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. In the rapidly evolving technology landscape, augmented reality (AR) is gaining significant traction, particularly in the mobile device market. Leading smartphone manufacturers, such as Apple and Samsung, are integrating advanced hardware and software capabilities to create robust AR mobile platforms. This trend is not limited to smartphones alone, as tablet and phablet manufacturers are also adopting AR solutions to augment user experience and differentiate their offerings. The AR market is poised for substantial growth during the forecast period, driven by the increasing popularity and penetration of AR technology in mobile devices. Vendors have developed a range of applications for AR-enabled mobile devices, enabling consumers to access immersive AR experiences on their devices. These applications leverage basic computer vision and positional tracking to deliver engaging AR functionality. With the introduction of technologies like Google Tango, AR capabilities have advanced significantly, offering accurate motion tracking, depth perception, and area learning through a device. This enhances the value proposition of mobile devices and provides consumers with a more interactive and engaging user experience.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 46.1% |
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Market growth 2024-2028 |
USD 461.8 billion |
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Market structure |
market_structure.ucfirst |
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YoY growth 2023-2024(%) |
35.0 |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The AR market is experiencing significant growth, with key sectors such as media and entertainment, gaming, and the retail industry adopting this technology. Tech players, including 5G providers, are collaborating to enhance AR experiences through computer vision and spatial computing. The gaming industry and media industry are leveraging AR for immersive experiences, while retailers like Home Depot use it for installation and assembly instructions. AR is also transforming education, with applications in quality control, safety management, and design visualization at institutions like Stanford University.
The Augmented Reality (AR) industry encompasses companies specializing in AR technology development and production, including AR chipsets, AR glasses, and AR hardware manufacturers. This market segment falls under the broader IT software industry, specifically application software, which covers specialized software for businesses and consumers. Key sectors for AR technology adoption include healthcare for augmented surgeries, automotive, and telecommunications providers implementing 5G networks. Technavio's market analysis calculates the AR industry size based on the combined revenue generated by these companies, excluding those producing database management software or interactive home entertainment software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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