Expected to reach $210.1 billion by 2031, the Augmented Reality Market is expanding at a 34.9% CAGR. Key sectors driving this growth include smart glasses, headsets, gaming, training, retail, and healthcare.
Meticulous Research®, a top global market research firm, has unveiled a new 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."
According to the latest publication from Meticulous Research®, the global augmented reality market is projected to reach $210.1 billion by 2031, with a CAGR of 34.9% from 2024 to 2031. This significant growth is driven by increased government initiatives supporting AR technology, rising demand in retail and e-commerce, and expanding applications in healthcare. Nevertheless, privacy and security issues, along with high hardware costs, pose challenges to market growth.
The development of 5G technology and emerging opportunities in the travel and tourism sectors are expected to contribute to market expansion. However, a shortage of skilled professionals remains a key challenge.
The augmented reality market is segmented by offering (hardware including head-mounted displays like smart glasses and headsets, head-up displays, platforms, and services), type (marker-based AR and marker-less AR), application (training and learning, quality inspection, tourism, remote assistance, design and modeling, gaming, promotion and advertising, and other applications), and end-use industry (industrial and manufacturing, healthcare, education, retail and e-commerce, media and entertainment, transportation and logistics, automotive, travel and tourism, real estate, sales and marketing, and other sectors). The study also includes competitive analysis and regional market insights.
In 2024, the hardware segment is anticipated to dominate, capturing over 55% of the global market share. This is attributed to the increasing adoption of AR devices in the entertainment industry, higher smartphone sales, and advancements in AR smart glasses. Notably, Apple Inc. launched the Apple Vision Pro in June 2023, featuring intuitive controls and a virtual keyboard.
The hardware segment is also expected to grow at the highest CAGR during the forecast period.
The market is segmented into marker-based and marker-less AR types. The marker-based AR segment is projected to hold a larger market share in 2024, driven by increased smartphone sales and advancements in navigation systems. This segment is also expected to grow at the highest rate.
In terms of application, the gaming segment is forecasted to lead with over 33% of the market share in 2024, driven by the growing popularity of gaming and demand for AR-compatible devices. Conversely, the promotion and advertising segment is expected to experience the highest growth rate due to the rise in AR-capable smartphones and digital marketing trends.
By end-use industry, the media and entertainment sector is expected to capture over 25% of the market share in 2024, driven by AR’s growing role in gaming and entertainment. The healthcare sector is projected to grow at the highest rate, supported by increased use of immersive technologies and government investments.
Regionally, North America is forecasted to account for over 40% of the market share in 2024, supported by government initiatives, investments in digital infrastructure, and the presence of leading market players. For example, the Los Angeles Rams introduced ARound technology in December 2022 to enhance fan engagement with AR experiences.
Asia-Pacific is anticipated to grow at the highest CAGR of over 37.5% during the forecast period, driven by major AR technology users and suppliers in countries such as China, South Korea, India, and Japan. In response to regional demand, companies like Xiaomi have launched innovative smart glasses, such as the Xiaomi Wireless AR Glass, which offers advanced display features and wireless connectivity.
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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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