Augmented Reality (AR) Market Size to grow by USD 157.21 billion between 2023-2027
According to a research report “ Augmented Reality (AR) Market” by Application (Enterprise, Retail, Media and entertainment, Healthcare, Others) Component (Hardware, Software) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 157.21 billion, at a CAGR of 28.71% during the forecast period. Augmented Reality (AR) is an innovative technology witnessing substantial investment from major corporations and startups. This technology is poised to revolutionize various sectors, including social media, mobile devices for virtual conferencing, automotive devices, retail, and healthcare. With AR's increasing usage by millions of users daily, there is a significant demand for delivering massive amounts of data in real-time. To meet this demand, substantial investments are necessary for data storage and processing power. Vendors are responding by investing in AR technology, forming partnerships, and engaging in acquisitions to deliver superior results..
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By Application, the Enterprise segment is projected to dominate the market size in 2024
Augmented Reality (AR) technology is revolutionizing business operations by providing enterprises with innovative solutions for inventory management, remote assistance, training, data visualization, marketing, collaboration, inspection, and repairs. AR apps enhance operational efficiency by enabling real-time access to information, reducing errors, and minimizing travel costs. For instance, Progress-Werk Oberkirch AG, a leading metal processing automotive supplier, utilizes Ubimax Frontline AR software to facilitate on-site expert assistance through smart glasses. Similarly, NASA employs AR apps on Microsoft HoloLens AR headsets for live training and instructional purposes. These applications offer significant benefits across various industries, enabling businesses to streamline processes, improve productivity, and enhance the customer experience.
By Component, Hardware segment is expected to hold the largest market size for the year 2024
The hardware segment holds a significant revenue share in the Augmented Reality (AR) market, expected to persist throughout the forecast period. This dominance is attributed to the increasing adoption of AR devices in various industries such as education, healthcare, construction, and retail. Notably, Hangzhou Tairuo Technology Company Limited's introduction of the Nreal Light AR glasses in January 2020 underscores this trend. These advanced AR glasses offer an enhanced and immersive experience by merging virtual reality and AR technologies. As businesses continue to invest in modern AR solutions and products, the demand for AR technology remains robust.
North America is forecasted to hold the largest market size by region in 2024
In North America, particularly the United States, innovation and technological advancements have been at the forefront of shaping everyday life. Canada's technological capabilities have gained significant recognition. The interest in smart technologies, including the Internet of Things (IoT) and advanced solutions like Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR), is growing rapidly among developers, manufacturers, and consumers. Among these technologies, AR is leading the charge as one of the fastest-growing markets. Key players, such as Alphabet, Facebook, and Microsoft, have solidified their presence in the US market and are heavily investing in AR technology, expanding their offerings to meet the increasing demand.
The Augmented Reality (AR) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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
The Augmented Reality (AR) market is experiencing exponential growth, with tech players and startups revolutionizing various industries by integrating AR technology into everyday life. AR goes beyond Virtual Reality (VR) by overlaying digital information onto the real world, enhancing experiences in sectors like wellbeing, retail, training & upskilling, and more. In wellbeing, AR virtual walkthroughs offer immersive fitness experiences, while virtual fitting rooms let consumers try clothes and makeup in AR. Spatial computing, a key AR technology, is used in safety management, quality control, and professional training in industries like operations, manufacturing, and law enforcement. AR is also transforming the retail industry, with interactive showrooms and smartphone-based AR experiences providing brand engagement. AR technology is being used in medical education, media and entertainment, and the automotive sectors for professional training, designing staging, and even augmented surgeries. AR hardware, including smart glasses and head-mounted displays, is being developed and designed by tech companies like Meta, Livestream Technologies, and Home Depot. AR chipsets and 5G providers are crucial for the industry's growth, enabling real-time, high-definition AR experiences. The AR industry is also making strides in sectors like gaming, education, and the defense & aerospace industry, with applications ranging from e-learning apps and drug information to driving experiences and computer vision. AR technology is truly transforming the way we live, work, and learn.
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Jesse Maida
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Email: media@technavio.com
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