Jul 28, 2023

News provided by Share this article Share this article NEW YORK, July 28, 2023 /PRNewswire/ -- The  Augmented Reality (AR) Market  is estimated to grow by USD 157.21 billion from 2022 to 2027. The market will be growing at a CAGR of 28.71% during the forecast period. North America is projected to contribute 37% of market growth. In North America, the US plays a significant role in the development of technologies that people use in their daily lives. Also, the technology capabilities in Canada have been recognized significantly. Furthermore, developers, manufacturers, and consumers are keen on developing and using smart technologies such as the Internet of Things (IoT) and various advanced technologies, such as AR, MR, and VR. AR is among the leading and fastest-growing technology. Additionally, various vendors, such as Alphabet, Facebook, and Microsoft, have established a strong presence in the US and are heavily investing in AR technology. With such investments and advances in technology, the AR market in the region will witness significant growth during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) - View the Sample report Augmented Reality (AR) Market - Vendor Landscape The augmented reality (AR) market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now Augmented Reality (AR) Market - Market Dynamics Major Drivers & Challenges- The increasing investments in AR technology drive the global AR market growth. AR is an emerging technology, and various major players and startups invest heavily in AR technology-related innovations. Also, the technology is expected to be used in social media platforms, mobile devices (for virtual conference calls), and automotive devices, as well as in the retail and healthcare industries. Additionally, since AR is being used every day by millions of people, it requires the delivery of copious amounts of data and vast processing power to deliver the information in real-time. Hence, such investments drive the growth of the market during the forecast period. Privacy concerns over AR technology challenge the global AR market growth. AR collects and processes vast amounts of information about users and their environment, and thus, privacy concerns are a major challenge in the global market. Also, AR technology can access the personal data of users and may pose a threat to their privacy. This is because it can collect a lot of information from the user's social networking accounts. Additionally, there are privacy-related concerns associated with AR smart glasses. Such glasses automatically screen and process the user's environment, violating the privacy of the user and those around them. Hence, the development of such products hamper the growth of the AR market during the forecast period. Key Trends- The increasing integration of AR in mobile devices is an emerging trend in the global AR market growth. Various mobile device manufacturers use AR solutions to enhance the user experience and increase the value proposition of mobile devices. Also, the market is expected to grow during the forecast period due to the increased popularity and penetration of AR technology in smartphones and tablets. Furthermore, market vendors produce applications for AR phones to build a mobile AR ecosystem and consumers can enjoy the AR functionality on their mobile devices owing to basic computer vision and positional tracking. Hence, such trends further propel the growth of the AR market during the forecast period. Company Profiles The augmented reality (AR) market report includes information on the product launches, sustainability, and prospects of leading vendors, including Alphabet Inc., Atheer Inc, Dynabook Inc., Facebook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc. Competitive Analysis The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Augmented Reality (AR) Market - Market Segmentation Technavio has segmented the market based on application (enterprise, retail, media and entertainment, healthcare, and others), component (hardware and software), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The enterprise segment will be significant for the market's growth during the forecast period. Generally, enterprises use AR applications for remote assistance to save time and travel costs. For example, Progress-Werk Oberkirch AG, a metal processing automotive supplier, uses Ubimax Frontline AR software to communicate with experts to receive real-time on-site assistance with the help of smart glasses. On the other hand, NASA introduced AR apps for Microsoft HoloLens AR headset to provide live training and instructions. Furthermore, mobile AR apps help organizations bring about significant changes in operational processes. Hence, such factors are estimated to increase enterprise segment growth during the forecast period. Gain instant access to 17,000+ market research reports. Related Reports: The augmented reality and virtual reality market is estimated to grow at a CAGR of 52.37% between 2022 and 2027. The size of the market is forecast to increase by USD 3,64,557.67 million. This report extensively covers market segmentation by application (consumer and enterprise), technology (AR and VR), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increasing demand for AR and VR technology is notably driving the augmented reality and virtual reality market growth. The augmented and virtual reality in healthcare market share is expected to increase by USD 6.55 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 29.13%. Furthermore, this report extensively covers augmented and virtual reality in healthcare market segmentation by component (hardware and software) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The growing demand for healthcare services is one of the key drivers supporting augmented and virtual reality in the healthcare market growth. Augmented Reality (AR) Market Scope Report Coverage Key companies profiled Alphabet Inc., Atheer Inc, Dynabook Inc., Facebook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc. Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Table of Contents Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion) Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion) Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%) Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%) 4 Historic Market Size Exhibit 18: Historic Market Size – Data Table on Global augmented reality market 2017 - 2021 ($ billion) 4.2 Application Segment Analysis 2017 - 2021 Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion) 4.3 Component Segment Analysis 2017 - 2021 Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ billion) 4.4 Geography Segment Analysis 2017 - 2021 Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion) 4.5 Country Segment Analysis 2017 - 2021 Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion) 5 Five Forces Analysis Exhibit 33: Data Table on Comparison by Application 6.3 Enterprise - Market size and forecast 2022-2027 Exhibit 34: Chart on Enterprise - Market size and forecast 2022-2027 ($ billion) Exhibit 35: Data Table on Enterprise - Market size and forecast 2022-2027 ($ billion) Exhibit 36: Chart on Enterprise - Year-over-year growth 2022-2027 (%) Exhibit 37: Data Table on Enterprise - Year-over-year growth 2022-2027 (%) 6.4 Retail - Market size and forecast 2022-2027 Exhibit 38: Chart on Retail - Market size and forecast 2022-2027 ($ billion) Exhibit 39: Data Table on Retail - Market size and forecast 2022-2027 ($ billion) Exhibit 40: Chart on Retail - Year-over-year growth 2022-2027 (%) Exhibit 41: Data Table on Retail - Year-over-year growth 2022-2027 (%) 6.5 Media and entertainment - Market size and forecast 2022-2027 Exhibit 42: Chart on Media and entertainment - Market size and forecast 2022-2027 ($ billion) Exhibit 43: Data Table on Media and entertainment - Market size and forecast 2022-2027 ($ billion) Exhibit 44: Chart on Media and entertainment - Year-over-year growth 2022-2027 (%) Exhibit 45: Data Table on Media and entertainment - Year-over-year growth 2022-2027 (%) 6.6 Healthcare - Market size and forecast 2022-2027 Exhibit 46: Chart on Healthcare - Market size and forecast 2022-2027 ($ billion) Exhibit 47: Data Table on Healthcare - Market size and forecast 2022-2027 ($ billion) Exhibit 48: Chart on Healthcare - Year-over-year growth 2022-2027 (%) Exhibit 49: Data Table on Healthcare - Year-over-year growth 2022-2027 (%) 6.7 Others - Market size and forecast 2022-2027 Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ billion) Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ billion) Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%) Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%) 6.8 Market opportunity by Application Exhibit 54: Market opportunity by Application ($ billion) 7 Market Segmentation by Component 7.1 Market segments Exhibit 58: Data Table on Comparison by Component 7.3 Hardware - Market size and forecast 2022-2027 Exhibit 59: Chart on Hardware - Market size and forecast 2022-2027 ($ billion) Exhibit 60: Data Table on Hardware - Market size and forecast 2022-2027 ($ billion) Exhibit 61: Chart on Hardware - Year-over-year growth 2022-2027 (%) Exhibit 62: Data Table on Hardware - Year-over-year growth 2022-2027 (%) 7.4 Software - Market size and forecast 2022-2027 Exhibit 63: Chart on Software - Market size and forecast 2022-2027 ($ billion) Exhibit 64: Data Table on Software - Market size and forecast 2022-2027 ($ billion) Exhibit 65: Chart on Software - Year-over-year growth 2022-2027 (%) Exhibit 66: Data Table on Software - Year-over-year growth 2022-2027 (%) 7.5 Market opportunity by Component Exhibit 67: Market opportunity by Component ($ billion) 8 Customer Landscape Exhibit 72: Data Table on Geographic comparison 9.3 North America - Market size and forecast 2022-2027 Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ billion) Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ billion) Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%) Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%) 9.4 APAC - Market size and forecast 2022-2027 Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ billion) Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ billion) Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%) Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%) 9.5 Europe - Market size and forecast 2022-2027 Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ billion) Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ billion) Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%) Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%) 9.6 South America - Market size and forecast 2022-2027 Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ billion) Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ billion) Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%) Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%) 9.7 Middle East and Africa - Market size and forecast 2022-2027 Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion) Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion) Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%) Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%) 9.8 US - Market size and forecast 2022-2027 Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ billion) Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ billion) Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%) Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%) 9.9 China - Market size and forecast 2022-2027 Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ billion) Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ billion) Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%) Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%) 9.10 Japan - Market size and forecast 2022-2027 Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ billion) Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ billion) Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%) Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%) 9.11 Germany - Market size and forecast 2022-2027 Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ billion) Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ billion) Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%) Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%) 9.12 UK - Market size and forecast 2022-2027 Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ billion) Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ billion) Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%) Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%) 9.13 Market opportunity by geography Exhibit 113: Market opportunity by geography ($ billion) 10 Drivers, Challenges, and Trends 10.1 Market drivers About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact