Augmented Reality Market accounted for US$ 14.12 billion in 2020 and is estimated to be US$ 473.73 billion by 2030 and is anticipated to register a CAGR of 42.5%. The indirect perspective of a physical environment whose elements are magnified by inputs like video, sound, or graphics is referred to as augmented reality. With its multiple applications, augmented reality is credited with revolutionizing the fields of education and healthcare. The global augmented reality market is being influenced by rising penetration of technical breakthroughs in transportation, retail, and consumer electronics. Virtual Reality (VR) and Augmented Reality (AR) are frequently confused terms (VR). The fundamental distinction between the two is that whereas Virtual Reality replaces the entire real environment with an artificial one, Augmented Reality adds components such as audio, films, or images to an existing real environment.
The report ” Global Augmented Reality Market, By Component (Hardware and Software), By Display (Head-Up Display (HUD), Head Mounted Display (HMD), and Smart Glass), By Application (Aerospace & defense, Medical, Gaming, Industrial, Automotive, E-commerce & Retail, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis, and Forecast till 2029’’
Key Highlights:
- In November 2021, According to prominent Apple analyst Ming-Chi Kuo, Apple’s AR headset could arrive in 2022, powered by two CPUs. When it is released next year, the device could support both Augmented Reality (AR) and Virtual Reality (VR), as well as micro-OLED displays.
- In November 2021, XYZ Reality announced the debut of their Atom augmented reality (AR) headset for construction workers, allowing the company to expand its offerings and advance in the worldwide XR construction market.According to XYZ Reality, the Atom AR headset is the most accurate AR device for the construction industry, and workers can access building information modelling (BIM) with millimetre-level accuracy using HoloSite and AR displays, significantly improving safety, reducing waste, and increasing project efficacy.
Analyst View:
In the healthcare industry, augmented reality plays a vital role. AR can be used to give a doctor a virtual view of a patient so that he or she can see how the patient’s body parts are doing. This aids the surgeon in doing minimally invasive procedures. The use of augmented reality modelling and 3D visualisation in the healthcare sector is expected to be extremely beneficial. The use of augmented reality to train doctors, teach complex subjects to medical students, improve fitness, manage pharmacies, and assist and care for patients after they leave the hospital is propelling the AR market in this sector forward.
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Key Market Insights from the report:
Global Augmented Reality Market accounted for US$ 14.12 billion in 2020 and is estimated to be US$ 473.73 billion by 2030 and is anticipated to register a CAGR of 42.5%. Global Augmented Reality market is segmented into component, display, application and region.
- Based on Component, the Global Augmented Reality Market is segmented into Hardware and Software.
- Based on Display, the Global Augmented Reality Market is segmented into Head-Up Display (HUD), Head Mounted Display (HMD), and Smart Glass.
- Based on Application, the Global Augmented Reality Market is segmented into Aerospace & defense, Medical, Gaming, Industrial, Automotive, E-commerce & Retail, and Others.
- By Region, the Global Augmented Reality Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Augmented Reality Market:
The key players in the global Augmented Reality market includes AU Optronics Corp., Mitsubishi Electric Corporation, LG Display Co., Cambridge Display Technology Ltd., Panasonic Corporation, Sony Corp., Toshiba Corp., Total Immersion, Magic Leap, and Apple.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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