Augmented Reality Market Size to Worth USD 1,188.98 BN by 2032

Ottawa, May 18, 2023 (GLOBE NEWSWIRE) -- As per Precedence Research, the global augmented reality market value is propelling USD 56.3 billion in 2023. The growing adoption of augmented reality across various industries such as healthcare, aerospace and defense, retail and e-commerce, gaming and others is expected to contribute to the growth of the market during the forecast period.

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During the projected period, the rising internet penetration along with increasing focus on digitization is also likely to support the market growth. Additionally, the increasing adoption of advanced technologies is also driving the growth of the market.

Market Overview

A collaborating experience called augmented reality uses computer-generated perceptual data to improve the real environment. Augmented reality applies digital content to actual settings and objects via software, apps, and hardware like AR glasses. This improves the user experience and transforms the local area into an interactive learning setting, both of which are very beneficial in manufacturing and Industry 4.0 operations. By using human inventiveness, observation, and creativity to enhance technology and IoT networks, it enables industrial users to become "one" with the systems and machines they work with.

AR can be applied across industries for a variety of purposes, including asset identification, field knowledge transfer, and training. Augmented reality provides workers with more knowledge and context about the goods or machines they're working on and the environment around them by fusing the actual with the virtual to enhance the way people work. As it improves operational efficiencies by cutting down on production downtime, spotting issues promptly, and keeping processes flowing, augmented reality is being adopted by a wide range of industries and manufacturers. Designers can respond to contemporary market demands for shorter product lifecycles and lower prototype costs by integrating AR into the design phase. Since augmented reality is still an emerging technology, the deep quality of the 3D experience and the opportunity to learn by virtually doing continue to be new for workers, increasing their involvement with the task at hand.

Regional Insights

North America registered the largest revenue share of 36% in 2022. US manufacturers have adopted this technology more aggressively to compete. Further, the technology is widely used in product design and development and for safety and manufacturing skills training by various organizations which are expected to contribute to the regional growth of the market during the forecast period. The region is considered to be among the most active AR environments for Venture Capital investments. Additionally, the region keeps investing in the early-stage technology start-ups. Moreover, it is important to note that the US is not only investing in AR, but also in the technologies that might support, enhance and augment AR in future. For instance, upgradation of smartphone screen technology as well as investments in 5G connectivity could create opportunities for advanced AR solutions in the years to come.

Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The region comprises of significant developing economies including China and India. The increasing government initiatives and support to adopt advance technologies in these economies is expected to support growth of the market in the region. Additionally, the growing adoption of AR technology in the huge e-commerce industry is also likely to contribute to the regional growth of the market in the years to come.

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Scope of this report

Report Highlights

• By Component, the software segment held the largest share in the global augmented reality market. This is owing to the increasing deployment of augmented reality by various organizations across different industry verticals. With the aid of these technologies, organizations can track, identify, and resolve technical problems. By enabling people to obtain information easily through their phones, it can also be helpful in other situations that don't involve physical processes, such as entertainment and event tools.
• By Industry Vertical, the industrial and manufacturing segment held significant shares in the global augmented reality market. Technology is widely adopted in the manufacturing sector. It helps in tracking the changes, recognize harmful working conditions, or even foresee a finished product. With the use of accurate AR applications, new staff can be trained, informed, and protected always without wasting extra resources.

Market Dynamics

Drivers

Growing Adoption of AR in Marketing

The growing adoption of augmented reality in the marketing sector is anticipated to augment the growth of the market during the forecast period. The enormous potential of augmented reality stretches across multiple industries. The use of AR apps can boost customer happiness and increase revenue. AR can assist clients with their online and in-store purchases. Customers can be drawn closer to the product and provide the company with an advantage in the market when they are connected to the things they purchase in a real, tactile, and visual sense.

One of the most significant ways that this innovation can assist users is by enabling support professionals to communicate with customers via mobile teleconferencing. The customer service representative on the other end of the phone can create markings on the display that the customer can see in three-dimensional space. Furthermore, from navigating indoors to try-before-you-buy activities at home, AR has the possibility to enhance numerous facets of the in-store shopping experience. Technology has the potential to revolutionize marketing and sales, not just for customers but also for business-to-business applications. Consequently, this is likely to support the growth of the market within the estimated timeframe.

