Augmented Reality (AR) Market Overview
Augmented reality (AR) is a technology that superimposes a computer-generated image or animation on a user’s view of the real world, thus providing a composite view that augments the perception of reality. It is used in various industries ranging from industrial manufacturing, healthcare, entertainment, and gaming. The global augmented reality market size was estimated at USD 25.1 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 41.50% from 2023 to 2032.
Key Companies
Leading players in the global augmented reality market include Sony Corporation, Samsung Electronics Co., Ltd., Microsoft Corporation, Apple Inc., Qualcomm Technologies, Inc., Google LLC, Blippar, Vuzix Corporation, Wikitude GmbH, and Aurasma Ltd. These companies are focusing on launching innovative products to gain a competitive edge in the market.
Industry Latest News
In January 2021, Apple Inc. announced the launch of its AR-enabled glasses, which are expected to revolutionize the augmented reality market. In the same month, Samsung Electronics Co., Ltd. launched its “Galaxy Glass Enterprise Edition 2” glasses, which are designed to improve the efficiency of workers in various industrial sectors. In October 2020, Qualcomm Technologies, Inc. announced the launch of its Snapdragon XR2 platform, which is expected to help the company gain a competitive edge in the augmented reality market.
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Market Opportunities
The increasing adoption of virtual reality (VR) and augmented reality (AR) technologies in the entertainment industry is expected to drive the growth of the augmented reality market in the coming years. AR technologies are being deployed in various gaming applications, such as first-person shooter games, to provide an immersive gaming experience. Additionally, the increasing demand for AR-based devices, such as headsets and glasses, is expected to create lucrative opportunities for market players.
Market Segmentation
On the basis of component, the global augmented reality market has been segmented into hardware, software, and services. The hardware segment is expected to witness significant growth during the forecast period, owing to the increasing adoption of AR devices, such as headsets and glasses.
On the basis of technology, the global augmented reality market has been segmented into optical see-through, video see-through, and projection augmented reality. The optical see-through segment is expected to dominate the market during the forecast period, owing to the increasing demand for AR headsets.
Regional Insights
Geographically, the global augmented reality market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the presence of prominent players, such as Apple Inc., Microsoft Corporation, and Google LLC. The increasing adoption of AR-enabled devices in the healthcare sector is expected to drive market growth in the region.
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