Future Analysis For Augmented Reality Market Forecast By 2021 – 2027
Market Analysis
The Augmented Reality Market is
likely to grow at a stellar 39% CAGR between 2021- 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.
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.
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Market Segmentation
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.
Regional Analysis
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.
Key Players
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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