The global Augmented Reality market size is expected to be worth around US$ 440.16 billion by 2030, according to a new report by Vision Research Reports.
The global Augmented Reality market size was valued at US$ 18.01 billion in 2020 and is anticipated to grow at a CAGR of 43.10% during forecast period 2021 to 2030.
Continued innovations in the Augmented Reality (AR) realm, which have triggered the adoption of the technology in several industries and industry verticals, is fueling market growth. People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience. The introduction of Website-based AR (WebAR), a digital technology that allows users to directly access AR on the internet without having to download any application, is expected to create substantial opportunities for the market growth.
sales are on the rise as brick and mortar retail stores remain temporarily shut, in various parts of the world in the wake of the COVID-19 pandemic. Hence, several businesses are launching new products online and adopting AR technology to provide an immersive experience to buyers. AR and 3D visualization are allowing consumers to experience products virtually in real time before making a buying decision.
The adoption of AR technology in the education industry is also gaining traction owing to the potential of the technology to help students in experiencing a more detailed and live explanation of informative concepts. The adoption of augmented reality in the education industry is poised for significant growth over the forecast period as several educational institutions are shifting their courses and lectures to virtual event platforms in the wake of the COVID-19 pandemic.
The Head-Mount Display (HMD) and smart glass segment accounted for the largest revenue share of over 65.0% in 2020. It is expected to continue dominating the market over the forecast period owing to the significant demand for HMDs and smart glasses in industrial and enterprise settings. The growing number of applications in these settings, advances in OLED technology, and availability of lightweight HMDs are expected to drive the growth of the segment. While AR smart glasses require high computation power, the SoC is capable of processing the viewer's vision in real-time. For instance, in July 2019, Nvidia showcased an AR wearable that features a Foveated AR, which can track the viewer's eye and offer an improved visual experience. HMDs and smart glasses are also expected to transform the supply chain by identifying the possible use cases or optimal use cases in logistics and supply chain.
The handheld devices segment is expected to register the highest CAGR of over 45.0% from 2021 to 2028 owing to the growing deployment of handheld devices in retail and e-commerce applications. The proliferation of smartphones and tablets and the continued integration of AR in handheld devices is allowing companies to enhance consumer experience and gain a competitive edge in the industry. Handheld devices can help customers in trying out in-store products before making a buying decision. Aggressive deployment of AR across social media platforms is also driving the growth of the handheld devices segment. Companies, such as Google LLC and Apple Inc. are heavily capitalizing on the AR technology leveraging AR Core and AR Kit, respectively. For instance, in May 2019, Google LLC introduced AR applications in the Pixel 3A as well as the older version of the smartphone.
The Heads-Up Display (HUD) segment is expected to witness considerable growth over the forecast period owing to the latest innovations in driver assistance systems. A HUD system allows the driver to concentrate on the road while simultaneously tracking vehicle data, such as warning signals, speed, and turning indicators, on the windshield. Many automotive electronics companies, such as WayRay AG., Visteon Corporation, and Continental AG, have made a foray into the AR HUD market to tap the potential of immersive tools for better productivity and quality of work. In September 2020, Bayerische Motoren Werke AG (BMW) introduced an AR HUD device for prototype engineering and vehicle concept. The company also introduced AR apps that offer a virtual experience of its cars.
The industrial and manufacturing application segment accounted for the largest revenue share of over 20.0% in 2020 and is expected to maintain its lead over the forecast period. AR helps industries in ensuring efficient operations by detecting glitches quickly, keeping all the processes going, and subsequently reducing manufacturing downtime. The deployment of AR in the aerospace and defense industry is in its nascent stages and is limited to assisting technicians in making appropriate decisions while carrying out manufacturing activities and in reducing the time required to find the information for repairing a particular device or a weapon.
The healthcare segment is anticipated to witness the fastest growth over the forecast period owing to the growing adoption of AR technology in vein visualization, surgical visualization, and medical training and education. The automotive segment is expected to exhibit a CAGR of over 45.0% over the forecast period. Several automotive companies are integrating the AR technology in their automobiles and leveraging the capabilities of AR technology to offer a better experience to their customers. The most significant contribution of AR has been in the field of security and awareness, wherein companies are integrating AR-based, advanced safety systems with online safety features.
