Augmented Reality Market to Be Worth $210.1 Billion by 2031- Exclusive Report by Meticulous Research®

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Jul 22, 2024, 10:16 ET

REDDING, Calif., July 22, 2024 /PRNewswire/ -- According to a new market research report titled, 'Augmented Reality Market by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography - Global Forecast to 2031,' the augmented reality market is projected to reach $210.1 billion by 2031, at a CAGR of 34.9% from 2024–2031.

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Augmented reality (AR) is the integration of digital information with the user's environment in real time, enhanced with computer-generated visual elements, sounds, and other stimuli. AR technology provides three features, including the combination of the digital and physical world, interactions made in real time, and accurate 3D identification of virtual and real objects. It offers users an interactive experience using software, apps, and hardware such as AR glasses, headsets, and head-up displays. AR solutions use artificial intelligence (AI) technology to allow users to complete actions using voice prompts and help process information for AR applications. With the increasing adoption of immersive technology, the demand for AR is also increasing across various sectors. AR technology is primarily used in gaming, promotions & advertising, training, and navigation applications.

The global augmented reality market is segmented by offering (hardware (head-mounted display (smart glasses, headsets, other head-mounted displays), head-up display), platform, services), type (marker-based AR, marker-less AR), application (training & learning, quality inspection, tourism & visitor experience, remote assistance, designing & modeling, gaming, promotion & advertising, other applications), and end-use industry (industrial & manufacturing, healthcare, education, retail & e-commerce, media & entertainment, transportation & logistics, automotive, travel & tourism, real estate, sales & marketing, other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on offering, the global augmented reality market is segmented into hardware, platform, and services. In 2024, the hardware segment is expected to account for the largest share of around 55% of the augmented reality market. The large market share of this segment is attributed to the increasing adoption of AR-powered devices in the entertainment industry, rapid growth in smartphone sales, and the development of AR smart glasses by market players. Key market players are launching new AR hardware to improve customer experience. For instance, in June 2023, Apple Inc. (U.S.) launched Apple Vision Pro, an augmented reality headset, to increase customer experience. The device is controlled using eye contact and hand gestures for selecting and scrolling applications and has a virtual keyboard and dictation for typing.

Based on type, the global augmented reality market is segmented into marker-based AR and marker-less AR. In 2024, the marker-based AR segment is expected to account for the larger share of the global augmented reality market. The large market share of this segment is attributed to the increasing sales of smartphones and advancements in remote assistance systems for navigation in the automotive and travel & tourism sectors.

Based on application, the global augmented reality market is segmented into training & learning, quality inspection, tourism & visitor experience, remote assistance, designing & modeling, gaming, promotion & advertising, and other applications. In 2024, the gaming segment is expected to account for the largest share of around 33% of the augmented reality market. The large market share of this segment can be attributed to the growing popularity of gaming and the rising demand for smartphones and gaming consoles.

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Based on end-use industry, the global augmented reality market is segmented into industrial & manufacturing, healthcare, education, retail & e-commerce, media & entertainment, transportation & logistics, automotive, travel & tourism, real estate, sales & marketing, and other end-use industries. In 2024, the media & entertainment segment is expected to account for the largest share of over 25% of the augmented reality market. This segment's large market share can be attributed to the growing adoption of AR technology in gaming applications and the emerging opportunities for AR within the media & entertainment industry.

Based on geography, the augmented reality market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of around 40% of the augmented reality market. North America's significant market share can be attributed to the increasing government initiatives aimed at promoting the implementation of immersive technologies across various sectors, rising investments in digital infrastructure, and the presence of leading market players in the region. In December 2022, Los Angeles Rams (U.S.), a professional American football team, launched ARound technology, a next-generation fan engagement platform designed to enhance gameday fun with live and real-world AR experiences at the National Football League (NFL) in SoFi Stadium (U.S.).

The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).

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Scope of the Report:

Augmented Reality Market Assessment—by Offering

Hardware
- Head-mounted Display
  - Smart Glasses
  - Headsets
  - Other Head-mounted Displays
- Head-up Display
Platform
Services

Augmented Reality Market Assessment—by Type

Marker-based AR
Marker-less AR

Augmented Reality Market Assessment—by Application

Training & Learning
Quality Inspection
Tourism & Visitor Experience
Remote Assistance
Designing & Modeling
Gaming
Promotion & Advertising
Other Applications

Augmented Reality Market Assessment—by End-use Industry

Industrial & Manufacturing
Healthcare
Education
Retail & E-commerce
Media & Entertainment
Transportation & Logistics
Automotive
Travel & Tourism
Real Estate
Sales & Marketing
Other End-use Industries

Augmented Reality Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
Latin America
Middle East & Africa

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