The size of the global augmented reality market, estimated at USD 42.20 billion in 2022, is expected to increase by 1,109.71 billion USD by 2030, with a CAGR of 50.7% from USD 62.75 billion USD in 2023.
The study's purview included augmented reality (AR) products offered by companies like PTC Inc., Google LLC, Apple Inc., Qualcomm Technologies, Inc., Magic Leap, Inc., Sony Corporation, and others. These participants provide a range of answers. PTC Inc. provides products like Vuforia AR, Vuforia Studio, Vuforia Expert Capture, Vuforia Instruct, and Vuforia Spatial Toolbox, as an illustration. Similarly, Google LLC provides ARCore, an AR platform that includes environmental HDR, cloud anchors, and depth of digital objects.
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Information about the report:
ATTRIBUTE
DETAILS
Study Period
2019-2030
Year of Base
2022
Predicted Year
2023
Forecasting Period
2023-2030
Historical Timeframe
2019-2021
Rate of Growth
50.7% CAGR between 2023 and 2030
Unit
Value (USD Billion)
Segmentation
By Industry, Application, and Geography
Analyses of the worldwide Augmented Reality Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
Trending Now
Maintaining customer relationships has emerged as the most crucial aspect of business growth in the modern world. The demand for creative customer engagement solutions increased as the percentage of loyal customers shrank and consumers switched brands quickly. Because it provides a customized and interactive experience that contributes to enhanced customer satisfaction, many businesses are experimenting with AR to make a lasting impression on their customers. For instance, businesses using Android. in's online augmented tools for customer engagement report a 200% increase in sales, according to the provider of business-to-business augmented reality solutions. An Infosys white paper claims that brands that offer customized products are seeing revenue growth that is six to ten times higher. As a result, technology can greatly assist marketers in giving customers a personalized experience.
By Industry Analysis,
Gaming, media, automotive, retail, healthcare, education, manufacturing, real estate/architecture/interior design, defense & aerospace, art & design, law enforcement, and other industries are among those covered by the market.
AR has a bright future in the retail sector. Its capacity to give customers information about any goods and services via smartphones with a 3D effect is probably what will drive market expansion. Additionally, the e-commerce and retail sectors are seeing growth in the AR-based gamification trend.
The Application Analysis indicates that
The market is divided based on applications into interactive showrooms, driving experiences, virtual fitting rooms, brand engagement, space visualization, virtual tours, augmented surgeries, medical education, drug information, well-being, e-learning apps, professional training, developing & designing, training & upskilling, quality control, virtual walkthrough, designing staging, and others.
By Region, Geographically, The market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Players in the industry,
Globally, businesses competing in the global market are receiving enormous funding and investments. To gain expertise, companies like Facebook and Google are buying up start-ups. Similar to this, businesses like Microsoft Corporation, Vuzix Corporation, Qualcomm Technologies, Inc., and others are partnering with various sectors of the economy to grow. Apple plans to create AR smart glasses that resemble those created by Google LLC. For developers to create augmented solutions, the company provides technology apps like ARKit.
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