Augmented Reality Market by Industry Perspective, Comprehensive Analysis, Growth and Forecast 2021 to 2028  

Augmented Reality Market by Industry Perspective, Comprehensive Analysis, Growth and Forecast 2021 to 2028  
Market Analysis and Insights of Augmented Reality Market
Data Bridge Market Research analyses that the augmented reality market will exhibit a CAGR of 45.01% for the forecast period of 2021-2028. Increasing penetration of smartphones and other electronic gadgets, rising investments on cloud-based services by small and medium scale enterprises and rising demand for augmented reality in e-commerce and retail stores are some of the major factors attributable to the growth of augmented reality market. This means that the augmented reality market value would stand tall by USD 152.50 billion by the year 2028.

Augmented reality is a technology that incorporates the digital information with real time user environment. This is done to produce an illusion of the enhanced version of the real world. In other words, augmented reality adds sound, effects, and graphics to enhance the effect and user experience to the existing real-time environment.

The rising demand for 3D imaging in the healthcare industry is responsible for the unprecedented growth of the augmented reality market. Increasing digitization especially in developing economies coupled with an increased focus on technological advancements in the field of the internet of things will further create lucrative and remunerative growth opportunities for the market. The increasing popularity of e-commerce is also responsible for fostering the augmented reality market growth rate.

However, rising security and privacy issues associated with augmented reality will pose a big-time challenge to the market growth rate. High expenditure required for research and development activities on advanced technological solutions will further create hindrances to the growth of the market. The dearth of skilled/ trained professionals or lack of technological expertise especially in developing and under-developing economies will further derail the market growth rate. Variations in infrastructure quality across the globe will also act as market growth restraints.
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