Who are the key vendors in the Global Augmented Reality Market?

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. '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'

What is the key driver of Global Augmented Reality Market?

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.

Which region accounted for the largest share in Global Augmented Reality Market?

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.

What is the key market trend for Global Augmented Reality Market?

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 Companies

Q: What is the global market size of Augmented Reality Market?

Global Augmented Reality (AR) Market was valued at USD 31.97 Billion in 2022 and is expected to grow from USD 42.04 Billion in 2023 to reach USD 375.90 Billion by 2031, at a CAGR of 31.5% during the forecast period (2024-2031).

Global Augmented Reality Market Competitive Landscape

The Augmented Reality market is leading technology companies including Apple, Facebook (that was rebranded Meta), and Google leaving nothing to be desired. Apple's accessibility stronghold with the support of ARKit renders a broad range of AR app builders who can build amazing AR experiences for iPhones and iPads. Meta mirrors Oculus headsets in a bid to attain a bridge among virtual and with a priority on social interaction. On the other hand, Google released AR Core, its platform for developers on top of Android devices, and has experimented with smart glasses (Solbrille) with its Google Glass (which lacked any success). On top of these so-called tech giants, there are several specialized AR hardware companies, like Magic Leap and Vuzix, who are getting into targets at this point, offering more AR-focused headsets which are — big enterprise applications. Highly competitive environment which positions collaborative partnerships and competing between both large players and niche specialists encourages innovation. Merits are made through meeting the criteria of user friendliness, hardware accessibility, developing software that encourages widespread AR usage and enhanced experience by diversity.

Augmented Reality Market 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

Augmented Reality Market

FAQs

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.

Augmented Reality (AR) Market was valued at USD 31.97 Billion in 2019 and is expected to grow from USD 42.04 Billion in 2023 to reach USD 375.90 Billion by 2031, at a CAGR of 31.5% during the forecast period (2024-2031).

Being people one of the most representatives of young population, gamers will reportedly have increased AR-related health problems due to the advancement of new gaming devices, technologies and so on. The interactive AR games can very well put the user under the powerful wile of the game for many hours and ailments such as anxiety, eye strain, obesity, and poor concentration may surface. In terms of AR technology, you immerse yourself completely and excessively in that reality for extended periods of time, which could have negative effects such as anxiety and stress.

Increasing Demand for Enhanced Customer Experience to Boost Market Growth: In today’s world, the most important factor that determines business growth becomes managing the relationships with customers. Increasing number of fickle-minded customers and rapid frequent change of brands is creating new challenges for brands which demand innovative customer engagement solutions. A substantial amount of business is currently utilizing AR technologies to make their customers fall in love with their brand and products as they will experience a unique and engaging experience that can keep their customers satisfied in the long run. For example, as reported by Adloid.in, a business-to-business solutions provider of AR, clients integrating the provider's online augmented tools for customer engagement see a rise in sales by 200%. Infosys assert in a white paper that the brand which featuring customized service is have a much higher growth in revenue than those which not. This would mean that the use of technology, along with marketing, provides a way to make interactions with customers more personal. Moreover, the technology will empower the customer service with online customer support system, where the customers can see and chat with agents while they shop at the store.

North America has emerged as the dominating force in the AR market. The leadership of the information technology industry is the result of not only the presence of leading actors, but also powerful technological support, and a wide range of apps in the fields of gaming, healthcare, retail, and manufacturing. Overall, the major tech hubs, including Silicon Valley, keep on driving innovation in augmented reality forward in this region and companies with the financial capital and talent pool as such are also able to expand with the same knowledge.

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Global Augmented Reality Market Competitive Landscape

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What is the augmented reality market growth?

Which device type segment is expected to grow at a significant CAGR in the augmented reality market?

What is the global market size of Augmented Reality Market?

Who are the key vendors in the Global Augmented Reality Market?

What is the key driver of Global Augmented Reality Market?

What is the key market trend for Global Augmented Reality Market?

Which region accounted for the largest share in Global Augmented Reality Market?

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