Global (AR) Augmented Reality Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), The Global (AR) Augmented Reality Market  was estimated at USD 5 billion in 2021 and is expected to reach USD 15.55 billion in 2022 and is anticipated to reach around USD 100 billion by 2030, growing at a CAGR of roughly 50% between 2022 and 2030. Our research report offers a 360-degree view of the Augmented Reality (AR) market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Augmented Reality (AR) market.

• The real-world environment is more interesting by including text, sound effects, photographs, and multimedia. Or, to put it another way, AR enhances our surroundings by overlaying digital content on top of graphics that depict the real world. The “augmented reality for education industry” is now seeing tremendous growth. Users can build self-learning skills at a very early level of learning and development at home solely by using augmented reality. The market growth may be boosted by the growing use of augmented reality in applications like AR used in indoor navigation and store navigation, and the availability of solutions from top players like Google and Apple, such as ARKit and ARCore-based applications to assist the user in finding their way through airports, shopping malls, and other locations.
• For instance, Google released a plethora of new improvements in October 2020 to enhance the AR Live View experience outside. Additionally, Apple has created a sophisticated exterior AR navigation feature called Geo Tracking in ARKit 4 that utilizes street view to guarantee the best placement. Growth prospects are being created by the top market companies’ rising interest in using augmented reality in a variety of applications, including those by Apple, Google, Microsoft, and others. Additionally, the market for media and entertainment is expanding. One example is the increased usage of augmented reality in the gaming industry to give players a perspective with strong video, graphics, and music, which is predicted to be a key driver of growth.
• Since the COVID-19 epidemic outbreak, there has been a surge in the adoption of augmented reality (AR) technology in marketing and advertising to organize virtual events, product debuts, virtual exhibitions, and online ads. For instance, the smartphone OnePlus Nord was introduced in July 2020 using the augmented reality Blippar platform. The global augmented reality (AR) market is anticipated to develop significantly as a result of the increased adoption of AR technology by established players in the healthcare sector. In order to support AR-powered healthcare, several AR solution vendors are working with healthcare organizations and providing their AR solutions.

Report Scope

The study’s focus is on Augmented Reality (AR) market analysis on a global scale, and market sizing includes the income generated by these solutions provided by different market players. In order to support the market projections and growth rates over the anticipated period of 2022-2030, the study additionally monitors important market factors, underlying growth influencers, and significant vendors active in the sector. The study also examines how COVID-19 has affected the ecology generally. The scope of the study includes market sizing and forecast for segmentation by component, display, application, and geography.

Key Market Dynamics

• Offering consumers a distinctive and interactive experience is anticipated to fuel market expansion throughout the forecast period. Companies are focusing heavily on developing novel ways to utilize the potential of augmented reality (AR) technology. It is anticipated that the widespread use of handheld devices, including smartphones and smart glasses, and the rise in the use of mobile augmented reality technologies to deliver a more immersive experience will aid in the global augmented reality market’s expansion.
• Companies are utilizing augmented reality (AR)-based apps for assembly, production line, manufacturing, task analysis, and solution-seeking. As a result, the market is expected to increase as a result of the rising need for remote support and cooperation from the optimization and workflow management sectors.
• The market is anticipated to increase significantly as a result of the increasing usage of AR technology in architectural and construction applications. Using augmented reality (AR) technology, it would be feasible to create a 3D model of a blueprint and link fantasy and reality. The usage of augmented reality (AR) technology in the education sector can improve students’ educational experiences. With the use of 2D/3D models, AR books, and AR games, AR technology may help create an immersive experience for users. This, in turn, can help students build a variety of skill sets, which will help the augmented reality market expand.
• Augmented reality technology continues to advance as it becomes more widely used in consumer applications. As a result, there has been an increased demand for AR chipsets. Leading companies in the industry, like Qualcomm and NXP, are launching cutting-edge AR-powered chipsets in response to the growing need for AR chipsets to fulfill the evolving needs of end consumers.

Head-Mounted Display & Smart Glass Segment Led the Augmented Reality (AR) Market in 2021

• In 2021, the head-mounted display and smart glass segment had the biggest revenue share, with 70%. Due to the rising demand for head-mounted displays & smart glasses in enterprise and industrial applications, the category is anticipated to keep leading the augmented reality market over the forecast period.
• The mass availability of portable head-mounted displays is anticipated to be facilitated by developments in OLED technology and the expanding use cases for augmented reality (AR) technology in business and industrial settings. This will contribute to the segment’s growth. Smart glasses and head-mounted AR displays may find creative applications in the logistics and supply chain sectors, which might alter the entire supply chain. Even though AR-enabled smart glasses use much computational power, their SoC can process and depict the vision for users in real-time.
• From 2022 to 2030, the handheld devices market is expected to grow at the highest CAGR. The increasing use of portable devices in retail and e-commerce applications is responsible for the segment’s rise. Companies are using AR-based solutions as a result of the widespread use of smartphones and tablets in order to enhance the customer experience and set themselves apart from the competition.

Competitive Landscape

The augmented reality market is still mostly unexplored, with a number of untapped potential opportunities. In order to provide cutting-edge AR solutions for everyday applications as well as for businesses to streamline workflows and improve processes, vendors are investing heavily in R&D. Technology and e-commerce enterprises are especially motivated to use cutting-edge, creative solutions based on AR technology because it allows them to provide an immersive experience.

Our market analysis includes a section specifically devoted to key players operating in the Augmented Reality (AR) market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.

• 2022: In order to create distinctive processors for augmented reality glasses that work with Metaverse apps, Qualcomm and Microsoft have established a partnership.
• 2022: Altoida Inc., a provider of augmented reality software, recently announced a collaboration with Click Therapeutics to use AR technology to better understand baseline cognition metrics and how they may influence patient outcomes.

List of the prominent players in the global Augmented Reality (AR) market:

• Microsoft
• Sony Corporation
• Blippar Limited
• Google LLC
• Infinity Augmented Reality Limited
• Niantic Inc.
• Magic Leap Inc.
• Wikitude GmbH
• Zappar Limited
• Apple Inc.
• PTC

The global Augmented Reality (AR) market is segmented as follows:

By Component

• Hardware
• Software

By Display

• Head-Mounted Display
• Head-Up Display
• Handheld Devices

By Application

• Automotive
• Gaming & Entertainment
• Education
• Healthcare
• E-commerce & Retail
• Industrial & Manufacturing
• Others

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America