AUGMENTED REALITY MARKET: Summary
The Global Augmented Reality Market is projected to reach a value of over USD 216.1 Billion by 2027 at a CAGR of around 45.6%.
Augmented Reality (AR) is defined as the technology, which enhances the real worldview by adding advanced virtual layer of information generated by devices such as computer or camera. The technology is used by various industries as it enhances user interaction with real world, which helps industries in numerous ways. It augments reality for the users by superimposing virtual information over immediate surrounding and to indirect surrounding such as streamed video. It improves user experience by increasing the engagement and interaction of the user with the product. Moreover, it provides the feel of personalization to every user that may help in customer retention.
AUGMENTED REALITY MARKET: Drivers & RESTRAINTS
- Increasing Adoption of Augmented Reality in Advertising
In advertising sector, the demand for augmented reality is growing rapidly because of numerous reasons. Advertisements created by using AR technology are more interactive and lifelike as compared to other advertisements that helps in creating an emotional connect with the customers. In addition, the technology is more cost effective as compared to conventional methods and is more impressive than print advertisements. Moreover, it solves the issue of building prototype; cost incurred by the firms in building prototype can be resolved by using AR for the same.
Thus, increasing adoption of augmented reality in advertising, may contribute to the growth of the augmented reality market, during the forecast period.
- Privacy Issues in Augmented Devices
The major limiting feature of AR technology is privacy issue, the technology is based on the compilation, scrutinizing, and reorganizing data, which raises issues about privacy. Data such as biometric data, real time monitoring and device usage history are usually collected by the augmented devices that can be a matter of legal concern. Another unique issue related to AR is that it captures data of users and of the individuals around the users. For instance, an AR smart glass autonomously screen the environment of the user in which other individuals are also involved that can influence the privacy of the individuals in the surrounding. The developers of AR devices can resolve the concern by standardising the data usage.
Thus, privacy issues in augmented devices may restrain the growth of the augmented reality market, during the forecast period.
Augmented Reality market: Key segments
- Segmentation based on component comprises: Hardware and Software
- Segmentation based on type comprises: Marker-based, Markerless, and Location
- Segmentation based on device type comprises: Heads Up Displays, Holographic Display, Smart Glasses, and Handheld Devices
- Segmentation based on end-users comprises: Media and Entertainment, Aerospace and Defense, Healthcare, Education, Automotive, Retail and Others.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
Augmented Reality market: Report SCOPE
The report on the augmented reality market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Component, Type, Device Type, End-users, and Region
North America, South America, Asia-Pacific, Europe, Middle East & Africa
KEY Companies Covered
- Google LLC (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Apple Inc.
- Seiko Epson Corporation
- Wikitude GmbH
- Vuzix Corporation
- Other Key Companies
Augmented Reality market: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Augmented Reality Market, by Component
- Central Processing Unit (CPU)
Augmented Reality Market, by Type
Augmented Reality Market, by Device Type
- Heads Up Display
- Holographic Display
- Smart Glasses
- Handheld Device
Augmented Reality Market, by End User
- Media and Entertainment
- Aerospace and Defense
Augmented Reality Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Augmented Reality Market Providers
- Augmented Reality Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Augmented Reality market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE AUGMENTED REALITY MARKET STUDY