Augmented Reality Market Analysis
The global augmented reality market size is predicted to grow at a stellar 41.5%% CAGR during the forecast period (2020- 2030), states the latest Market Research Future (MRFR) report.
Drivers
Growing Adoption in Healthcare Applications to Boost Market Growth
The growing adoption of AR in healthcare applications is predicted to boost market growth. Several AR-based solution providers are making collaborations with healthcare organizations to offer AR-powered healthcare applications for various purposes.
Opportunities
Rising Penetration of Smartphones to offer Positive Market Opportunities
The increasing penetration of smartphones & connected devices in different application sectors will offer market opportunities in the forecast period.
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Restraints
Lack of User Experience Design to act as Market Restraint
The lack of effective user experience design may act as a market restraint over the forecast period.
Challenges
Slow Growth to act as Market Challenge
The slow growth of augmented reality among underdeveloped economies may act as a market challenge over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak had a positive effect on the augmented reality market. On the one hand, it has acted beneficially by giving an edge to doctors in traversing the scale of the virus and testing on it without actually testing on patients. AR help doctors in treating patients based on their symptoms by using lasers to zoom into the virus scans of various patients. UK-based hospitals have implemented AR based platform Virti for dealing with mental health and supporting training during the pandemic. On the other, AR is also gaining traction in the advertising and marketing fields during the pandemic as AR-based virtual events like online commercials, virtual exhibitions and tradeshows, and digital product and store launches are turning into the new norm. In July 2020 for instance, Blippar.Com Ltd delivered the first product launch in the world using AR technology. Besides, the adoption of AR in the education sector is also adding market growth as several educational institutions are shifting their lectures and courses to virtual event platforms in the wake of the pandemic.
Regional Analysis
APAC to Rule Augmented Reality Market
The APAC region will rule the augmented reality market over the forecast period. The presence of several top players and advanced countries, China being the largest e-commerce market, growing demand for AR software and devices from the commercial sector, growing commercial and consumer markets, increasing investments in China, India, and Japan, huge customer base in China and Japan and aggressive adoption of online platforms for various purposes are adding to the global augmented reality market growth in the region. Besides, the continued rollout of high-speed 5G networks, increasing adoption in India in manufacturing and healthcare industries are also adding market growth.
Market Segmentation
Hardware Component to Lead Augmented Reality Market
The hardware component segment will lead the market over the forecast period owing to the growing adoption of AR devices in different industry verticals like retail and e-commerce, manufacturing, healthcare, education, and others.
Head-up Display Type to Dominate Augmented Reality Market
The head-up display type segment will dominate the market over the forecast period. They are presently in an introductory phase and are likely to revolutionize the automotive sector. A good number of companies like Visteon, WayRay, and Continental have already entered the market with their respective plans for AR HUDs.
Consumer End-Users to Spearhead Augmented Reality Market
The consumer end users segment will spearhead the market over the forecast period for increasing adoption in virtual reality and augmented reality solutions among individual users.
Key Players
Eminent players profiled in the global augmented reality market report include Inglobe Technologies, Magic Leap, Scope AR & Microsoft Corporation.
Industry Updates
June 2021- Medtronic and Surgical Theater has entered into a partnership to develop a tech, SyncAR that uses augmented reality to give surgeons superpowers.
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