Global Augmented Reality Market Share Is Likely To Reach At A CAGR Value Of Around 40.6% By 2030

11-May-2023 | Facts and Factors

According to the Facts and Factors report, the global augmented reality market size was valued at USD 33 billion in 2022 and is likely to reach USD 597.54 billion between 2023 and 2030. The market is expected to grow with an annual CAGR of 40.6% during the forecast period. The global Augmented Reality market is a comprehensive study of market definitions, growth drivers, opportunities, and challenges. It covers the geographical and competitive dynamics of the global marketplace.

Augmented Reality is a combination of digital information and a real-world environment. AR uses several sensory information to create an interwoven experience where digital content is overlaid with the real-world environment. AR content can be delivered through different formats, including glasses, tablets, and smartphones. The technology needs hardware like displays, sensors, processors, and other input devices.

Browse the full “Augmented Reality Market Size, Share, Growth Analysis Report By Application (Automotive, Energy, Aerospace & Defense, Healthcare, Manufacturing, Commercial, and Consumer,), By Display (Head-Mounted Display & Smart Glass, Head-Up Display, Handheld Devices), Offering (Hardware, Software), By Technology (Anchor-Based AR Technology, Markerless-Based AR Technology, and Marker-Based AR Technology), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/augmented-reality-market

Companies are focusing on driving new ways to use the immense potential of Augmented Reality technology by offering immersive experiences to end-users. The high multiplication of smart glasses and smartphones is likely to contribute heavily towards the growth of the global augmented reality market. Companies are utilizing AR-based apps to find solutions, analyze tasks, produce line functions, operate manufacturing processes, and assemble functions.

The fast adoption rate of AR technology in advertising and marketing for online commercials, virtual exhibitions, product launches, and virtual events further supports the positive growth trajectory of the global market. For example, OnePlus launched its Nord smartphone using the AR platform Blippar in July 2020.

The fast-growing healthcare sector is likely to offer several lucrative opportunities in the augmented reality industry. Many healthcare institutions are collaborating with AR solution providers to facilitate AR-based healthcare. For instance, Click Therapeutics collaborated with Altoida Inc., an augmented reality company in February 2022 to help analyze the baseline measures of cognition and how it can potentially affect patient outcomes.

Furthermore, the high utilization of AR technology in architectural and construction applications is playing a decisive role in the growth of the global augmented reality market. AR technology helps create a 3D blueprint model and connect imagination with reality. AR tech also helps the educational industry to improve the learning experience. It offers a 2D and 3D experience, AR games, and AR books. Also, AR technology is transforming indoor navigation.

A software company called MobiDev is revolutionizing indoor navigation by helping users find the best route on mobile phones for a given destination by using AR technology. However, the health issues related to AR-based games are likely to impede the growth of the global market. Anxiety, depression, and migraine are some of the common health hazards associated with it.

Segmental Analysis:

The global Augmented Reality market can be categorized into application, device type, offering, technology, and region.

By application, the market can be segmented into manufacturing, energy, aerospace & defense, automotive, healthcare, consumer, commercial, and others. The manufacturing segment holds the largest share of the global market.

By device type, the market can be segmented into head-up displays, handheld devices, and head-mounted displays. The head-mounted display segment dominates the global market.

By offering, the market can be segmented into hardware and software components. The hardware offering is the fastest-growing segment in the global market.

By technology, the market can be segmented into marker-based AR technology, markerless-based AR technology, and anchor-based AR technology.

Regional Analysis:

Asia Pacific accounts for the largest share of the global Augmented Reality market because of the fast-growing manufacturing sector in the region. Furthermore, the increasing market investments due to the availability of skilled professionals at low costs are also expected to support the regional market's growth.

North America is expected to grow fast in the coming years due to the fast-developing healthcare segment in the region. However, the US is expected to register the highest growth rate because it is the home to many leading tech companies like Microsoft and Google LLC. Additionally, the region is the early adopter of advanced tech, and therefore, it is likely to contribute heavily towards the growth of the regional market.

Report Scope

Competitive Analysis:

The global augmented reality market key players include Apple, Samsung Electronics, Lenovo, Microsoft, Seiko Epson, PTC Inc., Google, Inc., Wikitude GmbH, Magic Leap, Incorporated, Zappar Limited, Niantic, Inc, Infinity Augmented Reality Limited, Blippar Limited, Sony Corporation, TreeView, Semcon, and others.

Recent Developments:

• Snap Inc. and WPP in September 2021 partnered to utilize AR technology to develop advanced immersive experiences for users. The companies, through their partnership, made huge changes in the market. According to the Snap Consumer AR Global Report 2021, it is found that over 90% of people want to use AR for shopping.
• Microsoft, in March 2021, revealed Microsoft Mesh, a new app that offers users across AR/VR meeting places to engage and interact with various users and 3D content. The app handles all of the technical hard parts used in sharing spatial multiplayer experiences over the web.

The global Augmented Reality market is segmented as follows:

By Application

• Automotive
• Energy
• Aerospace & Defense
• Healthcare
• Manufacturing
• Commercial
• Consumer

By Display

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

By Offering 

• Hardware
• Software

By Technology 

• Anchor-Based AR Technology
• Markerless-Based AR Technology
• Marker-Based AR Technology

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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