Meticulous Research®, a leading global market research company, has released an insightful report titled, “Augmented Reality Market by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography—Global Forecast to 2031.”
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According to this comprehensive analysis, the global augmented reality (AR) market is projected to reach $210.1 billion by 2031, growing at an impressive CAGR of 34.9% during the period from 2024 to 2031. The market's growth is primarily driven by escalating government initiatives aimed at enhancing AR technology adoption, increasing demand for AR applications in the retail and e-commerce sectors, and a rising interest in AR solutions within the healthcare industry. However, challenges such as privacy and security concerns and the high costs associated with AR hardware are expected to impede market growth.
Moreover, advancements in 5G technology and emerging opportunities in the travel and tourism sector are anticipated to create additional growth avenues. Nonetheless, the persistent shortage of skilled professionals in the AR field remains a significant barrier.
The report segments the global augmented reality market by offering (hardware, platform, services), type (marker-based AR, marker-less AR), application (gaming, training & learning, promotion & advertising, and others), and end-use industries (media & entertainment, healthcare, retail, and more). It also provides an in-depth analysis of competitive dynamics at both regional and country levels.
Offering Segment: Hardware Dominates
In terms of offerings, the AR market is categorized into hardware, platform, and services. The hardware segment is expected to lead the market in 2024, projected to account for over 55% of the overall market share. This dominance is attributed to the rising adoption of AR devices in the entertainment sector, a notable increase in smartphone sales that support AR functionalities, and continuous innovation in AR smart glasses by key industry players.
For instance, Apple Inc. recently launched the Apple Vision Pro AR headset in June 2023, showcasing advanced features such as eye tracking and gesture control that enhance user interaction with digital content.
Furthermore, the hardware segment is forecasted to experience the highest CAGR during the forecast period, driven by ongoing technological advancements and an increasing consumer appetite for immersive AR experiences.
Type Segment: Marker-Based AR Leads the Market
The AR market is also divided into marker-based AR and marker-less AR. In 2024, the marker-based AR segment is projected to hold a significant share of the market. This growth is largely driven by increasing sales of smartphones equipped with AR capabilities and advancements in navigation systems leveraging AR for remote assistance, particularly within the automotive and tourism industries. The demand for location-based AR applications continues to support this segment’s expansion.
Additionally, the marker-based AR segment is anticipated to register the highest CAGR throughout the forecast period, propelled by innovations in computer vision technology and a growing range of applications across various sectors.
Application Segment: Gaming as a Leader
Within the application segment, the AR market includes sectors such as gaming, training & learning, promotion & advertising, and more. The gaming segment is expected to maintain the largest market share in 2024, accounting for over 33% of the global AR market. The increasing popularity of AR gaming and the rising demand for AR-enabled devices significantly drive this sector’s growth.
Conversely, the promotion & advertising segment is projected to achieve the highest growth rate during the forecast period. Brands are increasingly recognizing the value of immersive AR experiences in marketing, leading to a surge in investments in AR-driven advertising campaigns. The ability of AR to create engaging and interactive content significantly enhances brand visibility and consumer engagement.
End-Use Industry: Media & Entertainment in the Forefront
In examining end-use industries, the AR market includes sectors such as media & entertainment, healthcare, retail, and others. In 2024, the media & entertainment sector is expected to capture the largest share, exceeding 25% of the global AR market. The growing demand for AR applications in gaming and immersive media experiences is a significant driver of this growth.
On the other hand, the healthcare segment is projected to showcase the highest CAGR during the forecast period. The integration of AR in medical training, surgical procedures, and patient care is becoming increasingly prevalent, supported by government initiatives and substantial investments in healthcare technology. Continuous innovations in AR solutions are aimed at improving training methodologies and enhancing patient engagement.
Geographical Insights: North America Leads the Market
Geographically, the AR market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is projected to hold the largest share of the global AR market, accounting for over 40%. This leadership can be attributed to significant investments in digital infrastructure, a strong focus on technological advancements, and the presence of leading AR technology companies in the region.
Innovative applications, such as the implementation of ARound technology by the Los Angeles Rams to enhance fan engagement during NFL games, highlight the region's commitment to integrating AR into everyday experiences.
Conversely, the Asia-Pacific region is expected to experience the highest growth rate, with an anticipated CAGR of 37.5%. This growth is driven by significant investments in AR technology from countries like China, Japan, South Korea, and India. The recent introduction of products such as the Xiaomi Wireless AR Glass, which features advanced adaptive display technology, illustrates the increasing demand for AR solutions in the consumer electronics sector.
To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/augmented-reality-market-1223
Key Players:
The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).
Key Questions Answered in the Report:
- What are the high-growth market segments in terms of offering, type, application, and end-use industry?
- What is the historical market size for the global augmented reality market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented reality market?
- Who are the major players in the global augmented reality market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global augmented reality market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the emerging players in the global augmented reality market, and how do they compete with other players?
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