The global Augmented Reality Market is estimated to be valued at $65,323.4 million by 2028, surging from $8,142.9 million in 2020, at a noteworthy CAGR of 30.9%.
COVID-19 Impact on Augmented Reality Market
COVID-19 has spread across the globe, posing a significant threat to the global economy and financial systems. Manufacturing, automobiles, retail, aviation, and hospitality are all affected by the COVID-19 outbreak, with manufacturing, automotive, retail, aviation, and hospitality suffering the brunt of the shutdown. AR and VR applications could help us overcome the isolation of COVID-19 lockdowns by providing online learning and opening access to cultural events and activities. The WHO Academy has released its first augmented reality course for health workers on how to properly utilize COVID-19 personal protection equipment, which was accessible in November 2020. The implementation of augmented reality in the healthcare sector has increased as a result of the pandemic, resulting in a surge in market demand.
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Global Augmented Reality Market Analysis
Text, sound effects, pictures, and multimedia are used to enrich the real-world environment. To put it another way, AR enriches our immediate environment by stacking digital content on top of a graphic representation of the actual world. These days ‘augmented reality industry for education is gaining immense popularity. With the use of augmented reality, user can instill self-learning skills at a very early stage of learning and development at home only. The increasing use of the augmented reality in utilizing applications such as AR used in indoor navigation, store navigation, and the presence of the solutions from leading players like Google and Apple such as ARKit and ARCore based applications to help the user to find the way airport, shopping malls, and others might surge the market growth. For instance, Google unveiled numerous additional enhancements to improve the AR Live View experience outside in October 2020.
In addition, Apple has developed a sophisticated capability for outside AR navigation called Geo Tracking in ARKit 4, which makes use of street view to assure the optimal location. The growing interest of the top market players such as Apple, Google, Microsoft, and others to use the augmented reality in wide range of application is creating the growth opportunities. Moreover, the use of the market in the media and entertainment is on the rise such as, increasing use of augmented reality in gaming industry for creating the view for the participants with powerful video, graphics, and sound, which is anticipated key factor of the growth. Augmented reality has become a significant feature for smartphone games since it allows players to build their own avatars, targets, and racing environments. These factors are opening the doors of growth for the augmented reality gaming market worldwide.
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The main restraining factor of the augmented reality is the lack of augmented reality app design development standards. This complicates the process of integrating solutions into a larger whole, causing overall technology development to be far slower than it could have been.
The deep immersive experience of augmented reality gives a plethora of chances to deliver brand messaging, develop meaningful relationships, and drive commerce opportunities with thrilled and engaged consumers. In September 2021, Facebook Inc. announced the introduction of its first smart glasses, dubbed "Ray-Ban Stories," in collaboration with Ray-Ban, a luxury sunglasses and eyeglasses brand., in a step toward its goal of producing true AR Smart Glasses. For instance, Apple is expected to launch its first augmented reality headset, followed by a pair of AR glasses in 2023. Apple's virtual reality headset, codenamed N301, is supposed to be a thinner version of the Oculus Quest. The massive investments and acquisitions made by tech giant’s signal the growth opportunities for AR technologies, as it will become more integrated with the platforms we use to consume information.
Global Augmented reality Market, Segmentation
The global augmented reality market size is based on component, device type, end-use, and region.
The component segment of AR Industry is further classifieds into hardware and software. The hardware sub-segment is expected to have the largest market share, with revenues exceeding $ 38,136.1 million by 2028, up from $ 4,713.3 million in 2020. The future of augmented reality hardware is becoming increasingly evident. Smartphones, augmented reality glasses, and headsets will all coexist and provide a very wide range of AR experiences. During the projected period, the hardware category is expected to hold the biggest market share. The market will expand because of the increasing popularity of AR technology around the world and its compatibility with older hardware devices.
The device type of the AR Industry is mainly classified into head mounted display, handheld devices, and others. The handheld devices sub-segment is expected to have a dominant market share of $24869.2 million by 2028, up from $3222.7 million in 2020. Handheld augmented reality is now one of the most rapidly growing areas of AR applications. The technology behind augmented reality makes use of commonly available devices such as smartphones and tablets. The factors such as increasing adoption of the smartphone, tablets and availability of the mobile AR apps devices that allow augmented reality are rapidly becoming more powerful and less expensive, driving the market growth.
The end-use sub-segment is further divided into retail, healthcare, manufacturing construction, media entertainment, education, and others. The healthcare sub-segment will have the fastest growing market share and it is expected to surpass $ 9,852.2 million by 2028, up from $1,129.1 million in 2020. The surgery performed by neurosurgeons at Johns Hopkins University in Baltimore, in June 2020 was the first augmented reality surgery. AR healthcare apps can be useful for surgeons while conducting minimal invasive surgeries by locating a tumor or a relatively abnormal disorder in an organ and save patients’ lives seamlessly. The growth in the surgeries across the globe is one of the major factors that helps healthcare sector to grow fast in the forecast period.
The AR market size for the Asia-Pacific region is projected to have the largest share. The market in Asia-Pacific generated a revenue of $3,257.2 million in 2020 and is projected to reach up to $27,109.2 million by 2028. Because it is a technologically advanced region with a large number of early adopters and the presence of significant market players, Asia-Pacific is predicted to contribute the greatest market share in terms of revenues throughout the projection period. With the increasing adoption of advanced technologies and use of various augmented reality application such as Snapchat, Facebook, Instagram, and Tik Tok among the populace, the demand for the augmented reality market has boosted. The AR/VR market is expected to grow in popularity, owing to a surge in demand from a variety of industries. This technology is in high demand in the healthcare, life sciences, education, gaming, entertainment, e-commerce, and retail industries.
Top 10 Major Key Players in the Global Augmented Reality Market are -
- PTC Inc.
- Magic Leap
- Seiko Epson
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Augmented Reality Market
Bargaining Power of Suppliers: In the augmented reality market, there are a lot of options. In addition, augmented reality is in great demand from a variety of countries in different industries.As a result, the bargaining power of suppliers is low.
Bargaining Power of Buyers: I The number of buyers of the augmented reality compared to the suppliers is low in developing countries such as India and others, due to lack of knowledge of the use augmented reality in different applications.As a result, the bargaining power of buyers is high.
Threat of New Entrants: Companies joining the augmented reality market must contend with all of the main players' advanced possibilities. As a result, the threat posed by new entrants is low.
Threat of Substitutes: Due to the entry of businesses with technologically enhanced platforms and lower cost solutions, the threat of substitutes is considerable.Therefore, the threat of substitutes is high.
Competitive Rivalry in the Market: The competitive rivalry among industry leaders is modest, owing to the fact that the vast majority of companies in the augmented reality market are focused on improving platform efficiency, business expansion, and product innovation.As a result, the market's competitive rivalry is low.
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