Global (AR) Augmented Reality Market Share Likely to Expand At a CAGR of 50% By 2033

Industrial & Manufacturing Industries Dominated the Market for Augmented Reality (AR)s

According to Custom Market Insights (CMI), The Global (AR) Augmented Reality Market was estimated at USD 5 billion in 2021 and is anticipated to reach around USD 100 billion by 2030, growing at a CAGR of roughly 50% between 2022 and 2030. Our research report offers a 360-degree view of the (AR) Augmented Reality market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the (AR) Augmented Reality market.

(AR) Augmented Reality Market: Overview

A technology known as augmented reality combines real-time user surroundings with digital data. This is done to provide the impression that the real world is enhanced. In other words, augmented reality enhances the effect and user experience of the current real-time environment by adding music, effects, and images.

Browse the full “(AR) Augmented Reality Market Size, Trends and Insights By Component (Hardware, Software), By Display (Head-Up Display, Head-Up Display, Head-Up Display), By Application (Automotive, Gaming & Entertainment, Education, Healthcare, E-commerce & Retail, Industrial & Manufacturing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/augmented-reality-market/

Growth Factors

The global augmented reality market is anticipated to have significant revenue growth in the years to come due to the growing number of AR applications in wearables and smart devices for public & personal safety and environmental safety. Additionally, the market need is increased by the widespread use of GPS, sensors, and connected devices for detecting pedestrians, signboards, and traffic density.

The use of augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) is spreading throughout several industries. The market value is rising as augmented reality is used more frequently by emerging industries seeking to increase production rates. Rapid technological advancements in manufacturing processes and ongoing global economic growth contribute to the market’s expansion.

The automotive industry is adopting augmented reality more and more. Through the use of technology, consumers can assess a vehicle’s appearance, characteristics, and other aspects without being there in person. Significant market prospects are presented by OEMs and manufacturers’ increasing adoption of AR and VR technologies to allow customers to view their automobiles as desired.

Augmented reality is employed in the defense industry to provide ground personnel with the most significant and expensive upgrade. Augmented reality goggles are used to increase a soldier’s effectiveness in close-quarters battle. Maps, enemy positions, and other data are projected into soldiers’ visual fields using augmented reality using the Integrated Visual Augmentation System (IVAS).

Segmental Overview

The market for Augmented Reality (AR) is segmented into components, devices, and applications. By application, the industrial & manufacturing sector led the market in terms of revenue share in 2021 and is anticipated to hold that position throughout the forecast period. Utilizing AR technology enables leaders in a wide range of sectors and industry verticals to find any problems or hiccups, check that all processes are ongoing, and assist effective operations in minimizing manufacturing-related downtime. In the aerospace and defense sectors, AR technology is also finding use. However, since the usage of AR technology in the aerospace and defense sector is still in its infancy, the use cases are restricted to helping technicians make decisions and cutting down on time spent looking for the information needed to refurbish any given product.

During the projected period, the healthcare segment is anticipated to develop at the fastest rate. More and more medical training, surgical visualization, and vein visualization are using augmented reality technologies. Over the course of the projected period, the automotive segment is expected to expand significantly at a CAGR. In order to improve customer experience and ensure distinctive differentiation from their rivals, automotive companies are rapidly implementing AR technology into their individual automobiles. Customers can have a more immersive experience thanks to AR technology, which also aids producers in investigating novel manufacturing and design possibilities. Additionally, AR technology has made a significant contribution to the creation of security and awareness applications as well as to the realization of online safety features in the most recent, cutting-edge safety systems.

Regional Overview

North America led in revenue share in 2021 and is predicted to hold a sizable market share over the projected period. The United States dominated the regional market for North America. Several world’s top tech firms, including Microsoft and Google LLC, are based in the United States.

The nation is regarded as a pioneer in embracing new technologies. Due to its early adoption of augmented reality technology for gaming and entertainment applications, Europe is primed for tremendous growth. Germany is becoming known for its use of augmented reality technologies, particularly in the gaming sector.

Report Scope

Competitive Landscape

In order to accelerate technology development in the face of fiercer competition, market participants are forming strategic alliances, partnerships, and mergers and acquisitions.

• 2021: Turtle Rock Studios was acquired by Tencent. The latter’s gaming selection and augmented reality features, in particular, were attractive to Tencent.

Some of the Prominent Players

• Microsoft
• Sony Corporation
• Blippar Limited
• Google LLC
• Infinity Augmented Reality Limited
• Niantic Inc.
• Magic Leap Inc.
• Wikitude GmbH
• Zappar Limited
• Apple Inc.
• PTC
• Others

The global (AR) Augmented Reality market is segmented as follows:

By Component

• Hardware
• Software

By Display

• Head-Mounted Display
• Head-Up Display
• Handheld Devices

By Application

• Automotive
• Gaming & Entertainment
• Education
• Healthcare
• E-commerce & Retail
• Industrial & Manufacturing
• Others

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America