New York, USA, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to a report published by research Dive, the global augmented reality market is anticipated to generate $65,323.4 million in revenue and grow at a noteworthy CAGR of 30.9% during the forecast timeframe from 2021-2028.
Dynamics of the Augmented Reality Market
With the increasing adoption of augmented reality (AR) technology in healthcare sector for treatment and therapy planning, disease diagnosis, patient monitoring, lifestyle enhancement, and many more, the market is expected to witness remarkable growth over the analysis timeframe. Besides, the increasing use of AR technology to assess patient’s body components and to know their condition without dissecting the body is further expected to bolster the growth of the augmented reality market over the forecast period. Moreover, the growing adoption of augmented reality in retail, healthcare, and other top industries is predicted to fortify the growth of the market during the estimated period. However, the rising concerns about the security and privacy of augmented reality may hamper the growth of the market throughout the forecast period.
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Segments of the Augmented Reality Market
The report has been divided the augmented reality market into segments based on component, device type, end-use, and region.
Component: Hardware Sub-Segment to be Most Lucrative
The hardware sub-segment is predicted to garner a revenue of $38,136.1 million and grow at a noteworthy CAGR of 31.2% during the estimated timeframe. The increasing acceptance of augmented reality all around the world is expected to boost the growth of the of the market sub-segment over the forecast period.
Device Type: Handheld Devices Sub-Segment to be Most Productive
The handheld devices sub-segment is expected to generate a revenue of $24,869.2 million during the analysis timeframe. This is mainly because of the increasing demand for the mobile augmented reality in the retail sector to enhance the shopping experiences of customers worldwide. Furthermore, the increasing disposable income among consumers in the developing region is predicted to magnify the growth of the augmented reality market sub-segment over the forecast period.
End-Use: Media & Entertainment Sub-Segment to Most Profitable
The media & entertainment sub-segment is expected to generate a revenue of $16,635.0 million during the forecast period. The growing usage of smartphones, increasing popularity of games and the rapid growth of mobile gaming are projected to propel the growth of the augmented reality market sub-segment over the estimated timeframe.
Region: Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region is expected to generate a revenue of $27,109.2 million over the forecast timeframe. This is mainly because of the growing manufacturing sector and stupendous expansion of gaming industry in this region. Moreover, the rising investments in commercial augmented reality applications in this region is further expected to drive the regional growth of the augmented reality market during the analysis period.
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Covid-19 Impact on the Augmented Reality Market
Unlike several other industries, the Covid-19 pandemic has had a positive impact on the augmented reality market. Due to the spontaneous spread of the novel coronavirus, the governments of many countries have imposed various sorts of lockdowns, which has badly impacted numerous businesses. This led to the adoption of advanced technologies such as AR and VR across various domains for disaster emergency management. Furthermore, the adoption of AR technology in healthcare, entertainment and education sector have majorly driven the growth of the market during the period of crisis.
Key Players of the Augmented Reality Market
The major players of the augmented reality market include
- Ptc Inc.
- CXR
- Niantic
- Apple
- DAQRI
- Magic Leap
- Microsoft
- Seiko Epson
- Google LLC
- TreeView, and many more.
These players are broadly working on the research and development of new business strategies such as mergers and acquisitions, partnerships and collaborations, product development and many more to acquire leading positions in the global industry. – Inquire here to get access to the Key Companies’ Development Strategic Report
For instance, in Jan 2022, Qualcomm, a leading American multinational corporation that creates semiconductors, software, and services related to the wireless technology, has announced its collaboration with Microsoft Corporation, a well-established American multinational company that mainly produces computer software, personal computers and consumer electronics. With this collaboration, the companies are planning to develop power efficient light-weight AR glasses or chips that can be integrated with advanced software like Snapdragon Spaces XR, Microsoft Mesh and many more developer platforms.
Further, the report also presents other important aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
More about Augmented Reality Market:
- Technological Advancements and Business Expansion by Market Players such as Epson and Blippar to Foster the Growth of the Global Augmented Reality Market
- Augmented reality: An In-demand Technology in Various Sectors
