The augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026.
The key factors driving the growth of the market include surging demand for AR devices and applications in healthcare, growing demand for AR in retail and e-commerce sectors due to COVID-19, rising investments in the AR market, increasing demand for AR devices and technology in the global automotive industry, and others.
Hardware segment to account for the largest share of the augmented reality market during the forecast period
On the basis of offering, the augmented reality market has been segmented into hardware and software. The hardware segment of the market is projected to witness a higher growth rate than the software segment owing to the increasing adoption of augmented reality hardware globally.
Consumer applications to account for the largest share of the augmented reality market during the forecast period
On the basis of application, the market has been segmented into consumer, commercial, aerospace defense, healthcare, enterprises (manufacturing), automotive, energy, and others. The consumer application segment is projected to account for the largest size of the market from 2021 to 2026. The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world. The flourishing gaming and sports and entertainment sectors fuel the use of AR technology in consumer applications. The demand for HMD is high in consumer applications. They are used in smart glasses in sports (such as ski driving and fighting games).
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