Augmented Reality Market Growth Dynamics, Share Value, Size, Business Opportunities and Industry Forecast to 2027
Several factors are adding to the global augmented reality market growth. Some of these factors, according to the MRFR report, include the increasing demand from various industry verticals, growing demand among end users for AR, advancements, and innovations in technology, increasing use of connected and smart devices, the rising penetration of tablet computers and connected devices, increasing technology adoption among enterprises, and rising focus of vendors on price reduction. Besides, emerging AR applications across retail and e-commerce, rising investments in AR technology, growing demand in the automotive and medical industry, growing adoption of AR-enabled smart glasses, increasing application in the gaming industry, and growing need for augmented reality in e-commerce and retail sectors due to the COVID-19 pandemic are also adding market growth.
The Augmented Reality Market is likely to grow at a stellar 39% CAGR between 2020- 2027, as per the recent Market Research Future report. Augmented reality (AR), simply put, is an experience where designers improve parts of the physical world of the user with computer-generated input. Designers make inputs ranging from video to sound, to GPS overlays to graphics, and more in digital content that responds in real-time to the changes in the environment of the user, typically movement.
On the contrary, lack of effective user experience design, complexity and financial constraints, and privacy concerns related to AR technology may limit the global augmented reality market growth in the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global augmented reality market based on end users, components, types, applications, and technologies.
By technologies, the global augmented reality market is segmented into monitor-based technology and eye-based technology.
By applications, the global augmented reality market is segmented into consumer electronics, aerospace and defense, energy, medical, enterprise, and commercial. Of these, the enterprise segment will lead the market over the forecast period.
By components, the global augmented reality market is segmented into hardware and software. Of these, the hardware segment will dominate the market over the forecast period.
By types, the global augmented reality market is segmented into handheld devices and mounted display, and head-up display. Of these, the head-up display segment will spearhead the market over the forecast period.
By end users, the global augmented reality market is segmented into consumers and enterprises. Of these, the consumers segment will have the lion’s share in the market over the forecast period.
By region, the global augmented reality market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will reign the market over the forecast period. The presence of the largest e-commerce market in China, the growing need for AR software and devices from the commercial sector, growing commercial and consumer markets, increasing investments in China, India, and Japan, increased adoption of mobile devices across various industry verticals, and technological advances are adding to the global augmented reality market growth in the region.
In Europe, the augmented reality market is predicted to hold the second-largest share over the forecast period for the growing adoption of augmented reality technology in entertainment and gaming applications. Germany will have the maximum market share for the emerging gaming hub.
In North America, the augmented reality market is predicted to have notable growth over the forecast period. The presence of several technology companies in the US, and the adoption and deployment of the latest technologies are adding to the global augmented reality market growth in the region.
The prominent players profiled in the global augmented reality market report include Total Immersion (France), Facebook, Inc. (U.S.), METAIO’s SDK (Germany), Osterhout Design Group (U.S.), Zugara, Inc. (U.S.), Wikitude GmbH (Austria), PTC Inc. (U.S.), Sony Corporation (Japan), Magic Leap Inc. (U.S.), Catchoom Technologies (Spain), Samsung Electronics Corporation Ltd. (South Korea), DAQRI (U.S.), Google Inc. (U.S.), Infinity Augmented Reality Inc. (U.S.), Blipper Inc. (U.K.), Microsoft Corporation (U.S.), and Qualcomm Technologies Inc. (U.S.), among others.
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