Augmented Reality Market By Component (Hardware, Software), By Device Type (Head Mounted Display, Handled Devices, Others), By End Use (Media and Entertainment, Manufacturing and Construction, Healthcare, Education, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Global Augmented Reality Market is envisioned to garner $411,396.90 million by 2031, growing from $24,169.30 million in 2021 at a CAGR of 33.2%from 2022 to 2031.
With the aid of computer-generated perceptual data, augmented reality (AR) is an interactive experience that improves the user's perception of the outside world. With the aid of software and hardware, such as AR glasses, augmented reality overlays digital content onto actual environments and objects to improve user experience and create an interactive learning environment that is useful for business and manufacturing processes. It enables users to integrate with the devices and systems they use, making it possible to use human creativity and observation to optimize technology and IoT networks. For instance, Shopify, Canadian multinational e-commerce company, has created a proof of concept that scans a room and then allows the customer to virtually empty it, and ready to see how new furniture would look in the space. Alternatively, the customer can also remove specific items, like a couch, and then slot new ones into the space.
Augmented reality is essential to the healthcare sector. It can be used to provide a surgeon with a digital representation of a patient's body parts so that they can evaluate the patient's condition. The surgeon may be able to perform less invasive procedures. Without dissecting the body, augmented reality allows surgeons to see joints, muscles, and internal organs which is one of the key factors driving AR adoption in the healthcare industry and potentially saving many lives is real-time patient health data.
However, growing security and privacy issues with augmented reality will be a major hinderance for the augmented reality market. AR market expansion is also expected to be hampered by the high cost of research and development for cutting-edge AR technological solutions and a lack of trained professionals, particularly in developing and underdeveloped economies. In future, the rising adoption of AR in healthcare as well as automotive and manufacturing plants will boost the Augmented Reality market growth as it provides increased efficiency, ease of monitoring and workers engagement in learning.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. AR helped to reduce face to face interactions of patients with doctors in pandemic. It also helped to improve surveillance system of the pandemic situation of patients through live video streaming and giving them a solution to cope up difficult situation with the adoption of AR in healthcare like in telemonitoring, pain management and patient care.
The key players profiled in this report include Google LLC, Microsoft, DAQRI, Niantic Inc, Ptc Inc., Apple Inc, Magic Leap Inc, Seiko Epson Corporation, TreeView, and CXR.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the augmented reality market analysis from 2021 to 2031 to identify the prevailing augmented reality market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the augmented reality market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global augmented reality market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
Hardware
Software
By Device Type
Head Mounted Display
Handled Devices
Others
By End Use
Media and Entertainment
Manufacturing and Construction
Healthcare
Education
Retail
Others
By Region
North America
U.S.
Canada
Mexico
Europe
United Kingdom
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest Of Asia Pacific
LAMEA
Brazil
Saudi Arabia
UAE
South Africa
Rest of LAMEA
Key Market Players
Google LLC
Microsoft
DAQRI
Niantic, Inc.
PTC Inc.
Apple
Magic Leap
Seiko Epson
TreeView
Blippar Limited
Please Note: It will take 7-10 business days to complete the report upon order confirmation.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook