Augmented Reality Market Analysis for 2031: Size, Share, and Trends
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 @ meticulousresearch.com/download-sample-repo..
According to this latest research, the global augmented reality (AR) market is projected to reach a substantial value of $210.1 billion by 2031, expanding at a remarkable CAGR of 34.9% during the forecast period from 2024 to 2031. The growth trajectory of the AR market is largely driven by increased government initiatives promoting AR adoption, escalating demand for AR technologies in retail and e-commerce, and heightened usage of AR applications in healthcare. However, challenges related to privacy and security concerns and the high costs associated with AR hardware may impede this growth.
Furthermore, advancements in 5G technology and the exploration of new opportunities within the travel and tourism sectors are expected to propel market expansion. Conversely, the persistent shortage of skilled professionals in AR remains a considerable challenge that the industry must address.
The report segments the global augmented reality market based on offering (hardware, platform, services), type (marker-based AR, marker-less AR), application (training & learning, gaming, promotion & advertising, etc.), and end-use industries (media & entertainment, healthcare, retail, and others). Additionally, it provides a comprehensive analysis of the competitive landscape across various regions.
Offering Segment: Hardware Dominates the Market
In terms of offerings, the AR market is divided into hardware, platform, and services. The hardware segment is expected to capture a significant share of over 55% in 2024, driven by the growing adoption of AR devices, particularly within the entertainment sector. The surge in smartphone sales featuring AR capabilities and the introduction of advanced AR smart glasses are significant contributors to this market share.
Leading market players, including Apple Inc., have made significant strides in AR hardware. For instance, the launch of the Apple Vision Pro AR headset in June 2023 introduced innovative features such as eye tracking and gesture recognition, setting new standards for user interaction and experience.
Moreover, the hardware segment is projected to experience the highest growth rate during the forecast period, driven by ongoing technological advancements and an increasing consumer appetite for innovative AR experiences.
Type Segment: Marker-Based AR to Lead the Way
The AR market is further classified into marker-based AR and marker-less AR. In 2024, the marker-based AR segment is anticipated to dominate, capturing a substantial market share. This trend can be attributed to the rising sales of smartphones equipped with AR functionalities and the increased use of navigation and remote assistance systems across various sectors, including automotive and tourism. The demand for location-based AR solutions is propelling the growth of this segment.
Additionally, the marker-based AR segment is expected to record the highest CAGR during the forecast period, fueled by advancements in computer vision technologies and a growing number of applications across diverse industries.
Application Segment: Gaming Leads Market Growth
Within the application segment, the AR market encompasses areas such as gaming, training & learning, promotion & advertising, and others. The gaming segment is projected to hold the largest share in 2024, representing over 33% of the global AR market. The growing popularity of AR gaming and the increasing demand for AR-enabled devices are significant factors driving this segment's expansion.
Conversely, the promotion & advertising segment is expected to achieve the fastest growth during the forecast period. Companies are increasingly recognizing the value of immersive AR experiences in marketing, prompting investments in AR-driven advertising campaigns. The ability to create interactive and engaging content is transforming how brands connect with their target audiences.
End-Use Industry: Media & Entertainment at the Forefront
When examining end-use industries, the AR market includes sectors such as media & entertainment, healthcare, retail, industrial manufacturing, and others. In 2024, the media & entertainment industry is anticipated to capture the largest share, exceeding 25% of the global AR market. The demand for AR-based gaming and immersive media experiences is driving significant growth in this sector.
In contrast, the healthcare segment is projected to experience the highest CAGR during the forecast period. The integration of AR in medical training, surgical procedures, and patient care is becoming increasingly prevalent, supported by government initiatives and substantial investments in healthcare technology. Companies are continually innovating to develop AR solutions that enhance training methodologies and improve patient outcomes.
Geography: North America Leads the Charge
Geographically, the AR market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to maintain its position as the market leader, accounting for over 40% of the global AR market. This leadership is attributed to a strong focus on technological advancements, substantial investments in digital infrastructure, and the presence of major AR technology companies.
Innovations such as the Los Angeles Rams adopting ARound technology for enhanced fan engagement during NFL games exemplify the region's commitment to integrating AR into everyday experiences.
On the other hand, the Asia-Pacific region is projected to register the highest growth rate, with an expected CAGR of 37.5%. This growth is fueled by significant investments in AR technology from countries such as China, Japan, South Korea, and India. The launch of Xiaomi’s Wireless AR Glass in early 2023, featuring cutting-edge adaptive display technology, highlights the increasing demand for AR solutions in consumer electronics.
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
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?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Augmented Reality Technology, AR Glasses, Augmented Reality Headsets, Augmented Reality Platform, Augmented Reality Solutions, Information and Communications, Technology, ICT |