$77+ Bn [AR] Augmented Reality Market is Expected to Grow at a CAGR of over 29.8% During 2022-2028: Vantage Market Research
WASHINGTON – Vantage Market Research’s recent analysis of the Global Augmented Reality (AR) Market finds that the increase in globalized threat of ransomware is expediting market growth. Primarily driven by rising adoption of IoT, the total Global Augmented Reality (AR) Market is estimated to reach USD 78.0 Billion by 2028.
The Market stood at a revenue of USD 16.3 Billion in 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 29.8%.
Furthermore, the growing adoption of artificial intelligence and blockchain technology for risk analytics is also anticipated to augment the growth of the Global Augmented Reality (AR) Market, states Vantage Market Research, in a report, titled “Augmented Reality (AR) Market Size, Share & Trends Analysis Report by Technology (Marker-Based AR Technology, Marker-less AR Technology, Anchor-Based AR Technology), by Offerings (Hardware, Software), by Device Type (HUDs, HMDs), by Application (Consumer, Commercial, Enterprise (Manufacturing), Healthcare), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
Driver: Increase in Adoption of AR Technology in Healthcare Sector to Fuel Global Augmented Reality (AR) Market
The increasing adoption of AR technology is expected to fuel the growth of the Augmented Reality (AR) Market during the forecast period. Augmented reality has great potential in the healthcare industry. With this technology, healthcare can become more affordable and can be extent to millions of individuals. The technology can address health awareness, diagnosis, patient monitoring, patient care, disease outbreak and preventions, medical equipment upkeep and training, treatment and therapy planning, and lifestyle improvement. Further, with augmented reality, medical professionals can get better at drawing blood, using a handheld scanner that projects over the skin and shows nurses and doctors where the veins are present in the bodies of patients. Thus, AR can be used for wide range of applications in the healthcare sector which has increased its overall demand across this industry.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Augmented Reality market is predicted to grow at a CAGR of roughly 29.8% during the forecast period.
- The Augmented Reality market was estimated to be worth roughly USD 16.3 Billion in 2021 and is expected to reach USD 78.0 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Augmented Reality market.
Driver: Increasing demand for AR in Retail and E-commerce Sectors to Stimulate Market Growth
The increase in adoption in retail and e-commerce sectors is anticipated to augment the growth of the Augmented Reality (AR) Market within the estimated period. AR technology is predicted to be the future of shopping. With the introduction of e-commerce, most of the retail stores have adopted AR technology to enhance customers’ shopping experience. Customers can easily visualise themselves in the selected pair of clothes in front of a screen and check the design, colour, and fit due to AR technology. Augmented reality can make the experience of the customer smooth when they are looking for a particular product since the store navigation directs the consumer to the desired product area. Further, an AR-enabled mobile app can also act as a salesperson and provide numerous options that are relevant to the consumer’s need. Additionally, Augmented Reality (AR) also allows the customer to place a 3D model of the product onto the user’s physical environment in ecommerce which effectively solved the challenges of buying online during the Covid-19 pandemic. Thus, owing to the benefits the demand for AR technology has increased to a considerable rate in most the industry verticals.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
North America to Dominate the Global Augmented Reality (AR) Market
North America has dominated the Global Augmented Reality (AR) Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the early adoption and deployment of the latest technologies in the region. Furthermore, presence of several technology companies in the region along with increasing investments in advanced technologies is also anticipated to encourage the adoption of AR technology.
Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rising adoption of online platforms for various purposes in the region. Additionally, the increasing investments in commercial applications of augmented reality are also expected to support the regional growth of the market in the years to come. Further, thriving healthcare and automotive sectors along with rising number of manufacturing facilities in the region is also expected to support the growth of the market within the estimated timeframe.
List of Prominent Players in the Augmented Reality (AR) Market:
- GOOGLE Inc.
- PTC INC.
- SEIKO EPSON
- SAMSUNG ELECTRONICS
- Apple Inc.
- WIKITUDE GMBH
- MAXST CO. Ltd.
- TOSHIBA CORPORATION
- VISTEON CORPORATION
- GLOBE TECHNOLOGIES
- MAGIC LEAP Inc.
- MARXENT LABS
- SCOPE AR
- NIANTIC INC.
- ATHEER INC.
- META COMPANY
- INTEL CORPORATION
March, 2022: Verizon and Doug Liman’s 30 Ninjas, in association with France-based immersive studio Nove lab, announced to launch AR adventure thriller powered by 5G Ultra- Wideband for an unbelievable immersive experience.