Meticulous Research®, a distinguished global market research company, has released a 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 research by 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 growth is attributed to increased government initiatives supporting AR technology, rising demand in retail and e-commerce, and growing applications in healthcare. However, privacy and security concerns and high hardware costs are key challenges affecting market growth.
Advancements in 5G technology and emerging opportunities in the travel and tourism sectors are expected to drive market expansion. Conversely, the shortage of skilled professionals presents a significant challenge.
The market is segmented by offering (hardware, including head-mounted displays such as 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 expected to capture the largest share of over 55% of the global augmented reality market. This is due to increased adoption of AR devices in entertainment, rising smartphone sales, and advancements in AR smart glasses. For example, Apple Inc. launched the Apple Vision Pro in June 2023, featuring eye and hand gesture controls and a virtual keyboard.
The hardware segment is also projected to grow at the highest CAGR during the forecast period.
The market is divided into marker-based AR and marker-less AR. The marker-based AR segment is expected to dominate in 2024, driven by increased smartphone sales and advancements in navigation systems. This segment is also forecasted to grow at the highest rate.
In terms of application, the gaming segment is expected to hold over 33% of the market share in 2024, driven by the popularity of gaming and demand for compatible devices. Conversely, the promotion and advertising segment is expected to grow at the highest rate, driven by the rise in AR-capable smartphones and digital marketing trends.
For end-use industries, the media and entertainment sector is projected to hold over 25% of the market share in 2024, driven by AR’s growing role in gaming and entertainment. The healthcare sector is anticipated to grow at the highest rate, supported by increased use of immersive technologies and government investments.
Geographically, North America is projected to account for over 40% of the market share in 2024, driven by government initiatives, investments in digital infrastructure, and the presence of key market players. For example, the Los Angeles Rams launched ARound technology in December 2022 to enhance fan engagement with AR experiences.
Asia-Pacific is expected 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. To meet regional demand, companies like Xiaomi have launched new smart glasses, including the Xiaomi Wireless AR Glass, featuring advanced display capabilities 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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