The global Augmented Reality Market size is projected to reach USD 3664.5 Million by 2026, from USD 849 Million in 2019, at a CAGR of 27.6% during 2020-2026. The increasing demand for AR devices and applications in medical, increase in demand for AR in retail and e-commerce, and rising investment in the major drivers for the market.
Augmented Reality (AR) is an interactive experience of a real-world environment whereby the objects that reside in the real world are "augmented" by computer-generated perceptual information, sometimes across multiple sensory modalities, including visual, auditory, haptic, somatosensory, and olfactory.
The use of AR technology in the gaming industry will increase the growth of the AR market size during the forecast period. AR implementation in gaming applications will enable users to search the physical environment and enhance the experience through the incorporation of visual & audio content.
In the healthcare sector, AR can be used to provide a simulated view of a patient, where a surgeon can see the state of the patient's body parts. This may help the surgeon undertake minimally invasive surgery. The use of AR modeling and 3D visualization is expected to be of great assistance to the healthcare industry. Using AR, the healthcare industry can improve medical students' learning experience, train doctors, manage the pharmacy, and provide care and support for patients after leaving the hospital. This integration of AR in the medical industry is expected to increase the AR market size during the forecast period.
AR provides the retail industry with a wide range of technology solutions that improve the connection between retailers and customers. Emerging trends in the retail segment, such as pop-up stores, are expected to fuel the growth of the AR market size.
Increasing smartphone penetration in developing economies is also expected to boost the growth of the AR market size during the forecast period.
Head-up Displays are expected to grow at the highest CAGR in the AR market during the forecast period. Augmented reality head-up displays are currently in the process of development and are all set to revolutionize the automotive industry. Other companies like Continental, WayRay, and Visteon have already joined the market with their own AR HUD plans.
With growing investment in AR devices and software, China's AR market is expected to grow at a rapid pace during the forecast period. The growth of the smartphone industry is pushing the mobile AR market in China. Local vendors like Renren, Tencent, and Baidu have invested in the technology and are expected to launch numerous mass-consumer apps.
The global Augmented Reality market is split into two segments, type, and application. The product type briefs on the various types of products available in the market. The report also provides data for each product type by revenue for the forecast time period. It covers the price of each type of product. The other segment on the report, application, explains the various uses of the product and end-users. In the report, the researchers have also provided revenue according to the consumption of the product.
The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition. This will give the reader an edge over others as a well-informed decision can be made looking at the holistic picture of the market.
Ans. The global augmented reality market size is projected to reach USD 3664.5 Million by 2026, from USD 849 Million in 2019.
Ans. The global augmented reality market is expected to grow at a compound annual growth rate of 27.6% during 2020-2026.
Ans. Some key players operating in the augmented reality market are Google, PTC, Microsoft, Wikitude, DAQRI, Zugara, Blippar, Magic Leap, Osterhout, Others
Ans. Increasing smartphone penetration in developing economies is also expected to boost the growth of the augmented reality market size during the forecast period.
Ans. Head-up Displays are expected to grow at the highest CAGR in the AR market during the forecast period.