Market Scope

The global augmented reality market is fueled by the increasing adoption of AR in the healthcare sector. AR has been used in imparting education and training to surgeons on new techniques of surgery for new diseases. The technology can be used by relying on existing patient medical history to make rapid decisions. This has led to the emergence of new startups in the healthcare sector and the development of new techniques. The Augmented Reality Market is projected to reach USD 461.25 billion growing at a CAGR of 41.50% by 2030.

Retail and education sectors are expected to be the biggest proponents of AR as the technology is being used to enlighten customers or provide a preview of products. This can lead to a breakthrough in immersive training and pave open new avenues in learning.

But concerns over sharing of private data without the consent of users as well as the possibility of malware infections can pose a challenge to the market.

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COVID-19 Impact Analysis

The COVID-19 pandemic has negatively affected the augmented reality market owing to disruptions in the supply chain caused by lockdowns and trade embargoes. The dependence on a single source of components and raw materials is likely to dampen market prospects. But the inclination towards smart homes owing to the boom in economic growth in certain countries can widen prospects of the market.

Segmentation Analysis

Hardware Component Segment to Register Phenomenal Growth

The hardware segment is set to register a stellar growth rate during the forecast period due to adoption of hardware pertaining to AR. Adoption of AR glasses and gloves for manipulating applications through a platform can drive its demand significantly.

Consumer Electronics to be Leading Application

The consumer electronics application is set to capture a large share of the augmented reality market owing to affinity for games and entertainment applications utilizing AR. AR has been used in bringing virtual objects to the real world and made popular through Pokémon Go. 

Regional Analysis

APAC to Capture Considerable Market Share by 2027

Asia-Pacific (APAC) is expected to capture considerable market share owing to applications of AR in the manufacturing sector in China and Japan. Investments in augmented reality by private investors to ensure training of employees in industries can bode well for the market. Implementation of AR for improving the quality of life of individuals with disabilities or imparting education through visual means are prime opportunities for the AR market to flourish in the region.

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Competitive Analysis 

Google (US), Magic Leap (US), Marxent Labs (US), Microsoft (US), and Lenovo Systems (Hong Kong) are key players in the global augmented reality market. 

Industry News

BuzzAR has received funding to the tune of USD 630,000 from Singapore’s Choco Up to expedite development of AR solutions for retail and commerce firms.

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