Global Opportunities in Augmented Reality Market Size Will Grow Over US$ 90.8 Billion by 2028, at 31.5% CAGR Growth: AR Industry Demand, Share, Trends, Statistics, Key Players, Segments Analysis & Forecast Report by Facts & Factors

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Facts & Factors
Facts & Factors

[214+ Pages Report] According to a market research study published by Facts and Factors, the demand analysis of Global Augmented Reality (AR) Market size & share revenue is estimated to grow to about USD 90.8 billion by 2028, at a CAGR of approximately 31.5% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Sony CorporationNiantic, Inc., Google LLC, Blippar Limited, Magic Leap, Incorporated, Apple, Inc., Wikitude GmbH, Microsoft, Infinity Augmented Reality Limited, Zappar Limited, and Others.

NEW YORK, NY, June 28, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Augmented Reality (AR) Market - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Augmented Reality (AR) Market size & share in terms of revenue was valued at USD 15.2 billion in 2021 and it is expected to surpass around USD 90.8 billion mark, by 2028, growing at a compound annual growth rate (CAGR) of about 31.5% during the forecast period 2022 to 2028.”

What is Augmented Reality (AR)? How big is the Augmented Reality (AR) Market?

Market Overview:

Augmented reality (AR) is a real-world interactive experience in which objects in the real world are enhanced by computer-generated image features, sometimes across multiple modalities such as auditory, visual, somatosensory, haptic, and olfactory. AR is defined as a system that combines real and virtual worlds, allows for real-time interaction, and accurately registers virtual and real objects in 3D.

The sensory information overlaid can be constructive (i.e., beneficial to the natural environment) or destructive (i.e., masking of the natural environment). This experience is so intertwined with the physical world that it is interpreted as an immersive part of the real world. In this way, augmented reality changes one's continual perception of a real-world situation, whereas virtual reality does not.

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Global Augmented Reality (AR) Market: Growth Factors

  • Growing demand for 3D imaging in the healthcare sector

Because of the rising demand for 3D imaging in the healthcare sector, the global augmented reality market has experienced unprecedented growth. Rising digitization, especially in developing countries, coupled with a stronger focus on technology, and the development of the internet of things will generate more lucrative market growth opportunities. The increasing popularity of e-commerce is also going to fuel the growth rate of the augmented reality market.

Industry Challenges:

  • Increasing safety and privacy concerns related with AR

Rising security and privacy concerns associated with augmented reality will pose a huge technical challenge to market growth. The high expenditure needed for research & development efforts on advanced technical solutions will further impede the market growth. A lack of skilled or trained professionals or technological expertise, particularly in developing and underdeveloped economies, will further derail market growth. Variations in infrastructure quality around the world will also limit market growth.

Browse the full “Augmented Reality (AR) Market By Component (Software and Hardware), By Type of Device (Handheld Devices, Smart Glasses, Heads-up Display, Stationary AR Systems, and Others), By Application (Education, Healthcare, Automotive, Gaming & Entertainment, Industrial Manufacturing, Aerospace & Defense, E-Commerce & Retail, and Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/augmented-reality-market

Augmented Reality (AR) Market: COVID-19 Impact Analysis

The breakout of COVID-19 has had a tremendous effect on industries all across the world. Because of this, travel has been restricted, social distance has increased, there is an extremely low number of staff members physically present, training tools are insufficient, and there are further implications. Nevertheless, when faced with a crisis, this technology has the potential to be of great aid and to stimulate industry expansion. During the epidemic, both the retail industry and its clients changed their shopping habits to online platforms.

Augmented Reality (AR) Market: Segmentation Analysis

The global augmented reality (AR) market is segmented on the basis of component, type of device, application, and region.

By Component Segment Analysis

  • By component, the market is divided into software and hardware. The market is expected to be led by the hardware segment.

  • AR device demand and applications in a variety of industries are driving hardware growth.

By Type of Device Segment Analysis

  • By type of device, the market is divided into handheld devices, smart glasses, heads-up displays, stationary AR systems, and others.

  • During the forecast period, the heads-up display is anticipated to gain the most market share. Heads-up displays are becoming more popular in the automotive industry. The increasing use of enhanced mobile games is boosting market growth.

