Augmented Reality Market is Projected to reach USD 229.6 billion in 2028 from USD 16.1 Billion in 2020, registering a CAGR of 39.4% | Size & Report Forecast

The Augmented Reality Market is expected to reach USD 229.6 Billion in 2028 from USD 16.1 Billion in 2020, and estimated to grow at a CAGR of 39.4% during the forecast.

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The factors driving growth of the Augmented Reality Market includes increasing application of augmented reality in wearable and smart devices, rising penetration of connected devices, commercialization of 5G technology, growing focus of companies on enhancing customer's experience and improvements in the living standards. For instance, the number of Internet of Things (IoT) connected devices worldwide were calculated around 8.6 billion in 2019 and is expected to reach 25.2 billion by the end of 2028, which is expected to accelerate the Augmented Reality Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Virtual Reality, expansion of the manufacturing industry, and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers, and collaborations between companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Augmented Reality Market is hindered because the long-term use of smart glass may cause post-traumatic stress.

The major players operating in the market are Vuzix Corporation, DAQRI, Wikitude GmbH, Magic Leap, Inc., Google LLC, Microsoft Corporation, PTC, Zugara, Inc., Seiko Epson Corporation and Lenovo, among others.

Based on Offering, the Hardware segment is predicted to capture the largest market share during the forecast period

Growing demand for AR based hardware across healthcare, education and construction, industries, is propelling the segment's growth.

Based on Application, the Healthcare segment is projected to grow at a significant CAGR over the forecast period

As per the Augmented Reality Market Research, increasing adoption of Augmented reality in the healthcare industry for medical training, surgical visualization, and education, is pushing the segment's growth.

Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period

According to the Augmented Reality Market Analysis, presence of the leading players such as Microsoft Corporation, Google LLC and Apple, Inc., growing penetration of smartphones, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

In 2021, Matterport, Inc., partnered with PTC. Inc. to enable customers create an AR experience for large spaces. The PTC's augmented reality software Vuforia Studio and Vuforia Engine help customers enrich digital twin captured with Matterport platform with AR experience called Area Targets.
In 2021, Audi launched an augmented reality heads up display in the Audi Q4 e-tron and Q4 Sportback e-tron, which provides information through the windshield and allows drivers to understand the display and helps in poor visibility conditions.
In 2020, Microsoft launched new update in its ARKit 4. The company updated the app with LIDAR scanner depth API, location anchors, and expanded face tracking support through AR capabilities.

Segmentation by Offering

Hardware
Software

Segmentation by Device Type

Head-Mounted Displays
Head-up Displays

Segmentation by Type

Marker-based Augmented Reality
Marker-less Augmented Reality
Anchor-based Augmented Reality

Segmentation by Application

Consumer
Commercial
Enterprise
Healthcare
Aerospace & Defence
Energy
Automotive
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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