Augmented Reality (AR) and Mixed Reality (MR) Market is Projected to Reach at a CAGR of 50.5% by 2029, Size, Share, Drivers, Competitive Scenario and Key Growth Analysis
CHICAGO, Feb. 14, 2023 /PRNewswire/ -- Data Bridge Market Research completed a qualitative study titled "Augmented Reality (AR) and Mixed Reality (MR) Market" with 100+ market data tables, pie charts, graphs, and figures spread across Pages and an easy to grasp full analysis. The persuasive Augmented Reality (AR) and Mixed Reality (MR) report provides statistics on the current state of the industry as a valuable source of guidance and direction for companies and investors interested in this market. The report also plays key role in keeping hold of reputation of the firm and its products. The market document contains all the information including market definition, classifications, applications, and engagements while also detailing about what the major players are doing in respect of product launches, joint ventures, developments, mergers and acquisitions and how it is affecting the market in terms of sales, import, export, revenue and CAGR values for the market.
Data Bridge Market Research analyses that the global augmented reality (AR) & mixed reality (MR) market is expected to reach the value of USD 606,787.07 million by 2029, at a CAGR of 50.5% during the forecast period. The hardware segment accounts for the largest component segment in the augmented reality (AR) & mixed reality (MR) market. The augmented reality (AR) & mixed reality (MR) market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Augmented reality is a technology, which uses the existing user's environment and overlays the digital or virtual content or information over it to offer an immersive digital experience in a real-time environment. Augmented reality applications are developed on special 3D programs, which enable developers to integrate contextual or digital content with the real world in real-time. Augmented reality offers interactive experiences through multiple sensory modalities, including haptic, auditory, visual, somatosensory, and more. The technology has a wide range of applications in entertainment, training, and educational areas. Industries such as manufacturing, healthcare, and logistics, among others, are more focusing on adopting this technology for training, maintenance, assistance, and monitoring applications.
Mixed reality symbolizes the controlled collision of the AR/VR and IoT trends. Mixed reality (MR), also referred to as hybrid reality, is the technology that is used to merge real and virtual worlds and produce new environments and visualizations where physical and digital objects co-exist and interact in real time. Mixed reality is an interdisciplinary field involving computer graphics, signal processing, computer apparition, user interfaces, mobile computing, wearable computing, information visualization, and the design of displays and sensors. Mixed reality concepts are increasingly being adopted by various industries, including automotive, healthcare, and office environments, among others.
The Augmented Reality (AR) and Mixed Reality (MR) Market is Dominated by Firms Such as:
- HP Development Company, LP
- HTC Corporation
- Autodesk Inc.
- Barco
- Intel Corporation
- PTC
- Seiko Epson Corporation
- Ultraleap Limited
- ASUSTek Computer Inc.
- Dell
- Google (a subsidiary of Alphabet Inc.)
- Sony Corporation
- Lenovo
- Microsoft
- SAMSUNG ELECTRONICS CO., LTD.
- Panasonic Corporation
- RealWear, Inc.
- Magic Leap, Inc.
- EON Reality
- TeamViewer
Recent Development:
- In April 2021, Microsoft announced a Pentagon contract with the U.S. military for augmented reality headgear for soldiers worth USD 21.88 billion. This HoloLens will deliver soldiers more efficient visibility, next-generation night vision, and situational awareness for any war. This has also helped the company to transcend the traditional boundaries of space and time in the field of AR, thereby expanding their products in the market
- In July 2021, SAMSUNG ELECTRONICS CO., LTD. expanded its contactless offerings for consumers with a new Augmented Reality (AR) enabled service for its flagship products. With this, consumers may virtually experience a product in their homes, check product dimensions, and make an informed selection with the AR service. This has also helped the company to expand its product portfolio in the augmented reality market
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The investment made in the study would provide you access to information such as:
- Augmented Reality (AR) and Mixed Reality (MR) Industry [Global – Broken-down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter's Five Forces, etc.
- Market Size
- Market Size by application/industry verticals
- Market Projections/Forecast
Key Market Segments Covered in Augmented Reality (AR) and Mixed Reality (MR) Industry Research:
By Component
- Hardware
- Software
- Services
By Deployment Model
- On-Premise
- Cloud
By Distribution Channel
- Offline
- Online
By Device Type
- Desktop
- Head Up Display
- Head Mounted Display
- Projector And Display Wall
- Gesture Tracking Devices
By Technology
- Mobile Augmented Reality
- Monitor-Based Technology
- Near Eye Based Technology
By Application
- Banking, Financial Services and Insurance (BFSI)
- Workflow Optimization
- Marketing Collaboration
- Enhanced 2-D And 3-D
- Visualizations
- 3d Modelling
- Documentation
- Navigation
By End User
- Banking, Financial Services, and Insurance (BFSI)
- Retail And E-Commerce
- IT And Telecommunication
- Automotive
- Aerospace And Defense
- Healthcare
- Animation
- Travel And Tourism
- Energy
- Media And Entertainment
- Education
- Construction
- Games And Sports
- Banking
- Others
Opportunities
- Increased deployment of AR and MR technology in numerous industries
The applications in various industrial sectors, especially in the defense industry, extensively use augmented and mixed reality. It is expected to create opportunities for the global AR (augmented reality) & MR (mixed reality) market.
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Augmented Reality (AR) and Mixed Reality (MR) Market Drivers:
- Increasing penetration of smart devices and internet services
With the introduction of smart devices, AR has provided valuable opportunities for retailers to engage consumers, showcase their products, and create a competitive advantage, which is expected to drive the global AR (augmented reality) & MR (mixed reality) market significantly.
