The global augmented reality market revenue was around US$ 42.9 billion in 2023 and is estimated to reach US$ 566.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 33.2% during the forecast period from 2024 to 2032.
Augmented reality (AR) is a technology that incorporates digital details with a real-time user environment. This is done to create an illusion of an improved version of the real world. In other words, augmented reality adds effects, graphics, and sound to improve the effect and user experience of the current real-time surroundings.
Market Driving Factors
Industries and manufacturing plants are incorporating augmented reality-driven technologies. This is due to it improving operational efficiencies by decreasing production downtime, determining issues rapidly, and keeping manufacturing and production procedures frictionless and smooth. For instance, implementing AR during the design phase makes it possible for designers to react well to modern consumer needs like long product shelf life. Therefore, in the current industry scenario where boosting productivity and efficiency is essential, AR can be the best-suited choice in the future. All such elements are estimated to boost market growth.
Surging adoption of AR technology in the healthcare industry to propel the market expansion. This is because this technology offers a real and immersive environment that assists in performing tasks efficiently. Earlier, with the limited details, conducting complicated surgeries was exhausting. However, with AR adoption, the potential threat in surgeries has decreased, as the technology provides real-time alerts to surgeons. In addition, this technology provides the capability of interactive and engaging medical learning experiences. For instance, In March 2022, ImmersiveTouch, an AR medical technology firm, declared a partnership with Mayo Clinics to provide 3D holographic X-ray vision of patients’ anatomy to support surgeons. Thus, this factor is estimated to propel the market growth.
AR-related health problems among gamers are growing due to the advent of new technologies and gaming devices. In addition, AR games are highly interactive and keep the user engrossed with the game immensely for longer hours, causing problems such as eye strain, lack of concentration, and obesity. Therefore, health problems associated with excessive usage of AR are estimated to hinder the market.
Regional Analysis
Asia-Pacific is estimated to dominate the market in terms of the growth rate. This is owing to the advancing gaming industry has also seen massive expansion, contributing to increasing requirements for augmented reality technologies in the region. In addition, the surge in investments in commercial augmented reality applications is likely to boost the market growth in the region. Furthermore, Japan's burgeoning healthcare industries are estimated to propel the demand for AR technology in the region.
Segmentation Insights
Component Insight
The hardware segment is estimated to dominate the market in terms of revenue. This is owing to the increasing acceptance of augmented reality technology around the world. For instance, In April 2022, Meta (formerly Facebook) opened its first hardware store in California to provide its customers with a first-hand experience with its hardware products such as augmented reality glasses and goggles. By doing this, the company has set the way in motion for the metaverse: the next evolution of the Internet, and will contribute to driving the augmented reality market growth.
Device Type Insight
The handheld devices segment is expected to dominate the market in terms of the fastest growth rate. This is primarily owing to the increase in the demand for mobile augmented reality in the retail sector to enhance customers' shopping experiences. It is considered as the main factor for the market growth. Furthermore, the adoption of AR in social media apps such as Facebook, Snapchat (filters), and Instagram will propel the demand for more rich content in mobile AR for social media. Therefore, this factor is estimated to boost the market growth.
End Use Insight
The healthcare segment is predicted to dominate the market in terms of the largest shares. This is owing to the rising adoption of AR-based solutions in the healthcare industry. The augmented reality model provides hands-free solutions. Furthermore, augmented reality healthcare apps can be beneficial for surgeons while conducting minimal invasive surgeries by locating a tumor and saving patients’ lives seamlessly. The growth in surgeries around the world is one of the main elements that assist AR technology to increase fast in the healthcare sector which will boost the market expansion during the projection period.
Prominent Companies
Segmentation Outline
The global augmented reality market segmentation focuses on the Component, Device Type, End Use, and Region.
By Component
By Device Type
By End Use
By Region
[ TABLE OF CONTENT ]
1 INTRODUCTION OF GLOBAL AUGMENTED REALITY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AUGMENTED REALITY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AUGMENTED REALITY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AUGMENTED REALITY MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 HARDWARE
5.3 SOFTWARE
6 GLOBAL AUGMENTED REALITY MARKET, BY DEVICE TYPE
6.1 OVERVIEW
6.2 HEAD MOUNTED DISPLAY
6.3 HANDLED DEVICES
6.4 OTHERS
7 GLOBAL AUGMENTED REALITY MARKET, BY END USE
7.1 OVERVIEW
7.2 MEDIA AND ENTERTAINMENT
7.3 MANUFACTURING AND CONSTRUCTION
7.4 HEALTHCARE
7.5 EDUCATION
7.6 RETAIL
7.7 OTHERS
8 GLOBAL AUGMENTED REALITY MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL AUGMENTED REALITY MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 PTC INC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 SEIKO EPSON
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 NIANTIC INC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 MICROSOFT
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 GOOGLE LLC
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 APPLE
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 DAQRI
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 MAGIC LEAP
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 BLIPPAR LIMITED
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 TREEVIEW
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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