Global Augmented Reality Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Head-mounted Display, and Head-up Display), By Offering (Hardware, and Software), By Application (Consumer, Commercial, and Healthcare), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Industry: Electronics, ICT & Media

RELEASE DATE Jan 2024
REPORT ID SI3557
PAGES 200
REPORT FORMAT PathSoft

Global Augmented Reality Market Insights Forecasts to 2033

  • The Global Augmented Reality Market Size was Valued at USD 40.2 Billion in 2023
  • The Market Size is Growing at a CAGR of 44.80% from 2023 to 2033
  • The Worldwide Augmented Reality Market Size is Expected to Reach USD 1,629 Billion by 2033
  • Asia Pacific expected to grow the fastest during the forecast period

Global Augmented Reality Market

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The Global Augmented Reality Market Size is Anticipated to Exceed USD 1,629 Billion by 2033, Growing at a CAGR of 44.80% from 2023 to 2033.

 

Market Overview

The integration of digital data with the user's surroundings in real time is known as Augmented Reality or AR. Users of augmented reality (AR) see the actual world with created perceptual information superimposed on top of it, in contrast to virtual reality (VR), which generates an entirely fabricated environment. Users can receive more information via augmented reality, or it can be utilized to visually alter natural landscapes. Moreover, the main advantage of augmented reality (AR) is its ability to integrate digital and three-dimensional (3D) elements with a person's reality experience. AR has several applications, ranging from entertainment to decision-making support. Through a device like a smartphone or glasses, augmented reality (AR) provides the user with visual elements, music, and other sensory information. The gadget overlays this data to produce an immersive experience that modifies the user's perspective of the physical environment through digital information. Part of the natural world might be hidden or enhanced by the information that is superimposed over it. Growing attention to an Internet of Things technology breakthroughs and growing digitalization, particularly in developing nations, will open up more profitable and rewarding growth potential for the sector. The augmented reality industry is growing at a faster rate due to the growing popularity of e-commerce.

 

Report Coverage

This research report categorizes the market for the global augmented reality market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global augmented reality market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global augmented reality market.

 

Global Augmented Reality Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 40.2 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:44.80%
2033 Value Projection:USD 1,629 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Device, By Offering, By Application, By Region
Companies Covered: TeamViewer AG, Apple, Inc., Snap, Inc., Blippar Limited, Google LLC, Lenovo Group, Wikitude GmbH, Xiaomi Corporation, Microsoft Corporation, Zappar Limited, Magic Leap, Incorporated, Meta, PTC Inc., Sony Corporation, Vuzix Corporation, and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

With the growing usage of augmented reality in the gaming industry to provide players with a view with extremely effective video, graphics, and music, the market for media and entertainment is expanding. This is expected to be a significant growth factor. Furthermore, new possibilities are being created by the growing interest of major companies in the industry, such as Google LLC, Microsoft Corporation, Apple Inc., and others, in using augmented reality (AR) in various applications. In addition, the media and entertainment business are expanding. One example of this is the growing usage of augmented reality in the gaming industry, which provides players with a perspective that is extremely effective in terms of video, graphics, and sound. This is expected to be a significant market growth in the forecast period.

 

Restraining Factors

The expensive cost of AR technology has been one of the challenges facing the worldwide augmented reality business. Significant expenditures in infrastructure, software, and hardware are frequently needed for the development and deployment of augmented reality systems. The adoption of AR solutions has been hampered by this pricing barrier, particularly among small and medium-sized businesses (SMEs) and individual customers. The intricacy of augmented reality technology and the dearth of experts capable of creating AR apps have also presented obstacles to its broad adoption. Expertise in computer vision, 3D modelling, and software development is necessary to create high-quality augmented reality content, which might be prohibitive for certain companies.

 

Market Segmentation

The Global Augmented Reality Market share is classified into device type, offering, and application.

 

  • The head-mounted display segment is expected to grow at the fastest pace in the global Augmented Reality market during the forecast period.   

Based on the device type, the global augmented reality market is divided into head-mounted display, and head-up display. Among these, the head-mounted display segment is expected to grow at the fastest pace in the augmented reality market during the forecast period. By superimposing virtual features over the actual world, a head-mounted display (HMD) improves the user's perception and engagement with the surroundings, resulting in an immersive and engaging augmented reality experience. Because of this, HMDs are ideal for a wide range of uses, including gaming, education, healthcare, and industrial training. Furthermore, improvements in HMD technology have produced increasingly complex and user-friendly gadgets.

