Attractive Opportunity: Supercharge your Visualizations
The key factors fueling the growth of this market include increasing adoption of AR technology in healthcare sector, growing demand for AR in retail and e-commerce sectors due to COVID-19, rising investments in AR market, and surging demand for AR devices and technology in global automotive industry.
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Key Findings of the Global Augmented Reality Market:
1. Microsoft won a contract from the US Army to supply HoloLens technology. The deal is worth about USD 22 billion, lasting for 10 years where Microsoft will provide the military with 120,000 AR headsets.
2. Lenovo announced its new ThinkReality A3 augmented reality AR glasses ahead of CES 2021 aimed at the enterprise market. The ThinkReality A3 AR smart glasses look like a pair of sunglasses and can be easily folded. The glasses that superimpose computer graphics over real-world views require a tethered connection to a PC or Motorola smartphone.
3. Magic Leap partnered with Google Cloud to deliver Magic Leap enterprise solutions on the Google Cloud Marketplace and explore potential new cloud-based, spatial computing solutions running on Google Cloud.
What are the Driving Factors of Evolution of technologies and consolidation of Augmented Reality Market?
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.
Hardware segment to account for the largest share of augmented reality market during the forecast period
Based on offering, the augmented reality market has been segmented into hardware and software. The hardware segment of the augmented reality market is projected to witness a higher growth rate than the software segment owing to the increasing adoption of augmented reality hardware globally.
Augmented Reality Market by Top Companies Profiles:
Consumer application to account for the largest share of augmented reality market during the forecast period
Based on application, the augmented reality market has been segmented into consumer, commercial, aerospace &defence, healthcare, enterprises (manufacturing), automotive, energy, and others. The consumer application segment is projected to account for the largest size of the augmented reality 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.
Major players in the augmented reality market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), Apple (US), and so on.
Regional Insight by MarketsandmarketsTM Research:
Asia Pacific to register higher CAGR during the forecast period
The flourishing enterprises (manufacturing) sector in China and Japan is projected to fuel the growth of the augmented reality market in APAC. The gaming industry in this region has also witnessed significant growth, thereby contributing to the increased demand for augmented reality technology in APAC. Additionally, rising investments in commercial applications of augmented reality are also expected to contribute to the growth of the market in APAC. Moreover, the thriving healthcare and automotive sectors in Japan are also projected to drive the demand for AR technology in the region.
Regions & Countries Covered:
North America - (U.S., Canada, Mexico)
Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America - (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)
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