Latest News- Augmented Reality (AR) Market: Hardware is expected to lead the Component segment during 2024-2028

The Augmented Reality (AR) Market is being driven by Increasing investments in AR technology

The Augmented Reality (AR) Market is expected to grow at a CAGR of 46.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 461.8 billion. The augmented reality (AR) market is experiencing significant growth as leading smartphone manufacturers, including Apple and Samsung, integrate advanced hardware and software solutions to create robust AR mobile platforms. This trend is driving the adoption of AR technology in mobile devices such as smartphones, phablets, and tablets, enhancing user experience and increasing the value proposition for consumers. The market is projected to expand substantially during the forecast period due to the rising popularity and penetration of AR technology in mobile devices. Vendors have developed a range of AR applications for these devices, enabling users to benefit from basic computer vision and positional tracking capabilities. The mobile AR ecosystem is continually expanding, offering consumers innovative and engaging experiences on their mobile devices. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Hardware
  • Software
• End-user
  • Enterprise
  • Retail
  • Healthcare
  • Media and entertainment
  • Others
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing investments in AR technology
• Rising demand from various application segments
• Increasing adoption of AR-enabled smart glasses

However, the market also witnesses some limitations, which are as follows:

• Privacy concerns over AR technology
• Financial constraints, standardization, and complexity
• Technology and customer readiness

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Market Scope in Augmented Reality (AR) Market Research Report

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Research Analysis Overview

The Augmented Reality (AR) market is experiencing exponential growth, with applications spanning various industries such as design and visualization, safety management, quality control, training, installation and assembly, operations, and more. In the education industry, AR is revolutionizing learning by providing immersive experiences that enhance understanding. In the retail sector, AR is being used for virtual try-on sessions and product visualization. The media industry is leveraging AR for innovative storytelling, while the gaming sector is seeing a surge in AR games. Leading institutions like Stanford University are at the forefront of AR research, pushing the boundaries of spatial computing and computer vision. Tech players like Home Depot and startups are integrating AR into their operations for improved efficiency and safety. The gaming sector, fueled by 5G providers and the power of smartphones, is expected to dominate the AR industry. With the potential for endless applications, the future of AR is bright, and its impact on industries from engineering to media and entertainment is undeniable.

Market Research Overview

According to Technavio, the global Augmented Reality (AR) market is a significant segment of the broader global application software industry. This market encompasses organizations specializing in the creation and distribution of software solutions designed for specific business or consumer applications. The application software market comprises enterprise and technical software, along with cloud-based solutions. It does not include companies dealing in interactive home entertainment software or those producing systems or database management software. Technavio determines the size of the global application software market by aggregating the revenues of companies providing various types of application software, including cloud-based offerings, in the business and consumer sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/