Augmented Reality Market was accounted at USD 16,967 Million in 2020 and is expected to grow at a CAGR of 42.9% during forecast period.
GMI Research witnesses the growth of the global augmented reality market, mainly in the healthcare sector. The increasing penetration of smartphones and smart devices increases mobile AR technology which gives immersive experiences.
Introduction of the Augmented Reality Industry Report
Augmented reality brings interactive experience through several sensory approaches like somatosensory, visual, haptic, and others. Hence, various sectors like entertainment, training, and education areas are adopting AR technology. The global augmented reality market covers multiple offerings, including hardware like display & projectors, semiconductor components, cameras, sensors, and software.
Key Players of the Market
Augmented Reality Market Dynamic
The healthcare sector is dominating other sectors in the adoption of AR devices, which is one of the crucial drivers propelling the growth of the augmented reality market size in the healthcare industry. The AR is important in the healthcare industry and provides a virtual view of a patient, which helps the surgeon to determine the patient’s health condition. With the help of AR technology, the surgeon can conduct minimally invasive surgeries. It also helps in enhancing fitness and teaches complicated subjects to medical students. Furthermore, as per the augmented reality market size global forecast, the remote assistance and association from enterprises increases that assist in workflow management and optimization again contributing to the market growth. Therefore, companies use Augmented Reality (AR) based apps to track, identify, and resolve technical problems and work, such as manufacturing and repairing production lines.
According to the augmented reality market research report, the growing adoption of smartphones, smart glasses, and other handy and wearable devices is further fueling the usage of mobile AR technology to give enveloping experiences. Therefore, to offer interactive and customized experiences to the customers, various companies focus on bringing innovative AR technology. In June 2018, Hennes & Mauritz AB’s brand Monki incorporated AR technology to offer a 3D experience to its customers through smartphones while presenting garments by the online platform. By the use of AR technology, one can transform indoor navigation. For example, MobiDev, with the help of its ARcore platform, illustrates indoor navigation by constructing an optimal route to the desired destination and reflecting it on mobile devices.
Augmented Reality Market Segmentation
Device Type Market Drivers
Based on the device type, the head-up displays segment speculates higher CAGR over the forecast period. The augmented reality head-up displays are in the initial phase and are probably used in the automotive sector on a large scale in the upcoming years. Therefore, various players like Continental, WayRay, BMW, Visteon, among others, are applying multiple strategies to enter the market. For example, BMW launched the AR HUDs in the latest premium models in 2020.
Application Market Drivers
Based on the application, the healthcare segment envisages growing at a higher CAGR during the forecast period. It is attributed to the growing adoption of AR technology in medical training, surgical visualization, vein visualization, and education. On the other hand, the enterprise (manufacturing) segment foresees its dominance in the market during the forecast period. The AR technology ensures efficient operations by detecting glitches to continue the process and reduce manufacturing downtime.
Based on the region, the North America region assumes leading the market during the forecast period. The big players like Microsoft Corporation, Microsoft Corporation, Apple, Inc., and Magic Leap, Inc. are available in the US region. The increasing acceptance and the growing deployment of the latest innovative technologies are further surging the market growth. On the other hand, the Asia-Pacific is projected to rise at a faster CAGR during the forecast period. China and Japan are the growing countries for the high customer base and adoption of AR technology. The AR technology allows the free stream of real-time images, analytics, and information by wearing AR headsets and operating the machinery and medical procedures.
Global Augmented Reality Market Segmentation
Segmentation By Offering
Segmentation By Device Type
Segmentation By Type
Segmentation By Application
Segmentation by Region
Introduction of GMI Research
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