Press release
Augmented Reality Market Reach USD 411.4 Billion by 2031, Key Factors behind Market's Exponential Growth
The global augmented reality market was valued at USD 24.2 billion in 2021 and is projected to reach USD 411.4 billion by 2031, growing at a CAGR of 33.2% from 2022 to 2031.
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Surging digitization in emerging economies and strong focus on technology will boost the growth of the global augmented reality market. Furthermore, thriving e-commerce sector and massive use of augmented reality in the e-commerce sector will create new growth opportunities for the global market. Region-wise, the Asia-Pacific region held the major market share in 2021, grabbing more than two-fifths of the global augmented reality market share.
The global augmented reality market is segmented on the basis of component, device type, end-use and region. By component, the market is sub-segmented into hardware and software. By device type, the market is sub-segmented into head-mounted display, handheld display and others. By end use, the market is sub-segmented into retail, healthcare, manufacturing & construction. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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COVID-19 Scenario:
● The outbreak of the COVID-19 pandemic had favorably impacted the growth of the global augmented reality market as there was a massive penetration of augmented reality in marketing & advertising activities.
● During the COVID-19 pandemic, the escalating demand for remote assistance and need for improving workflow optimization boosted the expansion of the global market.
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Based on component, the hardware segment held the major market share in 2021, holding more than half of the global augmented reality market share, and is expected to maintain its leadership status during the forecast period. However, the same segment is expected to cite the fastest CAGR of 33.5% during the forecast period. The report also includes segments such as software segments.
In terms of end use, the media and entertainment segment held the largest market share in 2021, accounting for nearly one-thirds of the global augmented reality market share. Furthermore, the same segment is expected to maintain its leadership status during the forecast period. Nevertheless, the healthcare segment is expected to cite the highest CAGR of 34.9.3% during the forecast period.
On the basis of device type, the handled device segment held the largest market share in 2021, accounting for nearly two-fifths of the global augmented reality market share and is expected to maintain its leadership status during the forecast period. Nevertheless, the head mounted segment is expected to cite the highest CAGR of 33.7% during the forecast period.
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Region-wise, the Asia-Pacific region held the major market share in 2021, grabbing more than two-fifths of the global augmented reality market share. Moreover, the Asia-Pacific market is slated to dominate the global market share during the forecast period. However, the same region is expected to cite the fastest CAGR of 33.9% during the forecast period. The report also analyses other regions such as Europe, North America, and LAMEA.
The key players analyzed in the global augmented reality market report include Google LLC, Microsoft Corporation, Niantic Inc, Ptc Inc., Apple Inc, Magic Leap Inc, Seiko Epson Corporation, TreeView, and CXR.
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