The Augmented Reality Market is projected to reach $152.9 billion by 2030, at a CAGR of 33.3% from 2023 to 2030. The growth of the augmented reality market is driven by increasing government initiatives for AR implementation and the rising adoption of AR in the healthcare sector. However, privacy & security concerns may restrain the market's growth.
Furthermore, the increasing development in 5G technology and the new growth market for AR in the tourism industry are expected to offer significant opportunities for the augmented reality market. However, a shortage of skilled professionals may hinder the growth of this market.
Rising Adoption of AR in the Healthcare Sector Drive the Augmented Reality Market
With the integration of immersive technologies, the demand for AR is also increasing across various sectors, including healthcare. Augmented reality technology plays a vital role in healthcare and medical operations. AR technology uses graphics and input systems that allow users to interact with physical and digital objects in real time. Integrating AR in healthcare can pave the way for better health results, providing more precise and accurate solutions.
The AR technology is used for medical training & learning, assists surgeons during operations by overlaying digital images onto the patient’s body, provides real-time guidance, and reduces the need for invasive procedures. This has led healthcare solutions providers to integrate immersive technologies for training and learning. For instance, in June 2023 , Amrita Hospital (India) launched an extended reality (XR) supported ecosystem in healthcare with the integration of augmented reality (AR), virtual reality (VR), and mixed reality (MR) technologies to significantly enhance capabilities in patient care, medical training, and research.
Also, in January 2023, Education Management Solutions, LLC (U.S.), the industry leader in healthcare education solutions, launched its intelligent, immersive reality learning solution at the 2023 International Meeting for Simulation in Healthcare (IMSH). This solution blends traditional instruction with augmented reality to create a fully immersive simulation experience by fusing visual, virtual, wearable, biometric, and haptic feedback devices in medical simulation training to measure in three dimensions. Such developments in the healthcare sector to use immersive technologies for learning and training purposes are expected to support the growth of the augmented reality market during the forecast years.
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Key Findings in the Augmented Reality Market Study:
In 2023, the Hardware Segment is Expected to Dominate the Augmented Reality Market
Based on all the offerings studied in this report, in 2023, the hardware segment is expected to account for the largest share of the augmented reality market. The large market share of this segment is attributed to the increasing adoption of AR-powered devices in the entertainment industry, rapid growth in smartphone sales, and the growing development of AR smart glasses by market players.
The Marker-based AR Segment to Register the Highest CAGR During the Forecast Period
Based on all the types studied in this report, the marker-based AR segment is slated to register the highest CAGR during the forecast period. The rapid advancement in remote assistance systems for navigation in the automotive and tourism sectors is a key driving factor promoting the segment's growth.
In 2023, the Gaming Segment is Expected to Dominate the Augmented Reality Market
Based on all the applications studied in this report, in 2023, the gaming segment is expected to account for the largest share of the augmented reality market. The large market share of this segment is attributed to the increasing gaming habits in teenagers and the increasing demand for smartphones and gaming consoles.
The Healthcare Segment to Register the Highest CAGR During the Forecast Period
Based on all the end-use industries studied in this report, the healthcare segment is slated to register the highest CAGR during the forecast period. The increasing developments in the healthcare sector to use immersive technologies for learning and training are the key driving factors promoting the segment's growth.
In 2023, the North America Segment is Expected to Dominate the Augmented Reality Market
Based on all the geographies studied in this report, North America is expected to account for the largest share of the augmented reality market. The large market share of this segment is attributed to the increasing government initiatives to implement immersive technologies across various sectors, growing investment in digital infrastructure, and the presence of leading players in the region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last few years. The key players profiled in the augmented reality market study 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).
Scope of the Report:
Augmented Reality Market Assessment, by Offering
- Hardware
- Head-mounted Display
- Smart Glasses
- Headsets
- Other Head-mounted Displays
- Head-up Display
- Platform
- Services
Augmented Reality Market Assessment, by Type
- Marker-based AR
- Marker-less AR
Augmented Reality Market Assessment, by Application
- Training & Learning
- Quality Inspection
- Tourism & Visitor Experiences
- Remote Assistance
- Designing & Modeling
- Gaming
- Promotion & Advertising
- Other Applications
Augmented Reality Market Assessment, by 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
Augmented Reality Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report: