Augmented Reality Market Forecast to 2028
The global Augmented Reality (AR) market size is expected to reach USD 332.60 Billion in 2028 and register a steady revenue CAGR of 46.4% over the forecast period, according to latest analysis by Emergen Research.
One of the key drivers propelling the market's revenue growth is the rising need for Augmented Reality (AR) technology for maintenance, assistance, and training across a variety of industries, including healthcare, logistics, and manufacturing. The knowledge of some aspects of the physical world is improved through augmented reality, which also yields clever, approachable insights with practical applications.
The report investigates the factors influencing industry growth in the global Augmented Reality Market and makes accurate predictions about the growth pattern. The report focuses on the market's key elements, such as drivers, restraints, opportunities, threats, risks, limitations, and other factors. The report includes a detailed analysis of the company profiles, product portfolio, and business expansion strategies, as well as a comprehensive analysis of the competitive landscape.
The market's revenue growth is also being driven by technological developments in AR. The market is growing as a result of factors like the rising popularity of smartphones and mobile gaming, as well as the use of this technology in the educational space. As devices get more sophisticated and powerful and networks continue to develop in terms of capacity, various sectors are introducing new generations of augmented reality (AR) solutions and applications. The technology has become more practical thanks to edge computing and 5G connectivity, which has also increased the number of new consumers who can access it.
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The global Augmented Reality market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Augmented Reality industry is witnessing an expansion and change of dynamics owing to the entry of several new players.
The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
Quest Diagnostics, Microsoft Corporation, Google Inc., Apple Inc., Zappar Ltd., Sony Corporation, Infinity Augmented Reality Ltd., Wikitude GmbH, Magic Leap, Inc., Seiko Epson, and Samsung Electronics Co. Ltd
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Some Key Highlights from the Report
- In February 2021, Nreal launched its augmented reality smart glasses in Europe and the U.S. The company first launched its product in Korea, where customers could purchase them bundled with LG Velvet and the Galaxy Note 20.
- Augmented Reality technology enriches the real world with digital information and media, such as videos and 3D models, overlaying the camera view of user’s tablet, smartphones, PCs, or connected glasses in real-time. Augmented reality browsers also enrich camera display with contextual information. For example, users can point their smartphone at a building to display its estimated value or history.
- Head-up display are installed in dashboard of the vehicles to display important information and data without diverting driver from their view position. The head-up display was initially designed to be used in military aviation but has shifted to personal cars and other automotive. It eliminates the user’s need to take their eyes off the road.
- Augmented reality is redefining the gaming industry. It creates immersive experiences which allow users to feel that they are interacting personally with their digital environment. Augmented reality games can be played on tablets, smartphones, and portable gaming systems. In February 2020, Red Bull launched a series of AR games, ‘Discover Your Wiiings,’ featuring five Red Bull athletes. It provides gamers the opportunity to engage with custom augmented reality games for a chance to win prizes, including a skateboard, custom activation surfboard, Scott helmet, custom computer case, and remote-controlled race car.
- Asia Pacific market revenue is expected to register a rapid growth rate during the forecast period due to availability of high-speed 5G network. Increasing demand for AR technology from China, Japan, and India is expected to propel growth of the market in the region.
Market Overview:
The report bifurcates the Augmented Reality market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Sensors
- Cameras
- Display Projectors
- Semiconductor Component
- Position/Room Tracker
- Others
- Software
- Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Head-mounted Displays
- Head-up Displays
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare
- Automotive
- Consumer
- Enterprise
- Aerospace Defense
- Energy
- Commercial
- Others
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
Regional Analysis Covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.
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