Global (AR) Augmented Reality Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global (AR) Augmented Reality Market was estimated at USD 5 billion in 2021 and is expected to reach USD 15.55 billion in 2022 and is anticipated to reach around USD 100 billion by 2030, growing at a CAGR of roughly 50% between 2022 and 2030. Our research report offers a 360-degree view of the Augmented Reality (AR) market's drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Augmented Reality (AR) market.

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(AR) Augmented Reality Market: Overview

A technology known as augmented reality combines real-time user surroundings with digital data. This is done to provide the impression that the real world is enhanced. In other words, augmented reality enhances the effect and user experience of the current real-time environment by adding music, effects, and images.

(AR) Augmented Reality Market: Growth Factors

The global augmented reality market is anticipated to have significant revenue growth in the years to come due to the growing number of AR applications in wearables and smart devices for public & personal safety and environmental safety. Additionally, the market need is increased by the widespread use of GPS, sensors, and connected devices for detecting pedestrians, signboards, and traffic density.

The use of augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) is spreading throughout several industries. The market value is rising as augmented reality is used more frequently by emerging industries seeking to increase production rates. Rapid technological advancements in manufacturing processes and ongoing global economic growth contribute to the market's expansion.

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The automotive industry is adopting augmented reality more and more. Through the use of technology, consumers can assess a vehicle's appearance, characteristics, and other aspects without being there in person. Significant market prospects are presented by OEMs and manufacturers' increasing adoption of AR and VR technologies to allow customers to view their automobiles as desired.

(AR) Augmented Reality Market: Key Market Dynamics

A) Offering consumers a distinctive and interactive experience is anticipated to fuel market expansion throughout the forecast period. Companies are focusing heavily on developing novel ways to utilize the potential of augmented reality (AR) technology. It is anticipated that the widespread use of handheld devices, including smartphones and smart glasses, and the rise in the use of mobile augmented reality technologies to deliver a more immersive experience will aid in the global augmented reality market's expansion.

B) Companies are utilizing augmented reality (AR)-based apps for assembly, production line, manufacturing, task analysis, and solution-seeking. As a result, the market is expected to increase as a result of the rising need for remote support and cooperation from the optimization and workflow management sectors.

C) The market is anticipated to increase significantly as a result of the increasing usage of AR technology in architectural and construction applications. Using augmented reality (AR) technology, it would be feasible to create a 3D model of a blueprint and link fantasy and reality. The usage of augmented reality (AR) technology in the education sector can improve students' educational experiences. With the use of 2D/3D models, AR books, and AR games, AR technology may help create an immersive experience for users. This, in turn, can help students build a variety of skill sets, which will help the augmented reality market expand.

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D) Augmented reality technology continues to advance as it becomes more widely used in consumer applications. As a result, there has been an increased demand for AR chipsets. Leading companies in the industry, like Qualcomm and NXP, are launching cutting-edge AR-powered chipsets in response to the growing need for AR chipsets to fulfill the evolving needs of end consumers.

(AR) Augmented Reality Market: Competitive Landscape

• 2022: In order to create distinctive processors for augmented reality glasses that work with Metaverse apps, Qualcomm and Microsoft have established a partnership.

• 2022: Altoida Inc., a provider of augmented reality software, recently announced a collaboration with Click Therapeutics to use AR technology to better understand baseline cognition metrics and how they may influence patient outcomes.

The augmented reality market is still mostly unexplored, with a number of untapped potential opportunities. In order to provide cutting-edge AR solutions for everyday applications as well as for businesses to streamline workflows and improve processes, vendors are investing heavily in R&D. Technology and e-commerce enterprises are especially motivated to use cutting-edge, creative solutions based on AR technology because it allows them to provide an immersive experience.

(AR) Augmented Reality Market: Prominent Players

Microsoft
Sony Corporation
Blippar Limited
Google LLC
Infinity Augmented Reality Limited
Niantic Inc.
Magic Leap Inc.
Wikitude GmbH
Zappar Limited
Apple Inc.
PTC

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The global Augmented Reality (AR) market is segmented as follows:

By Component

Hardware
Software

By Display

Head-Mounted Display
Head-Up Display
Handheld Devices

By Application

Automotive
Gaming & Entertainment
Education
Healthcare
E-commerce & Retail
Industrial & Manufacturing
Others

By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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