Global Augmented Reality Market to Reach USD 994.58 Billion by 2032, Aided by the Rising Adoption of the Technology

North America was one of the most significant regions in the market and is expected to remain one of the leading regional markets for augmented reality in the coming years. The dominant position of the region in the market can be attributed to the rising technology adoption rate in the region. However, the primary reason for the region’s growth in the industry is the prominent presence of the significant players in the industry, such as Google and Microsoft, which are both headquartered in the United States.

In the coming years, the Asia Pacific region is expected to present significant growth opportunities for the major players in the industry due to the rising penetration of smartphones and smart devices within the region. Thus, major players in the industry are increasingly investing within the region, especially within emerging countries like India and China. In January 2021, Google received a patent in India for its virtual graffiti technology, which would enable the user to leave a virtual message at a location via a mobile augmented reality system. The augmented reality industry in the Asia Pacific is especially expected to see a boost in the commercial sector, aided by the robust growth of the e-retail sector in the region. Chinese retailers like JD.com are seeking to launch virtual fitting rooms, which will enable consumers to virtually “try on” clothes. JD.com had earlier introduced its AR beauty mirror, which allows consumers to see how different shades of lipsticks and make-up will look on them without actually applying them. Such developments are expected to catalyse the growth of the overall augmented reality industry in the coming years.

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Market Analysis by Component, Type, Device, Technology, Application, and Region:

• The market, on the basis of component, can be divided into software and hardware.

• Based on type, the industry can be divided into marker-based, marker-less, and location-based AR.

• The major devices in the industry are head-mounted display, head-up display, and smart glass.

• On the basis of technology, the market is segmented into monitor based, mobile based, and near eye.

• Based on application, the market is divided into automotive, healthcare, military and defence, education, retail, engineering, real estate, and entertainment, among others.

• The regional markets for artificial intelligence include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market is being driven by the increasing penetration of smartphones and rising living standards of the consumers.

• The rise of AR-enabled games has significantly aided the growth of the market.

• The growing investments by major players into the augmented reality sector are contributing to the market growth.

• The market is also being catalysed by the rising adoption of AR-enabled glasses.

• In the coming years, the market is expected to be driven by the rapidly rising demand from the e-commerce sector, where the technology is being integrated into platforms to help consumers ‘try-out’ clothes and other products from the comfort of their homes.

Key Offerings of the Report:

• The EMR report gives an overview of the market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, types, devices, technologies, applications, and major regions of augmented reality.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global augmented reality market are Google LLC, Microsoft Corporation, PTC Inc., Epson America, Inc., Apple Inc., and Lenovo Group Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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