 

  • The hardware segment is expected to hold the largest share of the global augmented reality market during the forecast period.    

Based on the offering, the global augmented reality market is divided into hardware, and software. The hardware segment is expected to hold the largest share of the augmented reality market during the forecast period. The hardware which includes AR glasses, headsets, and sensors is essential to providing users with engaging and dynamic user experiences. Significant progress has been made in the areas of downsizing, power efficiency, and display technology for these devices, resulting in increased use.

 

  • The healthcare segment is expected to grow at the greatest pace in the global augmented reality market during the forecast period.

Based on the application, the global augmented reality market is divided into consumer, commercial, and healthcare. The healthcare segment is expected to grow at the greatest pace in the augmented reality market during the forecast period. In the healthcare sector, the use of AR-based solutions is growing significantly. AI-powered diagnostic tools and hands-free solutions are provided by the augmented reality approach. When doing minimally invasive procedures, doctors can locate tumors or other somewhat abnormal disorders in organs with the use of AR healthcare applications, which can then smoothly save patients' lives. One of the main drivers of AR technology's rapid expansion in the healthcare industry throughout the projection period is the increase in operations performed worldwide.

 

Regional Segment Analysis of the Global Augmented Reality Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global augmented reality market over the predicted timeframe.

 North America

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North America is projected to hold the largest share of the global augmented reality market over the predicted timeframe. Due to ongoing investment, immersive technologies are growing in popularity in the area. Similarly, the United States government plays a major role in promoting the use of immersive technology to increase the region's part of the augmented reality market. Numerous well-known IT businesses, including Microsoft and Google LLC, are based in the area. Furthermore, the nations in the area are regarded as early adopters of cutting-edge technologies.

 

Asia Pacific is expected to grow at the fastest pace in the global augmented reality market during the forecast period. This is because of the growing use of internet-based platforms in a several regional nations, such as Australia and Japan. Furthermore, the Asia Pacific region's ongoing deployment of fast 5G networks is encouraging the regional use of augmented reality technology and AR-based products. The Asia Pacific augmented reality market is expanding as a result of the growing use of AR technology in the industrial and healthcare sectors as well as investments made in India by major technology suppliers.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global augmented reality along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • TeamViewer AG
  • Apple, Inc.
  • Snap, Inc.
  • Blippar Limited
  • Google LLC
  • Lenovo Group
  • Wikitude GmbH
  • Xiaomi Corporation
  • Microsoft Corporation
  • Zappar Limited
  • Magic Leap, Incorporated
  • Meta
  • PTC Inc.
  • Sony Corporation
  • Vuzix Corporation

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In January 2024, the anticipated Vision Pro headset, which will be on sale in the United States on February 2nd, has an official launch date of that day announced by Apple Inc. The sophisticated R1 chip in this state-of-the-art gadget is intended to speed up the information processing from its sensors. The headset's weight was also addressed by the manufacturer by adding an additional battery, which allowed for a two-hour runtime.

 

  • In March 2023, AR Enterprise Services (ARES), a new solution from Snap Inc., helps businesses improve customer experiences. It incorporates ARES with company operational channels to provide a customized and engaging user experience.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Augmented Reality Market based on the below-mentioned segments: 

 

Global Augmented Reality Market, By Device Type

  • Head-mounted Display
  • Head-up Display

 

Global Augmented Reality Market, By Offering

  • Hardware
  • Software

 

Global Augmented Reality Market, By Application

  • Consumer
  • Commercial
  • Healthcare

 

Global Augmented Reality Market, By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

 

Frequently Asked Questions (FAQ)

  • 1. Which are the key companies that are currently operating within market?
    TeamViewer AG, Apple, Inc., Snap, Inc., Blippar Limited, Google LLC, Lenovo Group, Wikitude GmbH, Xiaomi Corporation, Microsoft Corporation, Zappar Limited, Magic Leap, Incorporated, Meta, PTC Inc., Sony Corporation, Vuzix Corporation, and others.
  • 2. What size is the worldwide augmented reality market?
    The Global Augmented Reality Market Size is expected to grow from USD 40.2 Billion in 2023 to USD 1,629 Billion by 2033, at a CAGR of 44.80% during the forecast period 2023-2033.
  • 3. Which region is holding largest share of market?
    North America is anticipated to hold the largest share of the global augmented reality market over the predicted timeframe.

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