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Redding, California - July 10, 2024

Augmented Reality Market to Be Worth $210.1 Billion by 2031

Augmented Reality Market Size, Share, Forecast, & Trends Analysis by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography — Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, "Augmented Reality Market by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography—Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global augmented reality market is projected to reach $210.1 billion by 2031, at a CAGR of 34.9% from 2024–2031. The growth of this market is driven by the increasing government initiatives for AR implementation, rising demand for AR technology in the retail & e-commerce sectors, and growing adoption in healthcare. However, privacy & security concerns and the high cost of hardware restrain the market’s growth.

Additionally, advancements in 5G technology and emerging opportunities in the travel & tourism industry are expected to create market growth opportunities. However, the shortage of skilled professionals is a significant challenge impacting the market’s growth.

The global augmented reality market is segmented by offering (hardware (head-mounted display (smart glasses, headsets, other head-mounted displays), head-up display), platform, services), type (marker-based AR, marker-less AR), application (training & learning, quality inspection, tourism & visitor experience, remote assistance, designing & modeling, gaming, promotion & advertising, other applications), and end-use industry (industrial & manufacturing, healthcare, education, retail & e-commerce, media & entertainment, transportation & logistics, automotive, travel & tourism, real estate, sales & marketing, other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the global augmented reality market is segmented into hardware, platform, and services. In 2024, the hardware segment is expected to account for the largest share of over 55% of the global augmented reality market. The large market share of this segment is attributed to the increasing adoption of AR-powered devices in the entertainment industry, the increase in smartphone sales, and the development of AR smart glasses by market players. Key market players are launching new AR hardware to improve customer experience. For instance, in June 2023, Apple Inc. (U.S.) launched Apple Vision Pro, an augmented reality headset, to increase customer experience. The device is controlled using eye contact and hand gestures for selecting and scrolling applications and has a virtual keyboard and dictation for typing.

Moreover, the hardware segment is projected to register the highest CAGR during the forecast period.

Based on type, the global augmented reality market is segmented into marker-based AR and marker-less AR. In 2024, the marker-based AR segment is expected to account for the larger share of the global augmented reality market. The large market share of this segment is attributed to the increasing sales of smartphones and advancements in remote assistance systems for navigation in the automotive and travel & tourism sectors. Moreover, the marker-based AR segment is also projected to register the highest CAGR during the forecast period.

Based on application, the global augmented reality market is segmented into training & learning, quality inspection, tourism & visitor experience, remote assistance, designing & modeling, gaming, promotion & advertising, and other applications. In 2024, the gaming segment is expected to account for the largest share of over 33% of the global augmented reality market. The large market share of this segment can be attributed to the growing popularity of gaming and the rising demand for smartphones and gaming consoles.

However, the promotion & advertising segment is projected to register the highest CAGR during the period. This segment’s growth is driven by the widespread adoption of AR-capable smartphones, increasing emphasis on digital marketing, and the rising significance of AR in marketing and communications departments.

Based on end-use industry, the global augmented reality market is segmented into industrial & manufacturing, healthcare, education, retail & e-commerce, media & entertainment, transportation & logistics, automotive, travel & tourism, real estate, sales & marketing, and other end-use industries. In 2024, the media & entertainment segment is expected to account for the largest share of over 25% of the global augmented reality market. This segment’s large market share can be attributed to the growing adoption of AR technology in gaming applications and the emerging opportunities for AR within the media & entertainment industry.

However, the healthcare segment is projected to register the highest CAGR during the period. This segment’s growth is driven by the increasing opportunities in the healthcare sector to utilize immersive technologies for learning and training purposes and increasing government investments in healthcare institutions. Moreover, market players are continuously enhancing AR hardware and software to make products more affordable, user-friendly, and powerful for healthcare applications.

Based on geography, the augmented reality market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 40% of the global augmented reality market. North America’s significant market share can be attributed to the increasing government initiatives aimed at promoting the implementation of immersive technologies across various sectors, rising investments in digital infrastructure, and the presence of leading market players in the region. In December 2022, Los Angeles Rams (U.S.), a professional American football team, launched ARound technology, a next-generation fan engagement platform designed to enhance gameday fun with live and real-world AR experiences at the National Football League (NFL) in SoFi Stadium (U.S.).

However, the market in Asia-Pacific is projected to record the highest CAGR of over 37.5% during the forecast period. The growth of this regional market can be attributed to the presence of major users, producers, and suppliers of AR software and VR-related hardware in countries such as China, South Korea, India, and Japan. Many organizations in the region are implementing augmented reality wearable electronics to increase workplace efficiency, productivity, and compliance. In response, market players are launching new smart glasses to meet this demand. For instance, in February 2023, Xiaomi (China), a consumer electronics and smart manufacturing solutions provider, launched the Xiaomi Wireless AR Glass, which utilizes distributed computing and offers a retina-level adaptive display that adjusts to the lighting environment. The glasses are designed to support a comprehensive range of applications for larger displays and allow wireless connection between the smart glass and the host device.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=1223

Key Players:

The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).

Key Questions Answered in the Report:

What are the high-growth market segments in terms of offering, type, application, and end-use industry?
What is the historical market size for the global augmented reality market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented reality market?
Who are the major players in the global augmented reality market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global augmented reality market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the emerging players in the global augmented reality market, and how do they compete with other players?

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Redding, California - July 10, 2024

Augmented Reality Market to Be Worth $210.1 Billion by 2031

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