Global Augmented Reality Market By Component (Software and Hardware), By Application (Aerospace & Defense, Automotive, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Augmented Reality Market Overview:

The Augmented Reality Market size is expected to be worth around USD 834.66 Billion by 2032 from USD 23.20 Billion in 2021, growing at a CAGR of 38.5% during the forecast period 2022 to 2032.”

Companies are keen to find innovative ways to harness the potential of AR technology. This will drive market growth over the forecast period. The market will grow due to the increasing use of AR technology in mobile devices like smartphones and smart glasses.

Market Analysis:

Component Analysis

The largest revenue share, 60%, was held by the hardware segment in 2021. It is expected to continue dominating this market during the forecast period. The augmented reality software segment is expected to hold the largest market size to drive the growth of the AR market during the forecast period. The market’s dominant position is being facilitated by the increasing adoption of augmented reality devices in a variety of industries and verticals, including healthcare, education, and construction.

AccuVein Incorporated for medical solutions is one example of an AR-based solution. This allows medical professionals to find the veins of patients for intravenous treatments and blood draws, among other things in the healthcare industry. Companies are increasing their investment in AR-compatible products and solutions to meet growing demand.

In the forecast period, the software is expected to grow at 40.8% CAGR. AR technology is affecting daily life in response to the pandemic. AR technology provides a unique and seamless experience for employees as well as students working remotely. AR technology is being used in a variety of handheld devices as it continues to improve. The latest software and hardware allow developers to create simple but large-scale AR solutions.

Application Analysis

The industrial & Manufacturing segment held a significant revenue share in 2021. This segment is expected to continue to dominate the market over the forecast period. AR technology allows industry verticals to discover any errors or glitches, and incumbents of various industries. AR technology is also being used in the aerospace and defense industries. AR technology’s application in the aerospace and defense industry is still in its very early stages. However, the potential use cases for AR technology are limited. AR can help technicians make decisions and reduce the time required to find information.

Healthcare is predicted to be the fastest-growing segment during the forecast period. AR technology is becoming more popular in medical training, surgical visualization, vein visualization, and other areas. Forecasts show that the automotive segment will grow at a 41.3% CAGR. AR technology is being integrated into automobiles by automotive companies to improve consumer experience and distinguish themselves from competitors. AR technology provides a better interactive experience for customers and allows manufacturers to explore new opportunities in manufacturing. AR technology has contributed greatly to the awareness of applications and development security. AR technology has helped in realizing the most recent safety systems online.

The increasing use of AR technology in construction and architectural applications is expected to play an important role in increasing the growth of the AR market. AR technology is widely used in different sectors for different purposes, like in the education, gaming industry, automotive industry, healthcare industry, manufacturing industry, retail industry, fashion industry, travel industry, home buying industry, etc.

This segment will grow due to advances in OLED technology and increasing use cases for AR technology in enterprise applications and in industrial applications.

Key Market Segments:

By Component

• Software
• Hardware

By Application

• Aerospace & Defense
• Automotive
• Education
• Healthcare
• Other Applications

Market Dynamics:

AR-based apps are used by companies for manufacturing functions, assembly functions, analyzing tasks, finding solutions, and production line functions. This is why the market will continue to grow because of the rising demand for remote assistance and collaboration from industries involved in optimization and workflow administration.

After the COVID-19 pandemic, AR technology was increasingly being used in marketing and advertising. This has allowed for virtual product launches, product launches and commercials to be hosted online. In addition to driving market growth, the industry’s incumbents are expected to be more open to AR technology. AR solution providers are working with healthcare institutions to provide AR-powered healthcare. Altoida Inc. announced that it had partnered with Click Therapeutics to harness AR technology for a better understanding of cognition and its potential impact on patient outcomes.

AR technology will play a vital role in the market’s expansion. AR technology may be able to help you create a 3D model for a blueprint. AR technology can also help students learn better. AR technology can provide an immersive experience through 2D/3D models, AR books, and AR games. It will also aid in the continuous development and application of different skill sets by students and help drive rapid growth in the augmented reality market. Moreover, for AR applications, mobile AR has some restrictions regarding the size of devices and processing power.

AR technology could revolutionize indoor navigation. MobiDev is a software company that uses AR technology to improve indoor navigation. ARcore can recommend the best route to your destination and display it on your mobile device. For instance, for vehicle concept and prototype engineering, Bayerische Motoren Werke AG(BMW) launched an AR head-up display device. In the automotive industry adoption of the heads-up display has increased.

AR technology is a great tool for outdoor navigation. It can help travelers find tourist spots and accommodations by creating AR-based virtual tours. Hub Hotels by Premier Inn used AR technology to transform its rooms into a virtual city map that guides tourists around the nearby tourist attractions. Accordingly, AR technology is increasingly being used in navigation. This, coupled with the rising demand for AR-based solutions by the incumbents within the travel and tourism industry, will drive market growth over the forecast period.

AR technology is continuously evolving to keep up with consumer demand. AR chipsets have also seen a rise in demand. In response to the growing demand for AR chipsets, industry leaders such as Qualcomm, NXP, and NXP have created innovative AR-powered chipsets that meet the evolving needs of end-users.

From achieving its full market potential, Augmented Reality is still over a decade away and technological advancements in the space industry have increased the market studied in the last two years.

Regional Analysis:

North America was the country with the highest revenue share, 36% in 2021. It is anticipated that it will continue to have a significant market share over the forecast period. The U.S. held the largest augmented reality market share in North America. Many of the world’s most prominent technology companies are located in the United States, including Microsoft Corporation and Google LLC.

The United States is also known for being an early adopter and a proponent of new technologies. Europe is poised to grow as it has been a leader in the adoption of AR technology for gaming and entertainment applications. Germany is gaining attention for its implementation of Augmented Reality technology within the gaming industry. Rising investments in commercial applications are also expected to increase the demand for the AR market in APAC.

The Asia Pacific is expected to be the fastest-growing regional market over the forecast period. Japan and Australia, both developed countries, are steadily establishing themselves as market leaders in this region. They have a large customer base and are advancing the implementation and use of internet-based platforms.

AR technology and AR-based solutions will be popularized in the Asia Pacific by the ongoing rollout of 5G networks. India is a large country with a high population and a rapidly growing internet penetration rate. It is one of the most important economies in the Asia Pacific to use AR technology in the healthcare and manufacturing industries.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The market for augmented reality is still relatively underexplored. There are many opportunities. Vendors invest heavily in R&D (research and development) to develop innovative AR applications for daily use as well as for businesses to streamline their processes and improve their workflows. Augmented reality technology offers a unique opportunity for technology and eCommerce companies to develop new solutions. Lenskart Solutions Pvt Ltd. has used AR technology in the mobile app to let people superimpose augmented reality glasses, sunglasses, or other products virtually onto their faces before making a purchasing decision.

LG Corporation has also implemented AR technology on its electronics website, allowing users to view how a television set might look in their homes on their mobile phones. Market players are creating strategic alliances, and partnerships, and merging with other companies in an effort to improve technology development amid increasing competition.

Major players in the Augmented Reality industry are Google LLC, Apple Inc., Sony Corporation, Blippar Limited, VISTEON CORPORATION, SAMSUNG ELECTRONICS CO. LTD., PTC Inc., Qualcomm Technologies, Inc., and others.

Маrkеt Кеу Рlауеrѕ:

• Microsoft Corporation
• Google LLC
• Apple Inc.
• Vuzix Corporation
• ALPHABET INC.
• Qualcomm Technologies, Inc.
• Seiko Epson Corporation
• PTC Inc.
• Wikitude GmbH
• SAMSUNG ELECTRONICS CO. LTD.
• Sony Corporation
• Blippar Limited
• Infinity Augmented Reality Limited
• Niantic Inc.
• Zappar Limited.
• Other Key Players