New York, USA, Jan. 12, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global augmented reality market is anticipated to generate a revenue of $411,396.9 million and grow at a CAGR of 33.2% during the forecast timeframe from 2022 to 2031.
As per our analysts, with the rising adoption of AR technology in the healthcare sector for various applications such as disease outbreak prevention, treatment, and therapy planning, patient monitoring, patient care, and many others the augmented reality market is expected to experience progressive growth during the estimated period. Moreover, the growing application of augmented reality in the automotive industry is predicted to create wide growth opportunities during the forecast timeframe. However, the long-term health problems associated with the excessive usage of AR technology may impede the growth of the market throughout the analysis period.
Segments of the Augmented Reality Market
The report has divided the market into various segments based on component, device type, end-use, and region.
Component: Hardware Sub-Segment to be Most Productive
The hardware sub-segment is predicted to hold the largest share of the market over the forecast timeframe. The increasing application of augmented reality in the healthcare sector, media, and entertainment sectors which requires special devices is expected to fortify the growth of the market sub-segment during the analysis period.
Request an Exclusive PDF Sample of Augmented Reality Market
Device Type: Handheld Devices Sub-Segment to be Most Profitable
The handheld devices sub-segment is expected to hold the highest share of the market throughout the forecast timeframe. The increasing demand for mobile AR in the retail sector to magnify customers’ shopping experience is predicted to uplift the growth of the market sub-segment over the estimated timeframe.
End-Use: Media and Entertainment Sub-Segment
The media and entertainment sub-segment is predicted to hold the maximum share of the market during the analysis timeframe. This is mainly due to the rising use of AR technology in the media and entertainment sector. In addition, AR technology adds a new dimension to the media and entertainment industry by allowing users to become active participants in the shows such as concerts, exhibitions, etc. are expected to fuel the growth of the market sub-segment over the forecast period.
Ask an Analyst or schedule a call to get the latest Trends of Augmented Reality Market
Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the augmented reality market is expected to have the greatest share of the market throughout the estimated timeframe. This is mainly because of the increasing adoption of advanced technologies and the rising use of various augmented reality applications in this region. Furthermore, the increasing popularity of AR technology across various industries such as healthcare, education, and e-commerce in this region is expected to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Augmented Reality Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the augmented reality market. This is mainly due to the increasing demand for AR technology across industries such as healthcare, media and entertainment, education, retail, and many more. Moreover, the increasing use of AR technology in the beauty and fashion sector for creating immersive storytelling, experimental marketing, and many more has inclined the growth of the market throughout the pandemic period.
Customize the Augmented Reality Market report data as per your Format and Definition & Avail 10%OFF
Key Players of the Market
The major players of the augmented reality market include
- Apple Inc.
- PTC
- Magic Leap Inc.
- Niantic Inc.
- Seiko Epson
- Microsoft
- Treeview Company Limited
- ScienceSoft USA Corporation
- CXR
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in May 2022, Google Inc., an American multinational technology company, announced its acquisition of Raxium, a leading semiconductor manufacturing company specifically working on microLED display technologies. With this acquisition, the companies focus on the development of wearables and augmented reality headsets.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Augmented Reality Market:
- How does Augmented Reality Function? And What are its Use Cases?
- Augmented reality: An In-demand Technology in Various Sectors
- 5 Ways Augmented Reality is Changing the Face of Healthcare Industry
- Augmented Reality Market to Observe Significant Growth by 2031 Due to Company Collaborations and Strategic Partnerships by Market Players, such as Epson America, Magic Leap, and Others
