Augmented Reality Devices Market Growth, Trends And Forecast 2024-2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Augmented Reality Devices Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The augmented reality devices market size has grown exponentially in recent years. It will grow from $14.21 billion in 2023 to $20.13 billion in 2024 at a compound annual growth rate (CAGR) of 41.6%. The growth in the historic period can be attributed to increasing demand for consumer electronics, the increasing number of internet users, the increasing awareness about e-commerce, the rising digital transformation. factors that negatively affected growth in the historic period were long-term impacts of ar on mental health and disruptions in the supply chain.

The augmented reality devices market size is expected to see exponential growth in the next few years. It will grow to $59.06 billion in 2028 at a compound annual growth rate (CAGR) of 30.9%. The growth in the forecast period can be attributed to the increasing adoption of ar technology in the healthcare industry, adoption of ar in social media apps, global population growth and urbanization and the increasing penetration of mobile devices. Major trends in the forecast period include innovative product launches with focus on artificial intelligence (ai), strategic partnerships and collaborations among market players, development of head mounted display (hdm) testing technology and launch of webar to access ar experiences through a web browser.

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Key Market Players:

Major companies operating in the augmented reality devices market report are Meta Platforms Inc, Seiko Epson Corporation, Microsoft Corporation, Goertek Inc, Lenovo Group, Samsung Electronics Co. Ltd., Magic Leap, Inc., PTC Inc., Sharp Corporation, TeamViewer (Upskill), Simbott, Imaginate, Parallax Labs, TATA ELXSI, PlayShifu, Quy Technology Pvt Ltd, Trezi, Simulanis, Jadooz, GreyKernel, Chimpare, Lucid Reality Labs, Takeaway Reality, Full Clarity, Vention, Waracle, Foresight Mobile, Innowise Group, Holoroad, Sensevr, Seemore, ClickFit, VMS Media, Elar World, Epson America, Inc., Vuzix Corporation, nReal, Oculus, Google, UP360, Lets Nurture, Bit Space Development Ltd., Droidix, Realidade Aumentada Brasil, Loox Studios, Next Latinoamérica S.A.C., Black Ink Agency, 4experience, Techgropse UAE, Banuba AR, Designhubz, MonocleReality, Afriten Technologies, RamStudios, Veza Interactive, TeamEpic

Market Drivers:

The increasing prevalence of remote work is expected to propel the growth of the augmented reality device market going forward. Remote work, also known as telecommuting or telework, refers to a work arrangement in which employees do not need to commute to a physical office or workplace. The increasing prevalence of remote work has become a significant factor driving the adoption and development of augmented reality (AR) solutions. Augmented reality (AIR) devices can be highly beneficial in remote work scenarios, particularly in industries that rely on physical operations and require collaboration between on-site and remote teams. For instance, according to Forbes Media LLC, a US-based media company, as of 2023, 12.7% of full-time employees in the United States work from home, while 28.2% work a hybrid model. By 2025, an estimated 32.6 million Americans are expected to work remotely, which equates to about 22% of the workforce. Therefore, the increasing prevalence of remote work is driving the growth of the augmented reality devices market.

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The augmented reality devices market covered in this report is segmented -
1) By Type: Head-Mounted Display (HMD), Head-Up Display (HUD), Other Types
2) By Application: Consumer, Commercial, Enterprise, Healthcare, Aerospace And Defense, Energy, Automotive, Other Applications
3) By Component: Hardware, Software

The report answers the following questions:

What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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