Augmented Reality Market Growth & Trends:
The global augmented reality market size is expected to reach USD 597.54 billion by 2030, registering a CAGR of 39.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be credited to the increasing adoption of augmented reality (AR) technology across several industry verticals, such as automotive, healthcare, education, construction, and logistics among others. The augmented reality interfaces enhance the work environment as well as optimize operational efficiency while offering significant benefits in terms of efficiency, productivity, and safety.
AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. Several market players are focused on introducing new and more innovative offerings to attract customers and gain a competitive edge in the industry. For instance, in 2023, Google LLC announced the launch of its latest Immersive Stream for XR service for its Google Cloud customers. This new offering is said to eliminate the need for any powerful hardware or a special application to immerse oneself in the augmented reality or 3D world. The users can simply scan a QR code or click a link to get into extended reality (XR).
The growth of augmented reality industry is being influenced by the aggressive adoption of AR technology solutions by various industry incumbents, especially in the wake of the COVID-19 outbreak. For instance, AR technology is being widely adopted across educational institutions to enhance the learning experience for students.
The market is also benefiting from the retail domain as AR provides an immersive experience to shoppers and helps them make informed buying decisions. In November 2022, Snap, Inc. partnered with Amazon.com, Inc. to initiate AR-enabled digital try-on styles for the brands and customers online. This fashion partnership is anticipated to create an AR shopping experience seamless.
AR technology is gaining massive traction in niche markets. Several mobile device vendors are introducing AR-compatible mobile devices. As such, the market for augmented reality is poised for significant growth during the forecast period as AR technology continues to evolve and more real-life use cases are introduced.
Augmented Reality Market Report Highlights:
- In terms of component, software segment is expected to register a CAGR of around 41.0% during the forecast period owing to the rising adoption of AR devices across various applications, including manufacturing, healthcare, education, retail & e-commerce, among others
- In terms of display, smart glass segment is expected to register a notable growth rate of 49.1% by 2030 with the increasing adoption of smart glasses beyond personal uses of entertainment to industrial applications such as architectural planning, manufacturing processes, healthcare, and more
- In terms of application, industrial & manufacturing segment accounted for the revenue share of around 24.0% in 2022 as AR finds important application in businesses to ensure efficient operations by keeping all processes operational, spotting anomalies, and reducing production downtime
- Asia Pacific augmented reality industry is estimated to witness a significant CAGR from 2023 to 2030 with the rapid expansion of manufacturing, logistic & transportation, automotive, and gaming & entertainment industries, especially in Japan and China
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot (1/2)
- 2.3. Segment Snapshot (2/2)
- 2.4. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market driver analysis
- 3.3.2. Market restraint analysis
- 3.4. Industry Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.2. Macroeconomic Analysis
- 3.5. Key Company Analysis, 2022
- 3.6. Key Player Positioning Matrix, 2022
- 3.7. Augmented Reality- Covid-19 Impact Analysis
Chapter 4. Component Estimates and Trend Analysis
- 4.1. Component Movement Analysis & Market Share, 2022 & 2030
- 4.2. Augmented Reality Market Estimates & Forecast, By Component (USD Billion)
- 4.2.1. Hardware
- 4.2.2. Software
Chapter 5. Display Estimates & Trend Analysis
- 5.1. Display Movement Analysis & Market Share, 2022 & 2030
- 5.2. Augmented Reality Market Estimates & Forecast, By Display (USD Billion)
- 5.2.1. Head Mounted Display
- 5.2.2. Smart Glasses
- 188.8.131.52 Cinema Display Glasses
- 184.108.40.206 XR Glasses
- 5.2.3. Head-Up Display
- 5.2.4. Handheld Devices
Chapter 6. Application Estimates & Trend Analysis
- 6.1. Application Movement Analysis & Market Share, 2022 & 2030
- 6.2. Augmented Reality Market Estimates & Forecast, By Application (USD Billion)
- 6.2.1. Aerospace & Defense
- 6.2.2. Automotive
- 6.2.3. Education
- 6.2.4. E-Commerce & Retail
- 6.2.5. Gaming & Entertainment
- 6.2.6. Healthcare
- 6.2.7. Industrial & Manufacturing
- 6.2.8. Others
Chapter 7. Regional Estimates & Trend Analysis
- 7.1 Augmented Reality Market: Regional Outlook
- 7.2 North America
- 7.2.1 North America augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.2 U.S.
- 220.127.116.11 U.S. augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.3 Canada
- 18.104.22.168 Canada augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.4 Mexico
- 22.214.171.124 Mexico augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3 Europe
- 7.3.1 Europe augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.2 UK.
- 126.96.36.199 UK augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.3 Germany
- 188.8.131.52 Germany augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.5 France
- 184.108.40.206 France augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.2 India
- 220.127.116.11 India augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.3 China
- 18.104.22.168 China augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.4 Japan
- 22.214.171.124 Japan augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.5 South Korea
- 126.96.36.199 South Korea augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5 South America
- 7.5.1 South America augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5.2 Brazil
- 188.8.131.52 Brazil augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6 Middle East and Africa (MEA)
- 7.6.1 MEA augmented reality market estimates & forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Competitive Landscape
- 8.1 Key Participants
- Augmented Reality Hardware Market Players
- 8.1.1 Vuzix
- 8.1.2 Meta
- 8.1.3 RealWear, Inc.
- 8.1.4 Alphabet Inc. (Google LLC)
- 8.1.5 Nreal Technology Limited
- 8.1.6 Magic Leap, Inc.
- 8.1.7 Lenovo Group
- 8.1.8 Tilt Five, Inc.
- 8.1.9 Snap, Inc.
- 8.1.10 Apple, Inc.
- 8.1.11 Seiko Epson Corporation (Epson America Inc.)
- 8.1.12 Rokid, Inc.
- 8.1.13 Shenzhen INMO Technology Co., Ltd.
- 8.1.14 Xiaomi Corporation
- 8.1.15 MAD Gaze
- 8.1.16 OPPO Private Limited (Parent company - BBK Electronics Corporation)
- 8.1.17 Viture, Inc.
- 8.1.18 DreamWorld, Inc.
- 8.1.19 Goertek, Inc.
- 8.1.20 Microsoft Corporation
- 8.1.21 Qualcomm Technologies, Inc.
- 8.1.22 Sony Group Corporation
- 8.1.23 Samsung Electronics Co., Ltd.
- Augmented Reality Software Market Players
- 8.1.24 TeamViewer AG
- 8.1.25 PTC Inc.
- 8.1.26 Librestream Technologies
- 8.1.27 OverIT S.p.A.
- 8.1.28 AMA Corporation Plc
- 8.1.29 CareAR Holdings (Parent Company - Xerox Holding Corporation)
- 8.1.30 RE'FLEKT GmbH
- 8.1.31 Help Lightning, Inc.
- 8.1.32 Taqtile, Inc.
- 8.1.33 Atheer, Inc.
- 8.1.34 Scope Technologies US Inc.
- 8.1.35 Blippar Group Limited
- 8.1.36 Wikitude GmbH (Parent Company - Qualcomm Technologies, Inc.)
- 8.1.37 Zappar Ltd.
- 8.2 Recent Development & Impact, By Key Market Participants
- 8.3 Company Categorization
- 8.4 Participant's Overview
- 8.5 Financial Performance
- 8.6 Product Benchmarking
- 8.7 Company Heat Map Analysis
- 8.8 Company Market Share Analysis, 2022
- 8.9 Strategy Mapping
- 8.9.1 Expansion
- 8.9.2 Mergers & acquisition
- 8.9.3 Collaborations
- 8.9.4 New product launches