Augmented Reality Market to Reach USD 97.76 Billion by 2028; Google LLC (Alphabet, Inc.), Microsoft Corporation, Apple, Inc., Samsung Electronics Co. Ltd., Upskills.io, Vuzix Corporation, Facebook, Inc., PTC, Inc., Qualcomm Technologies, Inc., Sixense Ent

The global augmented reality market size is expected to reach USD 97.76 billion by 2028, exhibiting an excellent CAGR of 48.6% during the forecast period. The growing adoption of 5G technology by various industries and enterprises will spur lucrative opportunities for the augmented reality industry in the forthcoming years, states Fortune Business Insights, in a report, titled “Augmented Reality Market, 2021-2028.” The market size stood at USD 4.16 billion in 2020.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐓𝐨 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/augmented-reality-ar-market-102553

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭:

Shift to Digital Workplace by Companies to Amplify Growth during Coronavirus

The coronavirus outbreak urged companies to implement a digital shift in their working style. The restriction on travel coupled with social distancing norms imposed by the governments has boosted digital change requisite. According to IBM’s U.S. Retail Index report of 2020, retail businesses have shifted to digital shopping during the pandemic. Besides, many companies have employed augmented reality to virtual assist their customers. For instance, IKEA, Home Depot, Louis Vuitton, and Gucci, and more implemented AR to offer virtual “try-before-you-buy” experiences.
Moreover, companies are offering remote assistance solutions to their employees during the pandemic. For instance, PTC Inc. announced an AR remote assistance solution named Vuforia Chalk, free of cost. It delivers business and employee safety for manufacturing and maintenance work. In addition, the utilization of augmented and virtual reality platforms by hospitals will foster market growth amid the global pandemic.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

𝐏𝐥𝐞𝐚𝐬𝐞 𝐯𝐢𝐬𝐢𝐭: https://www.fortunebusinessinsights.com/augmented-reality-ar-market-102553

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬:

𝐇𝐚𝐫𝐝𝐰𝐚𝐫𝐞 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐇𝐨𝐥𝐝 𝐭𝐡𝐞 𝐋𝐚𝐫𝐠𝐞𝐬𝐭 𝐒𝐡𝐚𝐫𝐞

Based on components, the market is classified into hardware and software. The hardware segment is expected to account for the highest share during the forecast period. The surging demand and application of AR devices across industries will encourage the segment’s growth.

Based on device type, the market is characterized by heads-up display, handheld devices, stationary AR systems, smart glasses, and others. The heads-up display is expected to hold the maximum share during the forecast period due to its high adoption in the automotive industry.

Based on industry analysis, the market is classified into gaming, media & entertainment, automotive, retail, healthcare, education, manufacturing, and others. The gaming industry is expected to experience a rapid growth rate during the forecast period. AR technology offers an immersive and interactive experience for gamers, thus uplifting the industry. Pokemon Go, Ingress, Jurassic World Alive, and The Walking Dead are popular AR games.

𝐓𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐚𝐮𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐫𝐞𝐚𝐥𝐢𝐭𝐲 𝐦𝐚𝐫𝐤𝐞𝐭 𝐞𝐱𝐩𝐥𝐚𝐢𝐧𝐬:

Prominent insights into the market
Foretelling analysis with critical data
Newest market trends and expansions
Competitive landscape
Regional insights
COVID-19 impact on the industry
Crucial data about renowned organizations
Driving Factor:

𝐇𝐢𝐠𝐡 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐀𝐑 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐭𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

The growing implementation of AR platforms in the healthcare industry will significantly impact the global augmented reality market growth during the forecast period. AR offers interactive and engaging medical learning experiences for patients and doctors. For instance, in 2017, LV Prasad Eye Institute partnered with Microsoft HoloLens to develop a learning app Holo Eye Anatomy. The app aids medical students in understanding eye anatomy with a 3D effect using Microsoft’s ARHoloLens. Furthermore, the acceptance of AR among prominent companies for more personalized user experience can subsequently influence the market's growth. As per the Virgin Holiday study 2018, the company’s AR-powered emails campaign witnessed a 75% and 40% increase in click-through ratio and email rates, respectively. However, the growing concerns regarding the excessive use of AR can hamper the growth of the market.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

𝐑𝐢𝐬𝐢𝐧𝐠 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐈𝐦𝐦𝐞𝐫𝐬𝐢𝐯𝐞 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐭𝐨 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚

The market in North America is expected to increase rapidly during the forecast period. The growing investment in immersive technologies by major companies will aid the expansion of the market in the region. The increasing government support for the adoption of immersive technologies will intensify the market in North America. For instance, in 2019 US Defense Advanced Research Projects Agency has shown interest in IMT Atlantique and contacted the company for developing similar smart contactless lenses for the US military. Asia Pacific is expected to hold a significant augmented reality market share during the forecast period. The flourishing automotive, manufacturing, logistic, and gaming industries will push the growth in the region. China held a major share in the previous year. The growth is attributed to the presence of renowned hardware manufacturers in the region.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/augmented-reality-ar-market-102553

𝐍𝐨𝐭𝐚𝐛𝐥𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:

June 2020: Vuzix Corporation signed a partnership agreement with France-based Pixee Medical, and performed first knee replacement surgery using AR Knee+ and Vuzix M400 Smart Glasses. The smart glass displayed augmented information and real-time navigation in the surgeon’s field of view.

𝐐𝐮𝐢𝐜𝐤 𝐁𝐮𝐲 – 𝐀𝐮𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐑𝐞𝐚𝐥𝐢𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.fortunebusinessinsights.com/checkout-page/102553

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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