Restraint

Cyber Security Concerns

With companies and government organizations placing an increasing emphasis on the protection of their data from malicious threats or unintentional loss, the growth of the digital economy and the emergence of new technologies like AR have resulted in specific skills shortages in fields like cyber security. Using visuals and data to supplement the real environment is known as augmented reality. Hackers have the ability to hurt users if they take over an application and start displaying fictitious data and graphical objects on an AR display or pair of glasses. Imagine a doctor using an AR display to check a patient's vital signs, only to be given the incorrect information and miss a condition that necessitates rapid medical attention. Or a processing facility where maintenance is being done via AR, but the data has been compromised and reveals that safety-critical components need to be replaced for them to be working properly. As a result, these factors are likely to restrain the growth of the market during the forecast period.

Opportunities

Introduction of WebAR

WebAR is a significant augmented reality movement. WebAR doesn't require users to download any additional software because it is powered by web browsers. The ideal situation for accessibility is this. The most basic AR experiences are available through WebAR, which lacks many of the features that native AR on mobile devices can provide. WebAR, however, has its uses, especially for straightforward experiences. These include altering the colour of things or hair, replacing the background, and creating simple 3D objects. WebAR enables easier virtual try-on experiences. Many companies, like L'Oréal and Maybelline, use them for their cosmetic goods.

According to Tom Emrich of 8th Wall, the top WebAR development platform in the world, WebAR is essential for bridging the gap between the virtual and real worlds. WebAR isn't particularly strong right now, but as it develops, it could become one of the most significant ways to interact with the Internet. To realize this ambition, 8th Wall is constantly developing WebAR technology. These advancements are likely to create immense opportunities for the growth of the augmented reality market in the years to come.

Challenges

Issues with Latencies

Latency is a crucial performance and usability metric for AR. The time that it takes for light to enter a camera, be analyzed by a computer vision algorithm, form a posture, render digital material, and then be displayed as augmented reality such that it can be seen by the eye is sometimes referred to as "motion-to-photon". The content won't match up if the latency is too high. There are two levels to this challenge. The first is concerned with location updates, and the second deals with data updates. A static data collection can be provided to a detached device with lower latency but less flexibility for data or content updates. This update can happen instantly on a connected device, although location and content delay may be higher. Efficiency in four key areas will be necessary for AR's industrial applications: tracking (motion estimation), sensors (camera and IMU), rendering (picture production), and display (image presentation). Improving these areas will open up new avenues for the market growth in the years to come.

Related Reports

• Virtual Reality Market - The global virtual reality market was valued at USD 30.64 billion in 2022 and is expanding around USD 113.59 billion by 2032 with a CAGR of 14% from 2023 to 2032.
• Extended Reality Market - The global extended reality market was valued at USD 35.14 billion in 2022 and is expanding around USD 345.9 billion by 2030 with a CAGR of 33.09% from 2022 to 2030.
• AR and VR Market - The global augmented reality and virtual reality market was valued at USD 41.56 billion in 2022 and is expanding around USD 859.35 billion by 2030 with a CAGR of 46.03% from 2022 to 2030.
  
  

Recent Developments: 

• In April 2023, Snap has planned to launch the deployment of augmented-reality mirrors in stores, which will allow customers to instantaneously view how garments appear on them without actually trying them on. The mirrors will be available in some US Nike stores later this year, as well as at the Men's Wearhouse in Paramus, New Jersey. The mirrors are part of Snap's new push to expand beyond the AR lenses available in the Snapchat app and begin delivering AR products in the real world.
• In January 2023, TCL revealed the TCL RayNeo X2 augmented reality (AR) smart glasses at CES 2023. The ground-breaking glasses combine cutting-edge binocular full-color Micro-LED optical waveguide displays with a variety of innovative interactive capabilities to provide users unrivalled AR experiences.

Market Segmentation

By Component

• Hardware
• Software

By Technology

• Marker-based AR
• Marker-less AR

By Device Type

• Head-Up Display
• Head-Mounted Display

By Industry Vertical

• Gaming
• Retail and Ecommerce
• Healthcare
• Aerospace and Defense
• Automotive
• Education
• Industrial and Manufacturing
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  
  

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