- Rise in adoption of augmented reality by educational institutes
AR in education allows students to gain knowledge through rich visuals and immersion into the subject matter. Moreover, speech technology also engages students by providing comprehensive details about the topic in a voice format. Therefore, the concept of e-learning with AR has become an essential strategy for gathering information, which is expected to drive the global AR (augmented reality) & MR (mixed reality) market significantly.
- Increasing focus on cyber-physical systems
Augmented Reality (AR) enables intuitive and efficient human-machine interactions between humans and CPMT (Cyber-Physical Machine Tool). As cyber-physical security systems become model-based and leverage augmented, virtual, or mixed reality, the gaps between training, planning/analysis, and situational awareness simulations disappear. Through a model-driven contextual interface, users can experience a virtual representation of a real-world facility.
- More of technological advancement and digitization
The continuing convergence of digitalization in the real and the virtual worlds have become the main factor of innovation and change in all sectors of our economy. Augmented Reality Technology (AR) has become one of the critical digital transformation technologies in industrial and non-industrial areas. The rise of augmented reality has transformed lives and day-to-day operations in technology, hospitality, healthcare, and other sectors. The use of augmented reality helps the customers understand the product or the service with more ease and helps them make the decisions easier. In addition, augmented reality can also help build and improve the organization's brand image by giving the customers a seamless buying experience.
Restraints/Challenges
- Stringent regulations of government for varied organizations
AR (augmented reality) and MR (mixed reality) devices and applications are already subject to several laws and regulations governing individual privacy and user data across the countries. However, the current regulatory landscape addresses only some of the risks of using augmented reality devices. Specific requirements complicate the data collection necessary to provide robust and secure immersive experiences across sectors.
Core Objective of Augmented Reality (AR) and Mixed Reality (MR) Market:
- Augmented Reality (AR) and Mixed Reality (MR) Market Size and growth rate factors.
- Important changes in the future Augmented Reality (AR) and Mixed Reality (MR) Market.
- Top worldwide competitors of the Market.
- Scope and product outlook of Augmented Reality (AR) and Mixed Reality (MR) Market.
- Developing regions with potential growth in the future.
- Tough Challenges and risk faced in Market.
- Global Augmented Reality (AR) and Mixed Reality (MR) top manufacturers profile and sales statistics.
Augmented Reality (AR) and Mixed Reality (MR) Market Regional Analysis/Insights:
The regions covered in the augmented reality (AR) & mixed reality (MR) market report are U.S., Canada and Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Switzerland, Russia, Sweden, Poland, Belgium, Turkey, Rest of Europe, China, Japan, South Korea, Australia, India, Taiwan, Thailand, Singapore, Malaysia, Vietnam, New Zealand, Indonesia, Philippines, Rest of Asia Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Chile, Argentina, Peru and Rest of South America
North America region is expected to dominate and is the fastest-growing region in the global augmented reality (AR) & mixed reality (MR) market due to advanced software research and development, rich entertainment content production, a favorable startup environment, and others. Moreover, this region has the highest number of popular brand manufacturers and users of AR and MR products. U.S. is expected to dominate the market as the country has highest number of popular brand manufacturers and users of AR and MR products. Whereas, China has huge adoption of technologically advanced smart wearables which fuels the adoption of AR & MR in the country. Moreover, Germany has increased investment in research and development of technology which fuels the market growth in the country.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Augmented Reality (AR) and Mixed Reality (MR) Market: Regulations
- Market Overview
- Global Augmented Reality (AR) and Mixed Reality (MR) Market, By Component
- Global Augmented Reality (AR) and Mixed Reality (MR) Market, By Deployment Model
- Global Augmented Reality (AR) and Mixed Reality (MR) Market, By Distribution Channel
- Global Augmented Reality (AR) and Mixed Reality (MR) Market, By Device Type
- Global Augmented Reality (AR) and Mixed Reality (MR) Market, By Technology
- Global Augmented Reality (AR) and Mixed Reality (MR) Market, By Application
- Global Augmented Reality (AR) and Mixed Reality (MR) Market, By End User
- Global Augmented Reality (AR) and Mixed Reality (MR) Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
Get the Full Table of Contents @ https://www.databridgemarketresearch.com/toc/?dbmr=global-augmented-reality-ar-and-mixed-reality-mr-market
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Augmented Reality Market By Type (Marker-Based Augmented Reality and Marker-Less Augmented Reality), Technology (Monitor-Based Technology and Near-Eye-Based Technology), Offering (Hardware and Software), Device Type (Augmented Reality Devices, Head-Up Display and Handheld Device), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace and Defense, Energy, Automotive and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-augmented-reality-market
Augmented Reality Software Market, By Offering (Hardware, Software), Device Type (Head-mounted, Head-up), Application (Enterprise, Consumer, Commercial, Healthcare, Automotive), Function (Remote Collaboration, Workflow Optimization, Visualization, Documentation, and 3D Modelling, Navigation), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-augmented-reality-software-market
Augmented Reality and Virtual Reality Market, By Technology (Augmented Reality Technology, Virtual Reality Technology), Offering (Hardware, Software), Device Type (Augmented Reality, Head-mounted Displays, Head-up Displays, Virtual Reality, Head-mounted Displays, Gesture-tracking Devices Projectors and Display Walls), Vertical (Consumer Electronics, Media & Entertainment, Healthcare, Retail, Aerospace & Defence, Automotive, BFSI, IT & Telecommunication, Manufacturing, Education, Travel & Tourism, Real Estate) https://www.databridgemarketresearch.com/reports/global-augmented-reality-and-virtual-reality-market
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