By Application Segment Analysis

  • By application, the market is divided into education, healthcare, automotive, gaming & entertainment, industrial manufacturing, aerospace & defense, e-commerce & retail, and others.

  • The industrial manufacturing segment had the highest revenue share of 25% in 2021 and is expected to maintain its market dominance throughout the forecast period.

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Competitive Landscape

The report contains qualitative and quantitative research on the global augmented reality market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main competitors dominating the global augmented reality (AR) market include -

  • Sony CorporationNiantic Inc.

  • Google LLC

  • Blippar Limited

  • Magic Leap

  • Incorporated

  • Apple Inc.

  • Wikitude GmbH

  • Microsoft

  • Infinity Augmented Reality Limited

  • Zappar Limited

 Key Insights from Primary Research:

  • According to the analysis shared by our research forecaster, the Augmented Reality (AR) market is likely to expand at a CAGR of around 31.5% during the forecast period (2022-2028).

  • In terms of revenue, the Augmented Reality (AR) market size was valued at US$ 15.2 billion in 2021 and is projected to reach around US$ 90.8 billion, by 2028.

  • Based on component segment, the hardware sector is anticipated to dominate the market. Hardware development is being fuelled by a rise in AR device demand and applications across numerous industries.

  • Based on application segment, with a 25% revenue share in 2021, the industrial manufacturing segment led the market and is anticipated to continue to dominate during the forecast period.

  • The heads-up display is expected to capture the highest market share. Automobiles are using more heads-up displays. Growing adoption of mobile games boosts market growth.

  • On the basis of region, the Japan and China's growing manufacturing sectors will drive the Asia Pacific augmented reality market.

Key questions answered in this report:

  • What is the market size and growth rate forecast for Augmented Reality (AR) industry?

  • What are the main driving factors propelling the Augmented Reality (AR) Market forward?

  • What are the leading companies in the Augmented Reality (AR) Industry?

  • What segments does the Augmented Reality (AR) Market cover?

  • How can I receive a free copy of the Augmented Reality (AR) Market sample report and company profiles?

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Regional Dominance:

  • Asia-Pacific region to account for a significant share of the market

During the forecast period, Asia Pacific is expected to be the fastest-growing regional market. Developed countries like Australia and Japan are gradually establishing themselves as regional market leaders by effectively utilizing a large number of customers and expanding the execution of internet-based platforms. The continued deployment of high-speed 5G networks in the Asia Pacific is also expected to spur rapid adoption of AR technology and AR-based solutions throughout the region.

India, with its large population and rapidly growing internet penetration rate, is emerging as one of Asia Pacific's leading economies utilizing AR technology in the production and healthcare sectors, where more immersive and hands-on experience is critical.

Recent Development

  • June 2021: Magic Leap Inc. collaborated with AMD to develop semi-custom visual computing and enterprise-class augmented reality devices. This collaboration will enable businesses to transform and reimagine how data and virtual information are fused and graphed in the physical world.

  • February 2020: Qualcomm Technologies, Inc. has announced the release of an extensive reality headset centered on the Qualcomm Snapdragon XR2 Platform. It will provide premium quality augmented, simulated, and mixed reality devices to customers and businesses.

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The global augmented reality (AR) market is segmented as follows;

By Component

  • Software

  • Hardware

By Type of Device

  • Handheld Devices

  • Smart Glasses

  • Heads-Up Display

  • Stationary AR systems

  • Others

By Application

  • Education

  • Healthcare

  • Automotive

  • Gaming & Entertainment

  • Industrial manufacturing

  • Aerospace & Defense

  • E-Commerce & Retail

  • Others

By Region

  • North America

    • U.S.

    • Canada

    • Rest of North America

  • Europe

    • France

    • UK

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia Pacific

  • The Middle East & Africa

    • Saudi Arabia

    • South Africa

    • Rest of the Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Report Scope

Report Attribute

Details

Market Size in 2021

USD 15.2 Billion

Projected Market Size in 2028

USD 90.8 Billion

CAGR Growth Rate

31.5% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Sony CorporationNiantic, Inc., Google LLC, Blippar Limited, Magic Leap, Incorporated, Apple, Inc., Wikitude GmbH, Microsoft, Infinity Augmented Reality Limited, Zappar Limited, and Others

Key Segment

By Component, Type of Device, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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