Technavio Forecasts Worldwide Augmented Reality (AR) Market to Reach USD 108.57 Billion between 2020 and 2025

Key Augmented Reality Market Report Highlights:

1. Market growth 2020-2025: USD 108.57 billion
2. Growth momentum & CAGR: Accelerate at a CAGR of 31.60%
3. YoY growth (%): 29.15%
4. Performing market contribution: APAC at 35%
5. Key consumer countries: US, China, Japan, Germany, UK, and Canada

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Regional Market Analysis

With 35% of the growth originating from APAC, this region will record a fast growth rate during 2021-2025.

The strong presence of the number of automobile giants in the region is rising the demand for Head-up Displays (HUDs) in the APAC market region. Additionally, these players are integrating AR technology to provide an excellent driving experience.

Apart from Head-up Displays, the two key reasons for the increasing augmented reality market's growth in APAC are:

• Additionally, the military and defense sector is expected to exhibit a high demand for AR technology in the coming years. AR technology is used to develop applications for training soldiers. These applications are used to create a real-life war situation to provide training to soldiers. For instance, Volkswagen introduced a HUD in Volkswagen Passat. It is a transparent display, which provides information regarding navigation, speed, and guidance. Similarly, BMW introduced color HUDs in the BMW-3 series.
• India, China, and Japan are among the countries with a strong military foothold and are constantly adopting advanced technologies. Simulation-based training provided to soldiers assists them in tough, critical environments. As a result, the demand for augmented reality (AR) in APAC is expected to increase.

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Key Vendors and Vendor Strategies

Alphabet Inc., Dynabook Inc., Facebook Inc., Microsoft Corp., PTC Inc., Qualcomm Inc., Samsung Electronics Co. Ltd., Upskill, Vuzix Corp. and Zugara Inc. are a few of the key vendors in the augmented reality market.

The vendors in the market are constantly focusing on deploying various organic and inorganic growth strategies to compete in the market. Additionally, established industry participants are expected to acquire or enter into partnerships with small vendors to expand their product portfolios, enter emerging markets, and increase their market share.

For instance:

• In September 2021, WPP partnered with Snap Inc. to launch The AR Lab. The partnership is aimed to enhance customer experience using the social media platform Snapchat through AR. 
• Also, it is imperative for vendors to distinguish their service offerings through a clear and unique value proposition. Furthermore, the market is moving towards fragmentation due to pure-play vendors entering the market for competing with large vendors.
• These pure-play vendors are estimated to be approached for acquisition by the other industry players considering their technological capabilities.

Download our free sample report to get a brief understanding about various other vendors and the vendors strategies.

Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the augmented reality AR market.

• Rise in the investment of AR technology:

AR has been notified as an emerging technology and a number of major players are significantly investing in technological innovations. Such technology is expected to be implemented in various social media platforms (for virtual communication), smartphones, various automotive devices and also in retail and healthcare industries. Moreover, AR platforms are operated by millions of users it possesses vast processing power as it has to deliver a large amount of data in real-time. Therefore, huge investments are to be done for storing a large amount of data as well as delivering significant results compelling various vendors to invest in AR technology and also engage in a number of partnerships and acquisitions. Thus, these huge investments are estimated to drive the augmented reality (AR) market growth during the forecast period.

To know about a few other market drivers, trends, and challenges.

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SOURCE Technavio