The global Augmented Reality (AR) market size is expected to reach USD 332.60 Billion in 2028 and register a steady revenue CAGR of 46.4% over the forecast period, according to latest analysis by Emergen Research.
Rising demand for Augmented Reality (AR) technology to train, maintain, and assist across various industries such as healthcare, logistics, and manufacturing, are among some of the major factors driving revenue growth of the market. Augmented reality increases the understanding of certain features of the physical world, and derives smart and accessible insights that can be applied to real-world applications.
Technological advancements in AR is also driving revenue growth of the market. Increasing penetration of smartphones and mobile gaming trend, and adoption of this technology in the education sector are factors supporting growth of the market. Various industries are unveiling new generation of AR solutions and applications as devices are becoming increasingly advanced and powerful, and networks are continuing to expand in terms of capacity. 5G connectivity and edge computing have made the technology more feasible, and opened up access to a number of new potential users.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Augmented Reality market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others.
The companies will use report are:
Quest Diagnostics, Microsoft Corporation, Google Inc., Apple Inc., Zappar Ltd., Sony Corporation, Infinity Augmented Reality Ltd., Wikitude GmbH, Magic Leap, Inc., Seiko Epson, and Samsung Electronics Co. Ltd
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Some Key Highlights of the Augmented Reality Market
- In February 2021, Nreal launched its augmented reality smart glasses in Europe and the U.S. The company first launched its product in Korea, where customers could purchase them bundled with LG Velvet and the Galaxy Note 20.
- Augmented Reality technology enriches the real world with digital information and media, such as videos and 3D models, overlaying the camera view of user’s tablet, smartphones, PCs, or connected glasses in real-time. Augmented reality browsers also enrich camera display with contextual information. For example, users can point their smartphone at a building to display its estimated value or history.
- Head-up display are installed in dashboard of the vehicles to display important information and data without diverting driver from their view position. The head-up display was initially designed to be used in military aviation but has shifted to personal cars and other automotive. It eliminates the user’s need to take their eyes off the road.
- Augmented reality is redefining the gaming industry. It creates immersive experiences which allow users to feel that they are interacting personally with their digital environment. Augmented reality games can be played on tablets, smartphones, and portable gaming systems. In February 2020, Red Bull launched a series of AR games, ‘Discover Your Wiiings,’ featuring five Red Bull athletes. It provides gamers the opportunity to engage with custom augmented reality games for a chance to win prizes, including a skateboard, custom activation surfboard, Scott helmet, custom computer case, and remote-controlled race car.
- Asia Pacific market revenue is expected to register a rapid growth rate during the forecast period due to availability of high-speed 5G network. Increasing demand for AR technology from China, Japan, and India is expected to propel growth of the market in the region.
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Market Overview:
The report bifurcates the Augmented Reality market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Offering Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Sensors
- Cameras
- Display Projectors
- Semiconductor Component
- Position/Room Tracker
- Others
- Software
- Hardware
Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Head-mounted Displays
- Head-up Displays
Application Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare
- Automotive
- Consumer
- Enterprise
- Aerospace Defense
- Energy
- Commercial
- Others
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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