Global Augmented Reality Technology Market Size, Share, Growth and Industry Analysis by Type (Hardware, And, Software), By Application (Enterprises Use, Individual Consumer Use) Regional Forecast From 2023 To 2030

Updated On: 20 November 2023

AUGMENTED REALITY TECHNOLOGY MARKET REPORT OVERVIEW

• 
• Request a Free sample to learn more about this report

The global augmented reality technology market size is anticipated to be worth USD 1.5087 billion in 2022 and the market is projected to touch USD 8.462 billion by 2028 with a CAGR of 27.6 % during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Augmented reality is a new emerging technology which primarily super imposes an image that is computer generated. This image is imposed into the view of a user in the real world. By doing this augmented reality helps in providing a composite view of the world.

New discoveries are being made on a daily basis. These developments have completely contributed for the market development. Augmented reality is a very new concept that has been introduced. This has provided greater growth opportunities to the crucial players in the industry. Augmented reality is now just not confined to the big screens. This application is being made available even on our phones and mobiles. This has been identified as the latest trend in the market.

The increasing popularity of augmented reality has created many lucrative growth opportunities for the market. Augmented reality has the biggest advantage of creating many amazing as well as unique experiences to its users. Augmented reality technology presents the information in a highly systematic as well as neatly organized snippets. It helps in reducing any kind of cognitive overload. These act as the factors driving the global market growth.

COVID-19 Impact: Steep Increase in The Technology Industry Increased the Market Share

The pandemic of COVID-19 created havoc in a lot of industries. Many businesses all over the world were very badly affected and suffered from no sales and nil demand. Another added advantage to the growing technological industry was the lockdowns and restrictions that were imposed during the pandemic. The increase in door activities created a growth opportunity for the technology industry. Augmented reality is a component of the technological industry. The boom in the technological industry also helped in uplifting the global augmented reality technology market share. After the pandemic also a steady and continuous growth in both the markets have been registered.

LATEST TRENDS

"Introduction Of Mobile Augmented reality to Increase the Market Growth"

Technological industry is always expected to experience a lot of changes, improvements and advancements very often. New trends keep on emerging in the market that can drive the market growth. One such trend in the global augmented reality technology market has been identified. Augmented reality is now just not confined to the big screens. This application is being made available even on our phones and mobiles. This can be very advantageous as well as convenient. 

The model that supports augmented reality technology is the Google ARCore technology. Another model that can support this is the Apple AR Kit 4. This trend can open up a vast source of opportunities for the major industry players. Also, the high demand can add up to the success of the market.

AUGMENTED REALITY TECHNOLOGY MARKET SEGMENTATION

• 
• Request a Free sample to learn more about this report

• By Type:

The market can be divided into the following segments depending on their respective types:

Hardware, and, Software. The hardware segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Enterprises use, individual consumer use. The enterprise use segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Delivery Of Unique Customer Experience to Amplify Market Growth"

Augmented reality technology helps in super imposing an image over the view of the users in the real world. Augmented reality has the biggest advantage of creating many amazing as well as unique experiences to its users. These experiences are completely digital and also help in blending in the actual and physical world experiences.

Smart phones, various applications and even our web browsers can be a source of augmented reality technology. The common audio and visual experiences can exist in both the physical as well as the digital dimension. Both of these are blended together to create an amazing experience for the users and the viewers. This has been a major driving factor for amplifying the global augmented reality technology market growth

"Elimination of Cognitive Overload to Impede the Market Growth"

Augmented reality also has the ability to reduce or even eliminate the cognitive overload. This can be considered as a factor that can tremendously drive the market growth. Cognitive overload usually takes place when the working memory is forced to intake or process a very large chunk of information.

Augmented reality technology presents the information in a highly systematic as well as neatly organized snippets. It helps in reducing any kind of cognitive overload. Collectively all of this act as factors driving market growth.

RESTRAINING FACTOR

"Extremely Expensive Set up cost to Bring Down the Market Share"

Augmented reality technology is growing day by day. However, it also has its own limitations that can limit its own growth. One such factor is the expensive set up cost. global augmented reality technology requires certain headsets that are very expensive. This acts as a factor restraining the market growth.

AUGMENTED REALITY TECHNOLOGY MARKET REGIONAL INSIGHTS

• Request a Free sample to learn more about this report

"North America to Dominate Market Share Owing to Increased Technological Developments"

North America is expected to dominate the market throughout the forecast period. North America is followed by Asia Pacific. The market for thermal printheads has increased in North America for a number of reasons. The growing technical improvements and advancements are the main factor influencing the market development in North America. These elements work together to support the market expansion in North America. Asia-Pacific is clearly in the lead after North America.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Microsoft (U.S.)
• Magic Leap (U.S.)
• Epson (Japan)
• Google (U.S.)
• Toshiba (Japan)
• Vuzix (U.S.)
• DAQRI (U.S.)
• Everysight (Israel)
• ThirdEye Gen (U.S.)          

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. On reading the report the user will be able to understand and interpret all the aspects of the market.