Augmented Reality Devices Market Is Set To Reach $10 Billion By 2027 With Rising Demand From The Healthcare Industry - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 9, 2023 /PRNewswire/ -- As per The Business Research Company's Augmented Reality Devices Global Market Report 2023, the global augmented reality devices market is on the verge of significant growth, with the market size projected to surge from $7.59 billion in 2022 to $8.13 billion in 2023, marking a notable Compound Annual Growth Rate (CAGR) of 7.1%. This growth trend is expected to continue, with the augmented reality devices market size forecasted to reach $10.61 billion in 2027, maintaining a robust CAGR of 6.9%.
Healthcare Industry's Adoption of AR Technology Driving Market Growth
One of the primary drivers of this growth is the widespread adoption of augmented reality (AR) technology in the healthcare industry. AR technology provides a virtual view of patients, enabling surgeons to visualize and assess patients' body parts. This innovative technology has significantly reduced potential surgical risks by offering real-time alerts to surgeons. Moreover, it has revolutionized medical learning experiences by providing interactive and engaging platforms. An example of this is the collaboration between Immersive Touch and Mayo Clinic, where AR technology offers 3D holographic X-ray vision of patients' anatomy, thereby enhancing orthopedic surgery success rates.
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Market Concentration and Key Players
The global augmented reality devices market is characterized by a fair degree of concentration, with the top ten competitors accounting for 37.0% of the total market share in 2022. Major players, including Meta Platforms Inc., Seiko Epson Corporation, Microsoft Corporation, Goertek Inc., Lenovo Group, Samsung Electronics Co. Ltd., Magic Leap, Inc., PTC Inc., Sharp Corporation, and TeamViewer (Upskill), are actively consolidating their market positions through acquisitions, partnerships, and product distribution.
Focus on AI-Powered AR Devices
Companies in the AR devices market are concentrating on launching new AI-powered devices with enhanced features. With AR being a relatively new technology, companies aim to capture the market by introducing innovative products that cater to evolving consumer needs. For instance, Apple Inc. recently launched the Apple Vision Pro, a sleek augmented reality headset that offers a two-hour battery life and a unique design, providing users access to apps, movies, and document editing within a virtual world.
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Market Segmentation and Key Opportunities
The global augmented reality devices market is segmented –
- By Type: Head-Mounted Display (HMD), Head-Up Display (HUD)
- By Application: Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense, Energy, Automotive
- By Component: Hardware, Software
The hardware segment is expected to present significant opportunities, contributing to global annual sales of $28 billion by 2027.
As the augmented reality devices market continues to expand and innovate, businesses across various industries are set to benefit from the remarkable growth prospects offered by this transformative technology. Stay tuned for further developments and insights into this dynamic augmented reality devices market.
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