The global augmented reality market accounted for US$ 10.2 billion in 2019 and is estimated to be US$ 342.3 billion by 2029 and is anticipated to register a CAGR of 42.5%.
The report “Global Augmented Reality Market, By Component (Hardware and Software), By Display (Head-Up Display (HUD), Head Mounted Display (HMD), and Smart Glass), By Application (Aerospace & defense, Medical, Gaming, Industrial, Automotive, E-commerce & Retail, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029”.
In 2018, Google LLC launched ARCore Teases ‘Ghostbusters’ mobile augmented reality (AR) game.
In June 2020, LG U announced that it has signed an exclusive deal with Beijing’s mixed reality display developer Nreal to launch augmented reality glasses in South Korea in early 2020.
Growth in need for AR devices in the healthcare sector
Augmented reality plays a significant part in the healthcare sector. AR can be used to provide a virtual view of a patient, so that physician can notice the condition of the patient’s body parts. This helps the physician to conduct minimally invasive surgeries. The utilization of AR modelling and 3D visualization is predicted to be of great help to the healthcare sector. The applications of AR for training doctors, teaching complex subjects to medical students, improving fitness, managing pharmacy, and supporting and caring patients about they leave the hospital is promoting the growth of the AR market in this sector.
The surge in demand for AR in the retail industry
AR provides a large number of display solutions to the retail industry, which enhances the interaction between retailers and customers. Pop-up stores in the retail segment is an emerging trend for the target market growth. The gesture-based display is a vital part of pop-up stores, coupled with an iPad catalogue and camera, as they aim at boosting customer participation. Furthermore, technological innovations related to high-end products with improved features are anticipated to provide abundant opportunities in the coming years.
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Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Augmented Reality Market”, By Component (Hardware and Software), By Display (Head-Up Display (HUD), Head Mounted Display (HMD), and Smart Glass), By Application (Aerospace & defense, Medical, Gaming, Industrial, Automotive, E-commerce & Retail, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029
Key Market Insights from the report:
The global augmented reality market accounted for US$ 10.2 billion in 2019 and is estimated to be US$ 342.3 billion by 2029 and is anticipated to register a CAGR of 42.5%. The market report has been segmented on the basis of component, display, application, and region.
By component, the hardware segment is projected to grow at highest CAGR during the forecast period. Key players such as Microsoft and Sony are estimated to commercialize their devices which is projected to strengthen growth during the forecast period. Additionally, numerous companies are working on improving the quality of processors and sensors used in AR devices. For instance, Google has collaborated with the chip manufacturers to develop camera modules and processors for Android phones.
By technology, the head-mounted display (HMD) segment is expected to lead the market growing at a highest CAGR during the forecast period. The growing scope of applications across the medicine, military, scientific visualization, education, manufacturing, training, navigation, and entertainment is driving the growth of this segment. The other factors boosting demand include better-enhanced user-experience, content connectivity, and improved Field of View (FOV).
By application, automotive sectors projected to expand at maximum CAGR over the forecast period. Increasing the use of virtual technologies in automotive in response to the growing number of model and equipment variants in the vehicle design and development process is driving the growth of this segment.
By region, The Asia-Pacific augmented reality market estimated for a maximum CAGR rate of over 80% from 2016 to 2024. China is projected to fuel regional growth with the growing investments in AR devices and software. Further, the proliferation of the smartphone industry in mobile AR market is also boosting the growth of the market in China.
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The prominent player operating in the global augmented reality market includes AU Optronics Corp., Mitsubishi Electric Corporation, LG Display Co., Cambridge Display Technology Ltd., Panasonic Corporation, Sony Corp., Toshiba Corp., Total Immersion, Magic Leap, and Apple.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Some Important Points Answered in this Market Report Are Given Below:
Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered:
Scope of the Study
Opportunity Map Analysis
Market at Glance
Market Share (%) and BPS Analysis, by Region
Heat Map Analysis
Market Presence and Specificity Analysis
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