New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to a new report published by Research Dive, the global augmented reality market is estimated to generate a revenue of $65,323.4 million and rise at a healthy CAGR of 30.9% from 2020-2028.
As per our analysts, the increasing adoption of AR technology in the healthcare sector due to its wide range of applications is expected to drive the growth of the market over the forecast period. Augmented reality (AR) technology can be utilized for diagnosis, prevention, health awareness, patient monitoring, treatment and therapy, lifestyle enhancement, and many others. Moreover, with the help of augmented reality, doctors are able to see muscles, joints, and interior organs without dissecting, which is further predicted to amplify the augmented reality market during the analysis period. Besides, the growing adoption of augmented reality in retail, healthcare, and other top industries is expected to create massive growth opportunities for the market. However, the rising concerns of AR’s security and privacy may impede the growth of the market during the analysis timeframe.
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The Segments of the Market
The report has divided the augmented reality market into several segments based on component, device type, end-user, and region.
Component: Hardware Sub-Segment to be Most Lucrative
The hardware sub-segment is expected to garner a revenue of $ 38,136.1 million over the forecast period. This is mainly because of the growing acceptance of augmented reality technology in the hardware segment than the software segment all across the globe. Moreover, the growing development of hardware devices with augmented capabilities is further anticipated to bolster the growth of the market sub-segment during the forecast period.
Device Type: Handheld Devices Sub-Segment to be Most Profitable
The handheld devices sub-segment is predicted to garner a revenue of $24869.2 million during the estimated time period. This is due to the rising demand for mobile augmented reality in the retail sector to provide better experiences to customers while shopping. Additionally, the increasing disposable income of consumers worldwide and growing adoption of AR apps and devices such as laptops and smartphones, are further expected to fortify the growth of the augmented reality market sub-segment during the analysis timeframe.
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End-User: Media and Entertainment Sub-Segment to Hold Largest Market Share
The media and entertainment sub-segment is expected to generate a revenue of $16,635.0 million during the forecast period. The increasing popularity of games, growing adoption of smartphones, and the rising growth of mobile gaming are further predicted to boost the growth of the market sub-segment with the rise of media consumption hours during the analysis period.
Region: Asia-Pacific Region Anticipated to Have Extensive Growth Opportunities
The Asia-Pacific region is expected to generate a revenue of $27,109.2 million and is predicted to have a steady growth over the forecast timeframe. This is mainly because of the tremendous expansion of the gaming industry in this region. Furthermore, the increased investments in commercial augmented reality applications are further expected to fuel the regional growth of the augmented reality market sub-segment over the forecast period.
Covid-19 Impact on the Market
Though the outbreak of the novel coronavirus pandemic has devastated the business in various industries all across the world, the augmented reality market has seen a positive impact. Due to the pandemic, there is a restriction on physical meetings or gatherings. With help of augmented reality technology, many sectors such as education, healthcare, media and entertainment, retails, and many more are able to manage their functionalities and operations during the crisis. Moreover, the reduction in the possibility of human errors in the healthcare department with AR solutions for medical training and equipment swap is further expected to drive the market growth during the analysis period.
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The Key Players of the Market
The major players of the market include
- Ptc Inc.
- Niantic
- Apple
- Magic Leap
- DAQRI
- Seiko Epson
- Microsoft
- TreeView
- Google LLC
- CXR, and many more.
These players are mainly working on the development of new business strategies and tactics to acquire leading positions in the global industry.
For instance, in April 2021, North Inc., a leading Canadian leader in smart glasses announced that Google’s parent Alphabet obtained the Canada-based company. This acquisition helped Google to expedite the production of smart glasses for its customer base. North Inc., assisted Google to invest properly in hardware and surrounding computing future. With this acquisition, Google became the first-ever tech company to discover smart glasses by naming the product Google Glass.
Furthermore, the report also summarizes various important aspects including the latest business strategies, product portfolio, SWOT analysis, and financial performances of key players.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- 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
