Augmented Reality Market

Augmented Reality Market size 2022 reached USD 32.9 billion and the market is forecast to grow at a significant higher CAGR of 39.4% from 2023-2030 attributed to increasing penetration of smartphones and smart glasses.

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Major Augmented Reality Market Drivers

Augmented Reality Market is primarily driven by rising usage of Augmented Reality devices in consumer and commercial applications and rising penetration of hand-held devices such as smartphones and tablets. Smartphone devices nowadays, has become a basic necessity for people worldwide, with addition of new features and services by manufacturers, availability at affordable prices, development of telecom infrastructure, and increasing per capita incomes in many countries, people are becoming more inclined to purchase smartphone. As per the Augmented Reality Market Analysis, total number of smartphones users worldwide are estimated to be 6.64 billion in 2022 and this figure is expected to increase by 10.4% by 2025. Surge in userbase of handheld devices such as smartphones and tablets, is pushing companies to leverage mobile Augmented Reality technology to stay competitive in the market, which is opening new growth opportunities for Augmented Reality Market.

Moreover, due to cheaper implementation costs and easy accessibility, businesses have increased the utilization of Augmented Reality technology to enhance customer experience and improve brand awareness. Big Companies such as Google and Qualcomm are investing in Augmented Realty technology. For instance, Google is currently working on Project Iris, under which the company is developing Augmented Reality headset. This headset will use custom Google Processor and outward-facing cameras to project video of the real world to the user and this headset is planned to be launched by 2024. Adoption of technologies such as Augmented Reality and Virtual Reality has revolutionized the gaming industry. AR based games are highly interactive, engages consumers to play these games for longer hours. However, the nature the Augmented Reality is immersive and can cause problems such as anxiety, eyes strain and obesity, which is restricting the market growth.

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Based on Offering, Hardware segment is projected to hold the largest market share

Increasing adoption of Augmented Reality (AR) based devices across end-use industries such as Construction, Healthcare and Education, is one of the major factors propelling the segment’s growth. In addition, Augmented Reality based software are gaining traction in the market attributed to surge in the adoption of smartphones around the world. Many companies such as Microsoft, Apple and Facebook are already developing products using AR, which will accelerate hardware and software segment in the forthcoming years.

As per the Augmented Reality Market Report Device Type, Head-up Displays segment is estimated to grow at a robust CAGR due to technological innovations in driver-assistance systems.

AR-based Driver-assistance systems are gaining popularity in the market because it allows users to track data such as speed, turning indicators and windshield of the vehicle. Major automotive electronics companies such as Bayerische Motoren Werke AG (BMW) and Continental AG, have announced their plans to launch AR heads-up display devices.

Based on Enterprise segment is forecast to dominate the market

Many enterprises are using Augmented Reality in different operations related to installation and assembly, training safety management and designing and visualization, which is propelling the segment’s growth. Augmented and Virtual Reality in Healthcare Market is driven by increasing use of AR based solutions in different applications such as surgical visualization, medical training and medical training.

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As per Augmented Reality Market Forecast Asia-Pacific region will dominate the market

Augmented Reality Market in Asia-Pacific region is driven by rapid growth in the manufacturing sector across China and Japan, rising deployment of 5G technology and increasing investments in commercial applications. Furthermore, expanding gaming industry and surge in the internet penetration rates in developing countries such as India, are contributing towards the market growth. According to Augmented Reality Market Research, approximately 622 million internet users were estimated in India in 2020, we expect this figure to increase by 44% by 2025, which will increase the application of advanced technologies by such as Augmented Reality and Virtual Reality by companies in the forthcoming years. Market size of Augmented Reality in North America is positively impacted by surge in the adoption of immersive technologies and presence of the tech giants such as Google LLC, Microsoft and Intel.

Augmented Reality Market Leaders

Some of the major players operating in the Augmented Reality Market includes 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 October 2022, Epson announced that it will be showcasing its Moverio augmented reality (AR) smart glasses, including the recently its Moverio BT-45C and BT-45CS, at Augmented Enterprise Summit.
  • In July 2021, Matterport, Inc. announced its collaboration with PTC. Inc., which will enable customers create an AR experience for large spaces. The PTC’s augmented reality software Vuforia Studio and Vuforia Engine will help customers to enhance digital twin captured with Matterport platform.
  • In April 2021, Audi developed augmented reality heads up display in the Audi Q4 e-tron and Q4 Sportback e-tron. This AR based heads-up display will provide information through windshield, which will help drivers to understand display in poor visibility condition.
  • In June 2020, Microsoft announced new update in its ARKit 4. Microsoft updated the app with LIDAR scanner depth API, location anchors, and expanded face tracking support through AR capabilities.

Augmented Reality Market Segmentation

The 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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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 & Defense
  • 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.