The education segment is anticipated to witness significant growth over the forecast period in line with the aggressive use of AR technology by schools and universities. The outbreak of the COVID-19 pandemic has triggered the adoption of AR technology in the education industry as educators are trying to find more innovative ways of teaching and offering dynamic content for students. AR technology can particularly help in enhancing the student experience. Subsequently, several educational technology companies, such as Neo Bear, Strivr Labs, Inc., Talespin Reality Labs, Inc., and Health Scholars, among others, are exploring the potential of AR technology for educational applications. Virtual platforms are gaining popularity in the retail and e-commerce industry in line with the growing consumer preference for online shopping. AR technology can particularly offer a ‘try before you buy’ digital experience to customers and help retailers in reducing the rate of returns significantly.
The hardware component segment accounted for the largest revenue share of over 55.0% in 2020. The segment is expected to continue dominating the market over the forecast period owing to the growing adoption of AR devices across various industries and industry verticals, including education, healthcare, manufacturing, and retail and e-commerce, among others. For instance, AccuVein Inc., a medical imaging solutions provider, is using projection-based AR technology to project the image over the skin and help doctors in finding a suitable vein for vaccination. The key market players are investing aggressively in advanced AR products, fueling the demand for AR-compatible hardware. For instance, in January 2020, Hangzhou Tairuo Technology Co., Ltd. (Nreal), a mixed reality user experience provider, launched Nreal Light AR glasses with six Degrees of Freedom (DoF) spatial tracking and two spatial cameras for an improved experience of mixed reality.
The software component segment is anticipated to exhibit the highest CAGR from 2021 to 2028. The adoption of AR technology is gaining traction in the wake of the COVID-19 pandemic as individuals are looking forward to having an immersive and real-like experience at home. The proliferation of smartphones also bodes well for the growth of the software segment. AR software providers are expected to continue upgrading their offerings with new features and indulging strategic partnerships to support, automate, and simplify large-scale AR deployments while offering more data and analytics tools required for proactive decisions. The growing popularity of AR applications, such as AcrossAir, Google Sky Map, Layar, and Lookator, is also expected to contribute to the growth of the segment. Enterprise software is also observed to boost the AR software market. For instance, Quick look, an AR-based tool by Apple, Inc. exclusive for iOS and iPad OS, allows users to experience specific products directly within their environment and is aimed at e-commerce companies willing to help customers in making informed purchase decisions.
North America dominated the augmented reality market in 2020 and accounted for a revenue share of around 35.0%. The U.S. accounted for a substantial share of the regional market as the U.S. is home to several technology companies, such as Google LLC; Microsoft; Apple, Inc.; and Magic Leap, Inc.; among others. The U.S. also leads in terms of the adoption and deployment of the latest technologies. Europe is also expected to witness considerable growth over the forecast period driven by the growing adoption of AR technology in gaming and entertainment applications. Germany is particularly emerging as a gaming hub.
Asia Pacific is expected to emerge as the fastest-growing regional market registering a CAGR of over 45.0% from 2021 to 2028. China and Japan are dominating the regional market leveraging a massive customer base and aggressive adoption of online platforms for various purposes. The region is anticipated to witness rapid adoption of AR technology drive by the continued rollout of high-speed 5G networks. India is also emerging as a promising regional market. In India, the manufacturing and healthcare industry verticals, which rely significantly on hands-on labor for operating machinery and conducting medical procedures, are particularly expected to adopt the AR technology. AR technology can potentially allow obtaining an unrestricted stream of real-time images, information, and analytics by wearing AR headsets while operating machinery and conducting medical procedures.
Infinity Augmented Reality Ltd.
Magic Leap, Inc.
HMD & Smart Glass
Aerospace & Defense
E-commerce & Retail
Gaming & Entertainment
Industrial & Manufacturing
Middle East & Africa
The Augmented Reality market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Augmented Reality market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Augmented Reality market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Augmented Reality market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Augmented Reality market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Augmented Reality capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Augmented Reality by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Augmented Reality market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Augmented Reality market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Augmented Reality market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Augmented Reality industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Augmented Reality market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Augmented Reality market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Augmented Reality market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Augmented Reality market. These factors have benefited the growth of the global market for Augmented Reality. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Augmented Reality. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Augmented Reality are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
Wires And Cables Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Optical Character Recognition Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Engineering Services Outsourcing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Augmented Reality Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automotive Finance Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...