Augmented Analytics Market Trends and Growth Overview: Size & Share Analysis
Meticulous Research®, a top-tier global market research firm, has published a detailed 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."
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According to the latest research from Meticulous Research®, the global augmented reality market is set to reach $210.1 billion by 2031, expanding at a CAGR of 34.9% from 2024 to 2031. Key factors driving this growth include increased government support for AR technologies, rising demand in retail and e-commerce, and expanding use in healthcare. However, issues such as privacy concerns, security risks, and high hardware costs are hindering market progress.
The rise of 5G technology and new opportunities in the travel and tourism sectors are expected to foster market growth. Meanwhile, the shortage of skilled professionals presents a challenge to the market.
The market is segmented by offering (hardware—head-mounted displays like smart glasses and headsets, head-up displays, platforms, and services), type (marker-based AR and marker-less AR), application (training and learning, quality inspection, tourism, remote assistance, design and modeling, gaming, promotion and advertising, and other applications), and end-use industry (industrial and manufacturing, healthcare, education, retail and e-commerce, media and entertainment, transportation and logistics, automotive, travel and tourism, real estate, sales and marketing, and others). The report also provides a competitive analysis and regional market insights.
In 2024, the hardware segment is anticipated to dominate with over 55% of the global market share. This is due to the increasing use of AR devices in entertainment, growing smartphone sales, and advancements in AR smart glasses. For instance, Apple Inc. introduced the Apple Vision Pro in June 2023, featuring intuitive controls and a virtual keyboard.
The hardware segment is expected to experience the highest CAGR during the forecast period.
Regarding type, marker-based AR is projected to hold a larger market share in 2024, driven by the rising sales of smartphones and advancements in navigation systems. This segment is also anticipated to grow at the highest rate.
In terms of application, the gaming sector is forecasted to capture over 33% of the market share in 2024, driven by the popularity of gaming and demand for compatible devices. Conversely, the promotion and advertising segment is expected to grow at the highest rate, driven by increased adoption of AR smartphones and digital marketing trends.
For end-use industries, the media and entertainment sector is expected to hold over 25% of the market share in 2024, due to AR’s increasing role in gaming and entertainment. The healthcare sector is expected to grow at the highest rate, due to the rising use of immersive technologies and government investments.
Regionally, North America is projected to hold over 40% of the market share in 2024, supported by government initiatives, investments in digital infrastructure, and the presence of leading market players. For example, the Los Angeles Rams launched ARound technology in December 2022 to enhance fan engagement with AR experiences.
Asia-Pacific is anticipated to grow at the highest CAGR of over 37.5% during the forecast period, driven by major AR technology users and suppliers in countries like China, South Korea, India, and Japan. To meet regional demand, companies like Xiaomi have launched innovative smart glasses, such as the Xiaomi Wireless AR Glass, which offers advanced display features and wireless connectivity.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/augmented-analytics-market-5991
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?
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