REDDING, Calif., July 22, 2024 /PRNewswire/ -- According to
a new market 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,' the augmented
reality market is projected to reach $210.1 billion by 2031, at a CAGR of
34.9% from 2024–2031.
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Augmented reality (AR) is the integration of digital information
with the user's environment in real time, enhanced with
computer-generated visual elements, sounds, and other stimuli. AR
technology provides three features, including the combination of
the digital and physical world, interactions made in real time, and
accurate 3D identification of virtual and real objects. It offers
users an interactive experience using software, apps, and hardware
such as AR glasses, headsets, and head-up displays. AR solutions
use artificial intelligence (AI) technology to allow users to
complete actions using voice prompts and help process information
for AR applications. With the increasing adoption of immersive
technology, the demand for AR is also increasing across various
sectors. AR technology is primarily used in gaming, promotions
& advertising, training, and navigation applications.
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.
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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
around 55% 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 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.
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.
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 around 33% of the 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.
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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 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.
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 around 40% of the
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.).
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).
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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 Experience
- 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
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