Global Augmented Reality Market Expected to Surpass $411,396.9 Million and Grow at 33.2% CAGR in the 2022-2031 Timeframe [230-Pages] | Details by Research Dive
The global augmented reality market is expected to grow by 2031 due to increasing use in the healthcare sector. The hardware sub-segment is expected to be the most dominant. The market in the Asia-Pacific region is expected to be highly lucrative
NEW YORK, Feb. 20, 2023 /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 (Media and Entertainment, Manufacturing and Construction, Healthcare, Education, Retail, Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031".
According to the report, the global augmented reality market is predicted to register a revenue of $411,396.9 million by 2031, growing at a healthy CAGR of 33.2% during the forecast period 2022-2031.
Dynamics of the Market
Drivers: In the last few years, there has been a growth in the use of augmented reality technology in the healthcare sector. This increased adoption is predicted to boost the augmented reality market in the forecast period. Additionally, the growing use of augmented reality technology in the gaming sector is expected to drive the market forward.
Opportunities: Increase in the application of augmented reality technology in the automotive sector is expected to offer numerous growth opportunities to the market. Along with this, the increasing adoption of AR technology in the healthcare and gaming sector is predicted to take the market higher.
Restraints: According to market analysts, long-term health problems associated with excessive use of augmented reality technology, however, may become a challenge in the growth trajectory of the augmented reality market.
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Covid-19 Impact on the Market
Since the outbreak of the Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. The augmented reality market, however, has been an exception. Over the years, the demand for augmented reality has increased in various sectors including healthcare, media and entertainment, education, retail, etc. This growth in demand and increasing usage of the technology helped the market post excellent growth figures despite the pandemic.
Segments of the Market
The report has fragmented the augmented reality market into a few segments based on component, device type, end use, and regional analysis.
- By component, the hardware sub-segment is predicted to garner the highest revenue by 2031. Increasing use and application of augmented reality technology in healthcare, media and entertainment sector, etc., is anticipated to push the growth rate of this sub-segment higher.
- By device type, the handheld sub-segment is predicted to be a highly dominant sub-segment by 2031. The rise in the demand for mobile AR in the retail sector is anticipated to push the growth rate of this sub-segment higher.
- By end use, the media and entertainment sub-segment is predicted to flourish immensely in the forecast period. The growing adoption of AR technology in the media and entertainment sector to provide users with a revolutionary and simulated digital experience is anticipated to push the growth rate of this sub-segment higher.
- By regional analysis, the augmented reality market in the Asia-Pacific region is estimated to be the most dominant in the forecast period. Growing adoption of advanced technologies and the use of various augmented reality applications such as Snapchat, Facebook, Instagram, etc., are expected to be the two main factors behind the growth of the market in this region.
Prominent Market Players
Some prominent market players are
- Apple Inc.
- Treeview Company Limited
- Microsoft
- Teijin Limited
- Magic Leap, Inc.
- ScienceSoft USA Corporation.
- Niantic Inc.
- Seiko Epson
- CXR
- PTC
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in May 2022, Google, the leading multinational technology company, announced the acquisition of Raxium, a startup working on augmented reality-based headsets and wearables. This acquisition is predicted to put Google in a commanding position in the market in the coming next few years.
The report also sums up various crucial facets including financial performance of the global market players, SWOT analysis, product portfolio, and the latest strategic developments.
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More about Augmented Reality Market:
- Augmented reality: An In-demand Technology in Various Sectors
- How does Augmented Reality Function? And What are its Use Cases?
- Augmented Reality Market to Observe Significant Growth by 2031 Due to Company Collaborations and Strategic Partnerships by Market Players, such as Epson America, Magic Leap, and Others
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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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