USD 25.33 billion
Global Augmented Reality Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Display(Head Mounted Display & Smart Glass, Head Up Display), By Application(Aerospace & Defense, Automotive) - Industry Forecast 2023-2030
Report ID: SQMIG45J2039 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 94 | Figures: 76
Global Augmented Reality Market Insights
Global Augmented Reality Market size was valued at USD 25.33 billion in 2021 and is poised to grow from USD 35.69 billion in 2022 to USD 781.17 billion by 2030, growing at a CAGR of 40.9% in the forecast period (2023-2030).
Augmented reality is an interactive experience of a real-world environment in which real-world items are augmented with computer-generated perceptual information. Augmented reality is still in its early stages of acceptance; however, it is rapidly evolving. AR-based apps for tracking, detecting, and resolving disputes are in high demand, and some firms are already using them. Individuals' increased desire for smartphones, smart gadgets, and other wearables that employ AR technology is also fueling Augmented Reality Market development.
Augmented reality uses a variety of sensory modalities to provide interactive experiences, including haptic, aural, visual, somatosensory, and more. The technology can be used for a variety of purposes, including entertainment, training, and education. Manufacturing, healthcare, and logistics, among other industries, are putting increased emphasis on employing this technology for training, maintenance, help, and monitoring. In the near future, Augmented Reality Market growth is also likely to be boosted by increasing smartphone adoption and app integration.
Augmented reality (AR) has a crucial role to play in the healthcare industry. A surgeon can see the patient's body parts and their conditions by using it to provide a single virtual view of the patient. This can help the surgeon carry out minimally invasive procedures. Using AR, surgeons can now visualize internal organs, skeletal muscle, and joints without cutting open the patient. This enables surgeons to decide where to make incisions and facilitates the use of information gathered during emergencies. A key factor driving the adoption of augmented reality (AR) technology in the healthcare sector and saving many lives is real-time data on a patient's condition. A further advantage of advanced technologies is that they can speed up urgent care situations by virtually representing a patient's health. Additionally, the preference for augmented reality as an architectural style is rising, which is good news for the market growth. AR technology helps architects bridge the gap between reality and fiction by enabling the creation of 3D models of plans on portable devices.
US Augmented Reality Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
40.9% CAGR
Global Augmented Reality Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Augmented Reality Market Size By Component , 2021-2028 ($ Bn)
Global Augmented Reality Market Size By Component , 2021-2028 (%)
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Global Augmented Reality Market Segmental Analysis
The global augmented reality market is segmented on the basis of component, display, application, and region. Based on the component, the Augmented Reality Market is segmented into hardware and software. Based on the display, the global augmented reality market is segmented into head mounted displays & Smart Glass, head up displays, and handheld devices. Based on the application, the global augmented reality market is segmented into aerospace & defense, automotive, education, e-commerce & retail, gaming & entertainment, healthcare, and industrial & manufacturing. Based on region, the global augmented reality market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Component
In 2021, the hardware segment of the market is projected to hold the most lucrative share of more than 50% of the market. The segmental growth of the Augmented Reality Market is attributed to the increased demand and application of AR in a diverse range of industries. Key operating players such as Google, Apple, and Microsoft among many others are adopting this technology which is further aiding the augmented reality industry growth during the forecast period. On the other hand, the software segment is also likely to grow significantly during the forecast period. This growth is attributed to the increased demand for AR-based applications among users.
Analysis by Display
In 2021, the head up display segment of the Augmented Reality Market is projected to hold the most lucrative share of more than 40% of the market. The segmental growth of the Augmented Reality Market is attributed to the increased adoption of head up displays in the automotive industry across the globe. The increasing implementation of advanced driver assistance systems (ADAS) in cars is also aiding the growth of this segment. Also, the wide presence of AR-based mobile games is likely to aid the Augmented Reality Market growth during the forecast period.
Analysis by Application
In 2021, the gaming & entertainment segment of the Augmented Reality Market is projected to hold the most lucrative share of more than 30% of the market. The segmental growth of the Augmented Reality Market is attributed to the AR is vital to the gaming industry's growth. As the technology provides an immersive and interactive experience, it is expected to gain traction in the gaming sector. Due to the success of Pokemon Go, gaming companies have greatly expanded the technology for their other games and applications. The media and entertainment industries have a lot of potential with this technology in terms of giving real-time experiences. Samsung Electronics, for example, released Samsung TV True Fit with an AR mobile application in November 2019. Customers' experiences in gaming, shopping, entertainment, AR-based journalism, and other areas are projected to be radically altered as a result of this element.
