The global augmented reality market is expected to grow at a 29% CAGR between 2021 and 2028, from USD 17.14 billion in 2020 to USD 128 billion in 2028.
Manufacturing, healthcare, and education are among the industries that use augmented reality. The rise in usage corresponds to the release of new AR devices.
Companies are investing heavily in developing new strategies to capitalise on the potential of augmented reality (AR) technology, and providing end users with a distinct and interactive experience is expected to drive market growth over the forecast period. As portable devices, smartphones and smart eyewear are becoming increasingly popular.
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Growth Factors
Demand for augmented reality services is expected to rise as wearable technology, GPS, and augmented reality become more intertwined. The augmented reality industry is expanding as a result of the increased use of smartphones and tablets. User interface issues may stymie the growth of the augmented reality industry. It also exemplifies technological inefficiency in the analysis of a wide range of physical difficulties due to a lack of information insight management, which has affected the augmented reality sector.
Segment Analysis Preview
The market for augmented reality is divided into four segments: display, component, region, and application. This technology is a hybrid of software and hardware (semiconductors, displays, and sensors). Hardware is expected to grow quickly in the coming years.
Regional Analysis Preview
With China quickly becoming the world’s largest e-commerce market, e-commerce is increasingly becoming a top priority for APAC companies. The growing commercial demand for AR devices and software will contribute to the growth of the APAC AR industry. Expanding investment in countries such as Japan, India, and China, as well as growing consumer and commercial sectors, will propel the APAC AR industry forward. Matka Satta.
Key Market Players Competitive Landscape
Some of the key players in the Augmented Reality market are Magic Leap, Immersion, Apple, Daqri LLC, Sony, Blippar, Microsoft, Wikitude, Google, PTC, CyberGlove Systems Inc., Infinity Augmented Reality, Eon Reality, Inc., ODG, Samsung Electronics among others. These players are all set to place the augmented reality market to new heights. The global Augmented Reality market is segmented as follows:
By Component
Hardware (Sensor, Semiconductor, and Display)
Software
By Display
Head-mounted display
Head-up display
Handheld display
Spatial display
By Application
Aerospace Defense
Industrial
Consumer
Commercial
E-Commerce
Retails
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East Africa
GCC
South Africa
Rest of Middle East Africa
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