According to a comprehensive research report by Market Research Future (MRFR), “Augmented Reality Market Research Report: by Component, Technology, Device Type, Vertical -Forecast till 2030””, The reports further predict the market to flourish at a robust CAGR of over 41.50% during the assessment timeframe.
The augmented reality market is expected to garner substantial traction in future years. The rising use of AR technology in head-mounted and head-up displays (HUD) substantiates the market growth. Market Research Future (MRFR) asserts that the global augmented reality market is estimated to reach USD 461.25 BN by 2030, growing at a massive 41.50% CAGR throughout the assessment period (2020-2030).
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Players leading the AR market include:
- Lenovo Systems (China)
- Marxent Labs (US)
- Magic Leap (US)
- Microsoft (US)
- Microsoft Corporation
- Blippar
- Google Inc.
- PTC
- Samsung Electronics Co. Ltd.
- Wikitude GmbH
- Zugara
- Upskill
- DAQRI
Augmented reality (AR) allows digital images and information to be displayed in the physical environment. It is an enhanced version of the real physical world achieved using digital visual elements, sound, and other sensory stimuli and delivered via technology. AR is a growing trend in mobile computing and business application companies. As AR evolves further, it will become more agile among various applications.
The rise of data collection and analysis boosts the AR uses to gain smart and accessible insights to be applied to real-world applications. Such big data can help companies improve decision-making power and gain insights into consumer spending habits. Retailers use AR to promote products/services, drive novel marketing campaigns, and collect unique user data.
Augmented reality benefits also extend to the healthcare sector, allowing AR apps that enable users to see highly-detailed, 3D images of different body parts and systems. The use of AR has become a powerful learning tool for training medical professionals.
Competitive Analysis
Highly competitive, the augmented reality market appears fragmented with the presence of several notable industry players. These players initiate strategic approaches, such as mergers acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share.
On Sep 23, 2022, Simplilearn, an edtech skilling platform, announced a partnership with Meta Immersive Learning to develop a training program - Spark AR. The program is designed using augmented reality to offer an understanding of the skills required to create basic effects. Learners can study the usage of 3D modeling, textures, and other features of Spark AR Studio to boost their careers.
The Spark AR program is available for free on Simplilearn's SkillUp platform helping learners, and AR/VR enthusiasts gain a deep understanding of the concepts and upskill. These courses will be launched in the US, Europe, India, Middle East, and other key markets for software developers, digital marketers, animators, and AI engineers to help them know the basics of creating interactive and engaging user experiences and effects.
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Industry Trends
With rising AR applications in wearables and smart devices for public personal safety and environmental safety, the market is likely to witness substantial revenue growth in the years to come. Besides, the proliferation of connected devices and sensing and GPS technology in identifying traffic density, pedestrians, and signboards boosts the market demand.
Artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) are becoming more pervasive across industries. The increasing uptake of augmented reality in various burgeoning industries looking to expand production rates escalates the market value. Continual economic growth worldwide and rapid technological advances in manufacturing techniques boost the growth of the Augmented Reality Market.
Augmented reality witnesses increasing uptake in the automotive industry. The technology allows users to evaluate a vehicle's shape, features, and other factors without being physically present. The rising uptake of AR VR technologies by OEMs and manufacturers to enable customers to view their vehicles as per requirements offer significant market opportunities.
In defense sectors, augmented reality is used to bring the biggest and most expensive upgrade for ground troops. Augmented reality goggles are designed to make soldiers more effective in close combat. The Integrated Visual Augmentation System (IVAS) uses AR to project data in soldiers' vision fields, including maps, enemy positions, and other information.
Augmented Reality Market Regional Analysis
North America leads the global augmented reality market. The region is the hub for advanced technologies. The market growth is attributed to increased awareness of industrial safety and industrialization. Besides, the growing uses of augmented reality in the automotive and retail industry substantiate the market size.
Rising production and sales of luxury, conventional, and autonomous vehicles boost the region's market shares. Moreover, large technology developments and advances in manufacturing techniques influence regional market growth. The North American AR market is projected to retain its dominance throughout the estimated period. The Asia Pacific region is another significant market for augmented reality. Increased awareness of industrial safety, alongside the growing urbanization, industrialization, and manufacturing sector in the region, substantiates the market size. Besides, increased production sales of luxury vehicles, conventional vehicles, and autonomous vehicles boost the region's market shares.
Moreover, increasing technological advancements and developments in manufacturing techniques influence regional market growth. The well-established automobile sector in this region creates substantial market demand. Japan, China, South Korea, and India are the largest markets for augmented reality. The APAC AR market is projected to retain its dominance throughout the estimated period.
The augmented reality market in Europe is growing rapidly due to the large presence of expensive and high-end car manufacturers. Additionally, the increase in RD investments to develop augmented reality positively impacts market growth. Also, the keen interest and spending on lavish, high-performance vehicles, alongside the well-established automotive industry in this region, create vast market demand.
Augmented Reality Market Segments
The augmented reality market is segmented into components, verticals, and regions. The component segment is sub-segmented into technologies and device types. The sub-segment technology is bifurcated into marker-based and markerless. The sub-segment device type is bifurcated into head-mounted displays, head-up displays, and others. The vertical segment is sub-segmented into consumer electronics, commercial, aerospace defense, medical, and others.
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