At a CAGR of 48.6%, Augmented Reality Market Size was US$ 97.76 Billion in 2028

Fortune Business Insights

Fortune Business Insights

According to Fortune Business Insights, the global augmented reality market size is expected to reach $97.76 billion in 2028, at a compound annual growth rate of 48.6% during the forecast period; Pixee Medical and Vuzix Collaborate to Support Growth

Pune, India, June 1, 2022 (GLOBE NEWSWIRE) – Global Augmented reality market size It is expected to reach US$97.76 billion by 2028, showing an excellent compound annual growth rate of 48.6% over the forecast period. The increasing adoption of 5G technology by various industries and organizations will stimulate lucrative opportunities for the augmented reality industry in the coming years, according to a Fortune Business Insights report, “Augmented Reality Market, 2021-2028.” The market size reached 4.16 billion US dollars in 2020.

recognizable improvement:

June 2020Vuzix has signed a partnership agreement with France-based Pixee Medical and performed the first knee replacement surgery using AR Knee+ glasses and Vuzix M400 smart glasses. The smart glass displays augmented information and real-time navigation in the surgeon’s field of view.

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Report scope

Report coverage

details

prediction period

2021-2028

Forecast period from 2021 to 2028 compound annual growth rate

48.6%

2028 Value Drop

97.76 billion US dollars

base year

2020

Augmented Reality Market Size in 2020

4.16 billion US dollars

Historical data about

2017-2019

number of pages

140

Sectors covered

by deployment by type of device; by industry

Augmented Reality Market Growth Factors

Increased adoption of augmented reality technology in the healthcare industry to drive the market

Long-term effects of augmented reality on mental health may stunt growth

Driving factor:

High adoption of augmented reality in the medical industry to drive the market

The increasing implementation of augmented reality platforms in the healthcare industry will significantly influence the growth of the global augmented reality market during the forecast period. Augmented reality delivers interactive and engaging medical learning experiences for patients and clinicians. For example, in 2017, the LV Prasad Eye Institute partnered with Microsoft HoloLens to develop a Holo Eye Anatomy education app. The app helps medical students understand the anatomy of the eye in 3D using ARHoloLens from Microsoft. Moreover, the acceptance of AR among the prominent companies for a more personalized user experience could subsequently affect the growth of the market. According to the Virgin Holiday 2018 study, the company’s augmented reality-enabled email campaign saw a 75% and 40% increase in click through

Ratio and email rates, respectively. However, growing concerns about the excessive use of augmented reality could hamper market growth.

The impact of COVID-19:

Shifting to the digital workplace by companies to amplify growth during the coronavirus

The coronavirus outbreak has prompted companies to implement a digital transformation of the way they operate. Travel restrictions combined with social distancing standards imposed by governments have reinforced the demands of digital change. According to IBM’s 2020 US Retail Index report, retail companies have turned to digital shopping during the pandemic. Besides, many companies have used augmented reality to help their customers virtually. For example, IKEA, Home Depot, Louis Vuitton, Gucci, and more have implemented augmented reality to offer “try before you buy” virtual experiences.

Moreover, companies are offering remote assistance solutions to their employees during the pandemic. For example, PTC has announced an augmented reality remote assistance solution called Vuforia Chalk, for free. Provides business and personnel safety for manufacturing and maintenance work. Additionally, the use of augmented and virtual reality platforms by hospitals will boost market growth amid the global pandemic.

To learn more about the short- and long-term impact of COVID-19 on this market,

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Regional insights:

Increasing adoption of immersive technologies to power the market in North America

The market in North America is expected to increase rapidly during the forecast period. Increased investment in immersive technologies by major companies will help expand the market in the region. Increased government support for the adoption of immersive technologies will intensify the market in North America. For example, in 2019, the US Defense Advanced Research Projects Agency showed interest in IMT Atlantique and contacted the company to develop a similar contactless smart lens for the US military. The Asia Pacific region is expected to hold a significant market share for augmented reality during the forecast period. The booming automotive, manufacturing, logistics and gaming industries will drive growth in the region. China occupied a large share in the previous year. The growth is attributed to the presence of well-known hardware manufacturers in the region.

Market Segments:

The hardware segment that has the largest share

Based on components, the market is categorized into hardware and software. The hardware segment is expected to account for the highest share during the forecast period. The increasing demand and application of augmented reality devices across industries will encourage the growth of this sector.

Depending on the type of device, the market features displays, mobile devices, fixed AR systems, smart glasses, and others. The head-up display is expected to hold the maximum share during the forecast period due to its high adoption in the automotive industry.

Based on industry analysis, the market is categorized into gaming, media, entertainment, automotive, retail, healthcare, education, manufacturing, and others. The gaming industry is expected to experience a rapid growth rate during the forecast period. AR technology brings an immersive and interactive experience to players, thus elevating the industry. Pokemon Go, Ingress, Jurassic World Alive, and The Walking Dead are popular AR games.

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comp Highlights of the Augmented Reality Market Share report:

  • Google LLC

  • Microsoft Corporation

  • Apple company

  • Samsung Electronics Co., Ltd.

  • Upskills.io

  • Vuzix Corporation

  • Facebook, Inc.

  • PTC, Inc.

  • Qualcomm Technologies, Inc.

  • Sixense Entertainment Inc.

  • Magic Leap, Inc.

  • RealWear, Inc.

  • Dekry LLC

The main points in the table:

  • an introduction

  • main socket

  • market dynamics

    • Macro and Micro Economic Indicators

    • Drivers, limitations, opportunities and trends

    • Impact of COVID-19

      • short term effect

      • Long term effect

  • Competition scene

    • Business Strategies Adopted by Major Players

    • Consolidated SWOT Analysis of Key Players

    • Porter’s Five Force Analysis

  • Global Augmented Reality Major Players in Insights & Analytics Market, 2020

  • Key market insights and strategic recommendations

  • Company Profile (Covered for 10 main players only)

    • Summary

      • key management

      • headquarters etc

    • Offers / Business Sectors

    • Main details (Key details are subject to data availability in the public domain and/or in paid databases)

      • employee size

      • Main financial data

        • Past and current revenue

        • gross profit margin

        • geographical share

        • business share

    • Recent Developments

  • Supplement / Supplement

    • Estimates and forecasts of the global augmented reality market size (quantitative data), by segments, 2017-2028

      • by component (value)

      • By device type (value)

        • vertical width

        • heads the show

        • handheld devices

        • Fixed AR systems

        • smart glasses

        • Aharon

      • by industry (value)

        • the games

        • Media and entertainment

        • the cars

        • selling by pieces

        • Health Care

        • education

        • manufacturing

        • Aharon

Check out the table of contents…!

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