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Augmented Reality Market Overview
Augmented Reality (AR) Market size is projected to grow from USD 50.25 Billion in 2024 to USD 570.79 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 35.49% during the forecast period (2024 - 2032). Additionally, the market size for augmented reality was valued at USD 35.5165 Billion in 2023.
The growing usage of smartphones and the rising popularity of digital media have led to an increased demand for 3D visualization in the healthcare industry are the key market drivers enhancing market growth.
Figure 1: Augmented Reality Market Size, 2022-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Augmented Reality (AR) Market Trends
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Rising investments in AR are driving the market growth
The augmented reality market has experienced significant growth in recent years, attracting investments from notable companies such as Facebook, Intel, Qualcomm, Alphabet, Comcast Ventures, and Samsung. Research institutes are also actively exploring AR applications across various industries, with funding from private firms, venture capitalists, and governments. Industries like consumer, aerospace & defense, healthcare, enterprises, retail, and marketing are embracing the advantages of AR technology. For example, Boeing Company has established HorizonX, an investment fund focused on external partnerships, including investments in Upskill, a leading enterprise software company for industrial AR devices, and Zunum Aero, a startup aircraft manufacturer based in Kirkland, Washington.
Additionally, Information plays a vital role in the thriving tourism market worldwide. Augmented reality (AR) is poised to revolutionize the industry by offering travelers enriched Information and immersive experiences. Cultural institutions can employ AR to captivate visitors through real-time navigation and interactive exhibits. Similarly, AR applications can enhance outdoor locations, enabling tourists to use their smartphones or handheld devices for real-time access to Information about physical objects. For instance, users can instantly access reviews and menus by pointing their devices at restaurants or learning about the history of landmarks by aiming their tablets at them. This integration of AR in tourism will significantly elevate the overall visitor experience. This can greatly enhance the Augmented Reality (AR) market revenue.
Augmented Reality (AR) Market Segment Insights
Augmented Reality (AR) Device Type Insights
Based on device type, the global Augmented Reality (AR) market segmentation includes Head Mounted Displays and Head-up Displays. The head-mounted display segment dominated the market; HMDs provide an immersive and interactive AR experience by overlaying virtual elements onto the real world, enhancing the user's perception and interaction with the environment. This makes HMDs well-suited for various applications such as gaming, education, healthcare, and industrial training, and advancements in HMD technology have led to the development of more sophisticated and user-friendly devices.
Augmented Reality (AR) Device Vertical Insights
Based on vertical, the global Augmented Reality (AR) market segmentation includes consumer electronics, commercial, aerospace & defense, and medical. The consumer electronics segment dominated the market; the widespread adoption of smartphones and tablets has made AR technology more accessible to consumers. Many popular smartphone models have AR capabilities, allowing users to experience AR applications and content without needing additional devices or hardware.
Augmented Reality (AR) Device Technology Insights
The global Augmented Reality (AR) market segmentation, based on Technology, includes Marker-based and Markerless. The marker-based held the largest category in the market. Marker-based AR is widely used in advertising, marketing, gaming, education, and training. It offers a user-friendly and intuitive AR experience, requiring users to simply scan or point their devices at the markers to activate the augmented content.
Figure 2: Augmented Reality (AR) Market, by Technology, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Augmented Reality (AR) Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American augmented reality (AR) market will dominate this market, owing to immersive technologies becoming more popular in the Region due to continued investment, which will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: AUGMENTED REALITY (AR) MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Augmented Reality (AR) market accounts for the second-largest market share due to the snowballing adoption of digital media and an upsurge in demand for 3-D visualization in the healthcare sector. Further, the German Augmented Reality (AR) market held the largest market share, and the UK Augmented Reality (AR) market was the fastest-growing market in the European Region.
The Asia-Pacific Augmented Reality (AR) Market is expected to grow fastest from 2023 to 2032. This is because the increasing adoption of AR technology in India's manufacturing and healthcare industries is driving market growth in this Region. Moreover, China’s Augmented Reality (AR) market held the largest market share, and the Indian Augmented Reality (AR) market was the fastest-growing market in the Asia-Pacific region.
Augmented Reality (AR) Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Augmented Reality (AR) market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Augmented Reality (AR) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Augmented Reality (AR) industry to benefit clients and increase the market sector. In recent years, the Augmented Reality (AR) industry has offered some of the most significant advantages to medicine. Major players in the Augmented Reality (AR) market, including Blippar, Google Inc., Microsoft Corporation, PTC, Wikitude GmbH, Samsung Electronics Co. Ltd., Zugara, DAQRI, and Upskill., and others, are attempting to increase market demand by investing in research and development operations.
Microsoft Corporation is a renowned multinational technology corporation. The company is widely recognized for its flagship software products, including the Windows operating system, Microsoft Office suite, and web browsers like Internet Explorer and Edge. Recently, Microsoft introduced a new application called Microsoft Mesh. This innovative app enables users to engage with others and 3D content in AR/VR meeting spaces, simplifying sharing of immersive multi-player experiences over the web by managing the technical complexities.
Magic Leap, Inc. is a technology company based in the United States that introduced a head-mounted display named Magic Leap One. This display overlays computer-generated 3D imagery onto real-world objects, creating an augmented reality experience. Notably, Magic Leap has collaborated with Google Cloud to introduce Magic Leap enterprise solutions available on the Google Cloud Marketplace. Through this partnership, they aim to explore cutting-edge cloud-based spatial computing solutions driven by Google Cloud's capabilities.
Key Companies in the Augmented Reality (AR) market include
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Blippar
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Zugara
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PTC
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Wikitude GmbH
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Samsung Electronics Co. Ltd.
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DAQRI
Augmented Reality (AR) Industry Developments
March 2021: Microsoft introduced its latest application, Microsoft Mesh, which enables users in augmented reality and virtual reality meeting spaces to engage with each other and 3D content. The app simplifies the complex technical aspects of sharing multi-player experiences in spatial environments o.
March 2021:The US Army awarded Microsoft a contract worth approximately USD 22 billion over ten years for the supply of HoloLens technology. Under this agreement, Microsoft will provide the military with 120,000 AR headsets.
January 2021: In anticipation of CES 2021, Lenovo unveiled its latest offering, the ThinkReality A3 augmented reality (AR) glasses, targeting enterprise users. These AR smart glasses have a sleek, sunglasses-like design and are conveniently foldable. They rely on a tethered connection to a PC or Motorola smartphone to overlay computer graphics onto the real-world environment. Additionally, users have the flexibility to view multiple screens simultaneously.
Augmented Reality (AR) Market Segmentation
Augmented Reality (AR) Device Type Outlook
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Head Mounted Display
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Head up Display
Augmented Reality (AR) Vertical Outlook
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Consumer Electronics
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Commercial
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Aerospace & Defense
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Medical
Augmented Reality (AR) Technology Outlook
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Marker Based
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Marker Less
Augmented Reality (AR) Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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