Portland, OR , Nov. 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global augmented reality market generated $24.2 billion in 2021, and is projected to reach $411.4 billion by 2031, growing at a CAGR of 33.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $24.2 billion |
| Market Size in 2031 | $411.4 billion |
| CAGR | 33.2% |
| No. of Pages in Report | 290 |
| Segments Covered | Component, Device Type, End Use, and Region. |
| Drivers | Escalating demand for 3D imaging in the healthcare sector. |
| Surging digitization in emerging economies and strong focus on technology. | |
| Opportunities | Thriving e-commerce sector and massive use of augmented reality in the e-commerce sector. |
| Automotive firms are rapidly adopting augmented reality technology for enhancing the end-user experience. | |
| Restraints | Growing augmented reality security and privacy concerns. |
| Huge costs associated with research & development for cutting-edge technical solutions. | |
| Lack of skilled or trained professionals in emerging and underdeveloped economies. |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had favorably impacted the growth of the global augmented reality market as there was a massive penetration of augmented reality in marketing & advertising activities.
- During the COVID-19 pandemic, the escalating demand for remote assistance and need for improving workflow optimization boosted the expansion of the global market.
The report offers a detailed segmentation of the global augmented reality market based on component, device type, end use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
Based on component, the hardware segment held the major market share in 2021, holding more than half of the global augmented reality market share, and is expected to maintain its leadership status during the forecast period. However, the same segment, is expected to cite the fastest CAGR of 33.5% during the forecast period. The report also includes segment such as software segment.
On the basis of device type, the handled device segment held the largest market share in 2021, accounting for nearly two-fifths of the global augmented reality market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the head mounted segment, is expected to cite the highest CAGR of 33.7% during the forecast period.
In terms of end use, the media and entertainment segment held the largest market share in 2021, accounting for nearly one-thirds of the global augmented reality market share. Furthermore, the same segment is expected to maintain its leadership status during the forecast period. Nevertheless, the healthcare segment, is expected to cite the highest CAGR of 34.9.3% during the forecast period.
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Region-wise, the Asia-Pacific region held the major market share in 2021, grabbing more than two-fifths of the global augmented reality market share. Moreover, the Asia-Pacific market is slated to dominate the global market share during the forecast period. However, the same region is expected to cite the fastest CAGR of 33.9% during the forecast period. The report also analyses other regions such as Europe, North America, and LAMEA.
The key players analyzed in the global augmented reality market report includes Google LLC, Microsoft Corporation, Niantic Inc, Ptc Inc., Apple Inc, Magic Leap Inc, Seiko Epson Corporation, TreeView, and CXR.
The report analyzes these key players in the global augmented reality market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
