Tairuo Technology Company Limited introduced an advanced product the Nreal Light AR glasses, which uses AR technology to produce an enhanced and immersive experience combining virtual reality and augmented reality. The growing use of augmented reality across ed-use industries like healthcare, education, construction, and retail, is supporting the hardware segment to dominate the market. For instance, AccuVein Incorporated, a leading medical solutions company uses AR-based solutions to help medical professionals in finding a patient’s vein for administering intravenous treatments or drawing blood for blood tests, among other purposes.

Device Type – Segment Analysis

Head-up displays are estimated to grow at a faster CAGR during the forecast period, primarily because of their increasing adoption in the automotive industry. Increasing implementation of advanced driver assistance system in cars and the presence of AR-driven mobile games will further augment the market growth. The head-mounted display segment is predicted to expand at a higher CAGR over the forthcoming years, because of their growing demand in industrial & enterprise applications.

Application – Segment Analysis

Healthcare segment is anticipated to witness a higher CAGR over the upcoming years, owing to the growing demand for assistance and monitoring information in real-time. Further, increasing implementation of augmented reality in healthcare industry for medical training, surgical visualization, and education. Besides, the manufacturing industry is projected to hold a larger share over the forthcoming years as it allows industries to find any errors and minimize the manufacturing-related downtime.

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Regional Drivers

North America is predicted to expand at a higher CAGR over the forecast period, owing to the existence of strong players including Microsoft Corporation, Google LLC, Apple, Inc., and Magic Leap, Inc. and increasing investment in immersive technologies. Increasing adoption of advanced technologies will further expand the regional growth.

A large customer base and the expansion of automotive, manufacturing, gaming and logistic industries in the Asia Pacific region is forecast to expand the market APAC market. In addition, the accelerating internet penetration rate among the leading economies in Asia Pacific using AR technology in the manufacturing and healthcare industries has driven the segment’s growth.

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 2021, Matterport, Inc. collaborated with PTC. Inc. to allow customers create an AR experience for large spaces. The PTC’s augmented reality software Vuforia Studio and Vuforia Engine help customers enrich digital twin captured with Matterport platform with AR experience called Area Targets.
  • In 2021, Audi developed an augmented reality heads up display in the Audi Q4 e-tron and Q4 Sportback e-tron, which provides information through the windshield and allows drivers to understand the display, and helps in poor visibility conditions.
  • 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 Billion)
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.