Press release
Augmented Reality Market: Analysis of Size, Share, Trends, and Future Forecasts
Meticulous Research®, a prominent global market research firm, has released an insightful report titled "Augmented Reality Market by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography-Global Forecast to 2031."Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=1223
According to the latest findings from Meticulous Research®, the global augmented reality (AR) market is set to experience substantial growth, reaching an estimated $210.1 billion by 2031, with a robust compound annual growth rate (CAGR) of 34.9% from 2024 to 2031. This upward trajectory is primarily fueled by several key factors, including increased government initiatives supporting AR adoption, a growing demand for AR technologies within the retail and e-commerce sectors, and the expanding use of AR in healthcare. Despite this positive outlook, challenges such as privacy and security concerns, along with the high cost of AR hardware, are expected to moderate growth to some extent.
The report identifies that advancements in 5G technology and new opportunities within the travel and tourism industry are poised to drive further market expansion. However, a notable obstacle remains the shortage of skilled professionals in the AR field.
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Market Segmentation and Key Insights
The global AR market is comprehensively segmented across several dimensions:
1. Offering: The market is divided into hardware (head-mounted displays such as smart glasses and headsets, and head-up displays), platforms, and services. The hardware segment is projected to dominate, capturing over 55% of the market share in 2024. This dominance is attributed to the increasing adoption of AR devices in entertainment and the proliferation of smartphones. Noteworthy advancements include Apple Inc.'s launch of the Apple Vision Pro in June 2023, which features eye-tracking and gesture control for an enhanced user experience.
2. Type: AR technology is categorized into marker-based and marker-less AR. In 2024, marker-based AR is expected to hold a larger market share, driven by advancements in remote assistance and navigation systems, particularly in automotive and tourism sectors. This segment is also anticipated to exhibit the highest CAGR during the forecast period.
3. Application: The AR market is segmented into various applications including training & learning, quality inspection, tourism & visitor experience, remote assistance, designing & modeling, gaming, and promotion & advertising. The gaming sector is projected to dominate with over 33% of the market share in 2024 due to the rising popularity of gaming and the growing demand for AR-enabled devices. However, the promotion and advertising segment is expected to grow at the highest CAGR, driven by the surge in AR-capable smartphones and digital marketing strategies.
4. End-use Industry: This includes industrial & manufacturing, healthcare, education, retail & e-commerce, media & entertainment, transportation & logistics, automotive, travel & tourism, real estate, sales & marketing, and other sectors. The media and entertainment segment is predicted to hold the largest market share in 2024, reflecting the increasing use of AR in gaming and media. Conversely, the healthcare sector is expected to experience the highest CAGR due to the growing adoption of immersive technologies for training and educational purposes and increased government investments in healthcare infrastructure.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/augmented-reality-market-1223
Regional Analysis
Geographically, the AR market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa:
• North America is projected to hold over 40% of the global market share in 2024. This significant share is due to extensive government initiatives promoting AR technology, substantial investments in digital infrastructure, and the presence of leading AR firms. For example, the Los Angeles Rams launched the ARound technology in December 2022 to enhance fan engagement at NFL games.
• Asia-Pacific is anticipated to witness the highest CAGR of over 37.5% during the forecast period. The region's growth is fueled by its status as a major hub for AR software and VR hardware production, with key players such as Xiaomi introducing innovative products like the Xiaomi Wireless AR Glass. These smart glasses offer adaptive displays and seamless wireless connectivity, catering to the growing demand for AR applications in the region.
Key Players:
The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).
Key Questions Answered in the Report:
• What are the high-growth market segments in terms of offering, type, application, and end-use industry?
• What is the historical market size for the global augmented reality market?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented reality market?
• Who are the major players in the global augmented reality market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global augmented reality market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the emerging players in the global augmented reality market, and how do they compete with other players?
Related Reports:
Smart Mirrors Market: https://www.meticulousresearch.com/product/smart-mirrors-market-5747
Wi-Fi 6 Market: https://www.meticulousresearch.com/product/wifi-6-market-5238
Smart Home Market: https://www.meticulousresearch.com/product/smart-home-market-5029
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
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APAC: +91 744-7780008
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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