New York, United States , Feb. 02, 2024 (GLOBE NEWSWIRE) -- The Global Augmented Reality Market Size is to Grow from USD 40.2 Billion in 2023 to USD 1,629 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 44.80% during the projected period.
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Augmented Reality, or AR, is the real-time fusion of digital data with the user's environment. Unlike virtual reality (VR), which creates a completely artificial environment, users of augmented reality (AR) view the real world with manufactured perceptual information layered on top of it. Users can use augmented reality to visually modify natural environments or to obtain more information. The capacity of augmented reality (AR) to blend digital and three-dimensional (3D) components with a person's reality experience is its primary benefit. AR offers a variety of uses, from decision-making assistance to amusement. Augmented reality (AR) gives the user access to visual elements, audio, and other sensory data through a device like a smartphone or glasses. In addition, the market for media and entertainment is developing as a result of the increasing use of augmented reality in the gaming industry to provide gamers access to incredibly effective video, graphics, and music. This is anticipated to contribute significantly to growth. Additionally, the increased interest of key industry players like Google LLC, Microsoft Corporation, Apple Inc., and others in utilizing augmented reality (AR) in numerous applications is opening up new opportunities. However, an issue facing the worldwide augmented reality market is the expensive nature of AR technology. Developing and implementing augmented reality systems usually requires large investments in hardware, software, and infrastructure. This cost barrier has hindered the adoption of AR solutions, especially among small and medium-sized organizations (SMEs) and individual users.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Augmented Reality Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Head-mounted Display, and Head-up Display), By Offering (Hardware, and Software), By Application (Consumer, Commercial, and Healthcare), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The head-mounted display segment is expected to grow at fastest pace in the global Augmented Reality market during the forecast period.
Based on the device type, the global augmented reality market is divided into head-mounted display, and head-up display. head-mounted display, and head-up display. Among these, the head-mounted display segment is expected to grow at fastest pace in the augmented reality market during the forecast period. Head-mounted displays (HMDs) enhance the user's perception and interaction with the environment by overlaying virtual features over the real world, creating an immersive and captivating augmented reality experience. As a result, HMDs are perfect for a variety of applications, such as industrial training, gaming, education, and healthcare.
The hardware segment is expected to hold the largest share of the global augmented reality market during the forecast period.
Based on the offering, the global augmented reality market is divided into hardware, and software. The hardware segment is expected to hold the largest share of the augmented reality market during the forecast period. In order to give consumers dynamic and interesting user experiences, the hardware, which includes AR glasses, headsets, and sensors, is crucial. Use of these devices has risen as a consequence of significant advancements in shrinking, power efficiency, and display technology.
The healthcare segment is expected to grow at greatest pace in the global augmented reality market during the forecast period.
Based on the application the global augmented reality market is divided into consumer, commercial, and healthcare. The healthcare segment is expected to grow at greatest pace in the augmented reality market during the forecast period. Over the course of the forecast period, the augmented reality market is anticipated to develop at the fastest rate in the healthcare sector. The application of AR-based technologies in the healthcare industry is rapidly expanding. The augmented reality method offers hands-free solutions and diagnostic tools driven by AI.
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North America is anticipated to hold the largest share of the global augmented reality market over the predicted timeframe.
North America is projected to hold the largest share of the global augmented reality market over the predicted years. Immersion technologies are becoming increasingly popular in the field as a result of continuous investment. In a similar vein, the US government actively supports the use of immersive technologies to grow the area's share of the augmented reality market.
Asia Pacific is expected to grow at the fastest pace in the global Augmented Reality market during the forecast period. This is a result of the increasing usage of internet-based platforms in several regional countries, including Japan and Australia. Additionally, as fast 5G networks continue to be deployed throughout the Asia Pacific area, this is stimulating the adoption of augmented reality technology and AR-based goods in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Augmented Reality Market include TeamViewer AG, Apple, Inc., Snap, Inc., Blippar Limited, Google LLC, Lenovo Group, Wikitude GmbH, Xiaomi Corporation, Microsoft Corporation, Zappar Limited, Magic Leap, Incorporated, Meta, PTC Inc., Sony Corporation, Vuzix Corporation, and others.
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Recent Developments
- In March 2023, Spine System was released on ugmedic's AR platform, xvision, by the business that provides enhanced surgical navigation. It offers clinicians 3D and 2D AI-enabled visuals for better navigation and visualization.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Augmented Reality Market based on the below-mentioned segments:
Global Augmented Reality Market, By Device Type
- Head-mounted Display
- Head-up Display
Global Augmented Reality Market, By Offering
- Hardware
- Software
Global Augmented Reality Market, By Application
- Consumer
- Commercial
- Healthcare
Global Augmented Reality Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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