Global Augmented Reality Market By Component , 2021(%)
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Global Augmented Reality Market Regional Insights
The global augmented reality market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region held the most substantial share of the market. It is anticipated to maintain its dominance; the regional Augmented Reality Market is likely to be driven by the increased investments by the players and government in the region. The US government is interested in increasing the usage of immersive technology, thereby bolstering the region's augmented reality market share. For example, the United States Defense Advanced Research Projects Agency expressed interest in IMT Atlantique in 2019 and contacted the business to build smart contactless lenses for the military. Further, the Asia-Pacific region is anticipated to be the fastest-growing region during the forecast period. The regional growth of the Augmented Reality Market is attributed to the booming automotive, manufacturing, logistic, and gaming industries in the economies such as China and India.
Global Augmented Reality Market By Geography, 2021 - 2028
- Largest
- Fastest
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Global Augmented Reality Market Dynamics
Driver
- The key factor that drives the industry growth includes the key investments done by the key players in the market. Augmented Reality Market growth is also expected to be fueled by market players' increasing collaboration with 5G providers to address latency issues. Qualcomm, for example, established a partnership with Bharti Airtel in February 2021 to demonstrate 5G and minimize latency difficulties. Further, Microsoft Corporation along with the UK-based company Dimension formed a partnership that aims to provide a mixed reality immersive experience using extended reality content, digital humans, augmented and virtual reality technology, and Microsoft HoloLens. Such activities undertaken by the key players operating in the Augmented Reality Market are projected to drive market growth.
- The expanding use of AR technology in building and architectural applications is anticipated to significantly contribute to the market's growth. Potential applications of AR technology include creating a 3D model of a blueprint and bridging the gap between fantasy and reality. The education sector can also benefit from the use of augmented reality technology to improve student learning. The use of 2D/3D models, AR books, and AR games can help create an immersive experience that will help students develop a variety of skill sets, which will ultimately fuel the growth of the augmented reality market.
Restraint
- The AR industry's key hurdles include security and privacy concerns. These concerns have arisen as a result of inconsistencies in AR programming as well as the neglect and oversight of both developers and end users of AR apps and devices. A few AR applications lack the ability to protect user identity and privacy. The main challenge is that there are no regulations defining the dos and don'ts of the AR environment. This means that AR technology can be used with malicious intent, resulting in the misuse of users' personal information.
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Global Augmented Reality Market Competitive Landscape
The Augmented Reality Market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key Augmented Reality Market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Player's Company Profiles
- Apple Inc.
- Google LLC
- Microsoft Corporation
- Magic Leap, Inc.
- Niantic, Inc.
- PTC Inc.
- Atheer Inc.
- Upskill
- Blippar
- Daqri
- Zugara
- Wikitude
- Infinity AR
- Catchoom
- Zappar
- Re'Flekt
- Scope AR
- Vuzix
- Marxent
- ARToolKit
Recent Developments
- IN June 2022, Apple is expected to release RealityOS for AR/VR headsets at WWDC 2022. RealityOS will power VR headsets and will provide a mix of VR and AR experiences, allowing users to interact with virtual content while layering virtual features over real-world situations.
- In May 2022, Raxium, a startup that makes MicroLED displays, has been acquired by Google for use in future AR headsets. Google will use the MicroLED technology acquired from a California-based business to develop the next generation of augmented/virtual and mixed reality headsets.
Global Augmented Reality Key Market Trends
- One of the key trends in the global Augmented Reality market is increased demand for enhanced customer experience. Maintaining client relationships has become the most crucial component of business expansion. Customers are becoming less loyal, and they are switching between products and services at a faster rate, necessitating novel customer engagement solutions. Many businesses are experimenting with augmented reality to leave a lasting impression on their customers since it provides a personalized and engaging experience that improves customer satisfaction. This is likely to aid the global augmented reality industry growth during the forecast period.
Global Augmented Reality Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the Augmented Reality Market by offerings and verticals.
According to our analysis, among the component, the hardware segment is projected to hold a dominating share during the period. Among the display, the head-up display segment is projected to hold a dominating share during the period. Among the application, the media and entertainment segments are projected to hold a dominating share during the period.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 25.33 billion |
| Market size value in 2030 | USD 35.69 billion |
| Growth Rate | 40.9% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Augmented Reality Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Augmented Reality Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Augmented Reality Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Augmented Reality Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Augmented Reality Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Augmented Reality Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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