USD 25.33 billion
Report ID: SQMIG45J2039 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 94 | Figures: 76
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.
Global Market Size
USD 25.33 billion
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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.
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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.
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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
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.
|Market size value in 2021||USD 25.33 billion|
|Market size value in 2030||USD 35.69 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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The global augmented reality market is expected to grow at a compound annual growth rate of 40.9% from 2022 to 2030 to reach USD 597.54 billion by 2030.
Smart glasses are expected to grow at the highest CAGR in the augmented reality market.
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