Global Augmented Reality Market Anticipated to Generate a Revenue of $65,323.4 Million and Grow at a CAGR of 30.9% during the Forecast Period from 2021 to 2028 [218-Pages] | Announced by Research Dive
The global augmented reality market is expected to experience striking growth by 2028, due to the growing adoption of AR technology in the healthcare sector. Regionally, the Asia-Pacific region is predicted to hold the largest share of the market.
NEW YORK, Aug. 16, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Augmented Reality Market by Component (Hardware and Software), Device Type (Head Mounted Display, Handheld Devices, and Others), End-use (Retail, Healthcare, Manufacturing & Construction, Media & Entertainment, Education, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2028".
According to the report, the global augmented reality market is envisioned to garner a revenue of $65,323.4 million and rise 30.9% over the estimated period from 2021 to 2028.
Dynamics of the Global Augmented Reality Market
With the increasing adoption of AR technology in the healthcare sector for various applications such as patient monitoring, medical equipment upkeep & training, patient care, diagnosis, and many more, the augmented reality market is predicted to observe prominent growth during the forecast period. Moreover, the growing adoption of AR technology in retail, and other top industries to create an enhanced connection between consumers and brands is expected to create wide growth opportunities for the market during the analysis timeframe. However, the concern about AR's security and privacy may restrain the growth of the market throughout the estimated period.
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Segments of the Augmented Reality Market
The report has divided the augmented reality market into segments based on component, device type, end-use, and region.
- By component, the hardware sub-segment is expected to be most profitable and is predicted to garner a revenue of $38,136.1 million during the analysis period. The increasing acceptance of augmented reality technology all across the globe is predicted to bolster the growth of the market sub-segment over the forecast timeframe.
- By device type, the handheld devices sub-segment is predicted to be most productive and is expected to generate a revenue of $24869.2 million over the estimated period. The increasing demand for mobile augmented reality in the retail sector to improve the shopping experiences of shopping is expected to fortify the growth of the market sub-segment during the analysis period.
- By end-use, the media & entertainment sub-segment is expected to be most lucrative and is projected to garner a revenue of $16,635.0 million over the forecast timeframe. The increasing popularity of mobile gaming and the growing adoption of the smartphone is predicted to upsurge the growth of the market sub-segment during the estimated period.
- By region, the Asia-Pacific region of the augmented reality market is predicted to hold the maximum share of the market and is expected to generate a revenue of $27,109.2 million during the analysis period. The presence of major manufacturing sectors, the tremendous expansion of the gaming industry, and increased investments in commercial augmented reality applications in this region are the major factors expected to drive the regional growth of the market throughout the forecast period.
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Covid-19 Impact on the Augmented Reality Market
The rise of the novel coronavirus has had a positive impact on the augmented reality market. The rising adoption of augmented reality technology across various sectors such as education, healthcare, media & entertainment, and retails during the pandemic for disaster emergency management has increased the growth of the market. Moreover, the increasing use of AR solutions for medical training and equipment swaps to reduce human error has further boosted the market during the period of crisis.
Key Players of the Augmented Reality Market
The major players of the augmented reality market include
- Ptc Inc.
- Niantic
- Apple
- DAQRI
- Magic Leap
- Microsoft
- Seiko Epson
- Google LLC
- CXR
- TreeView, and many more.
These players are broadly working on the development of new business tactics such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry. – Inquire Here Before Buying the Full Report
For instance, in January 2022, Qualcomm Technologies, Inc., a leading American semiconductor producing company, announced its collaboration with Microsoft, an American multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services. With this collaboration, the companies aimed to expand and accelerate the adoption of AR in both the consumer and enterprise sector worldwide.
Further, the report also summarizes other important aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
More About Augmented Reality market:
- Technological Advancements and Business Expansion by Market Players such as Epson and Blippar to Foster the Growth of the Global Augmented Reality Market
- Augmented reality: An In-demand Technology in Various Sectors
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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