Augmented Reality Market expected to grow at a CAGR of 31.5% from 2021 to 2027

 The global augmented reality market size was valued at USD 14.7 billion in 2020 and is projected to reach USD 91.4 billion by 2027; it is expected to grow at a CAGR of 31.5% from 2021 to 2027. The rising demand for remote assistance and collaboration from enterprises in workflow management and optimization is expected to propel market growth. Businesses use Augmented Reality (AR) -based apps for tracking, identifying and resolving technical issues and tasks, such as retrofitting, assembling, manufacturing, and repairing production lines. The growing preference among individuals for smartphones, smart glasses, and other handheld and wearable devices is driving the adoption of mobile AR technology to provide immersive experiences. As such, companies are particularly exploring the potential of AR technology to offer a customized and interactive experience to customers. For instance, in June 2018, Hennes & Mauritz AB’s brand Monki adopted AR technology to provide a 3D experience to its customers through smartphones while presenting garments on the online platform.

Global Augmented Reality Market Dynamics

Driver: Increasing adoption of AR technology in the healthcare sector

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AR plays a vital role in the healthcare sector. It can be used to provide a virtual view of a patient, in which a surgeon can see the condition of the patient’s body parts. This can help the surgeon to conduct minimally invasive surgeries. AR technology is also aiding surgeons in visualizing joints, muscles, and internal organs without even slicing the body. This enables surgeons to determine where to make incisions and further utilize the data collected during medical emergencies. Real-time data regarding a patient’s health is the primary factor promoting AR technology adoption in the healthcare sector and saving numerous lives. Apart from virtualizing a patient’s health, AR technology saves time during emergency surgery cases, another valuable advantage of deploying AR technology in this sector.

Seeing the massive demand for AR technology in the healthcare sector, several new startups are emerging to grab the opportunity to cater to the market and earn more profits. Startups such as BioflightVR (US), EchoPixel (US), Proximie (London), Medical Realities (London), and Help Lightning (US) are developing and innovating AR technology for surgeries. Similarly, Orca Health (US), AccuVein (US), Augmedix (US), SentiAR (US), Atheer (US), and Meta (US) are developing products related to augmented diagnosis.

Restraint: Security and privacy issues associated with AR

Security and privacy issues are the significant challenges faced by the AR industry. These issues have emerged due to the inconsistencies in AR programming and negligence and oversight of both the developers and end-users of AR apps and devices. A few AR applications do not have the capabilities to secure user identity and privacy.

The primary issue is that no regulations define the dos and don’ts associated with the AR environment. This implies that AR technology can incorporate malicious intent and misuse users’ personal information.

For instance, the try-before-you-buy concept for clothing retailers can be misused. If the idea is not secured well, it can be hijacked. The hacker can overlay a nude body image instead of clothes, harming the user’s reputation. An unsafe try-before-you-buy app can be manipulated, significantly restraining such apps’ growth in the retail clothing sector.

Opportunity: Opportunities in enterprise applications

The opportunities in enterprise applications are enormous. Huge investments from enterprises for smart manufacturing will be a significant driver for the growth of the AR market for the enterprise industry. The companies having factories at different locations can use AR and employ a small number of engineers to manage a large setup. Remote collaboration using AR technology to manage machines and other arrangements remotely would help manage enterprises effectively.

Other critical applications of AR in enterprises are about the instructional use for technicians and other workers in enterprises. AR head-up displays and smart helmets to understand blueprints and instructions/training will help workers work efficiently.

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Scope of the Report

The study categorizes the augmented reality market-based component, display, and application at the regional and global levels.

By Component Model (Revenue, USD Billion, 2017-2027)

• Hardware
• Software

By Display Model (Revenue, USD Billion, 2017-2027)

• HMD & Smart Glass
• HUD
• Handheld Devices

By Application (Revenue, USD Billion, 2017-2027)

• Aerospace & Defense
• Automotive
• Education
• E-commerce & Retail
• Gaming & Entertainment
• Healthcare
• Industrial & Manufacturing
• Others

By Region (Revenue, USD Billion, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The hardware segment holds the largest share in the market

The hardware component segment accounted for the largest revenue share of over 55.0% in 2020. The segment is expected to continue dominating the market over the forecast period due to the growing adoption of AR devices across various industries and industry verticals, including education, healthcare, manufacturing, retail, and e-commerce. For instance, AccuVein Inc., a medical imaging solutions provider, uses projection-based AR technology to project the image over the skin and help doctors find a suitable vein for vaccination. The key market players are investing aggressively in advanced AR products, fueling the demand for AR-compatible hardware. For instance, in January 2020, Hangzhou Tairuo Technology Co., Ltd. (Nreal), a mixed reality user experience provider, launched Nreal Light AR glasses with six Degrees of Freedom (DoF) spatial tracking and two spatial cameras for an improved experience of mixed reality.

North America accounts for the highest market share during the forecast period.

Based on the regions, the global augmented reality market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America dominated the augmented reality market in 2020 and accounted for a revenue share of around 35.0%. The US accounted for a substantial share of the regional market. The US is home to several technology companies, such as Google LLC; Microsoft; Apple, Inc.; and Magic Leap, Inc., among others. The US also leads in terms of the adoption and deployment of the latest technologies. Europe is also expected to witness considerable growth over the forecast period driven by the growing adoption of AR technology in gaming and entertainment applications. Germany is particularly emerging as a gaming hub.

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Asia Pacific is expected to emerge as the fastest-growing regional market registering a CAGR of over 45.0% from 2021 to 2028. China and Japan dominate the regional market, leveraging a massive customer base and aggressive online platforms for various purposes. The region is anticipated to witness rapid adoption of AR technology driven by the continued rollout of high-speed 5G networks. India is also emerging as a promising regional market. In India, the manufacturing and healthcare industry verticals, which rely significantly on hands-on labor for operating machinery and conducting medical procedures, are expected to adopt AR technology. AR technology can obtain an open stream of real-time images, information, and analytics by wearing AR headsets while operating machinery and conducting medical procedures.

Key Market Players

Few players with their product offerings dominate the market, and the global market is expected to be consolidated. Microsoft, Google LLC, Apple, Inc., Sony Corporation, Blippar Ltd, Infinity Augmented Reality Ltd., Niantic, Inc., Zappar Ltd., Magic Leap, Inc., and Wikitude GmbH are some of the major players present in the market studied. Industry tech giants such as Google, IBM, and Microsoft are also offering these services in collaboration with the startups to compete in this as-a-service market.

Recent Development

• In August 2020, PTC and the University of Sheffield Advanced Manufacturing Research Centre (AMRC) signed an agreement to implement Vuforia Expert Capture across its three locations in the UK.
• In September 2020, Epson America, Inc., a division of Seiko Epson Corporation of Japan, partnered with 3D HoloGroup, a US-based specialist in AR software architecture and system integration, to sell the AR glasses of Epson.

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Key Issues Addressed

• What is the market size by various segmentation of augmented reality by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter’s five forces of the augmented reality market?
• What are the key opportunities and trends for manufacturers involved in the augmented reality supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how are regulations, schemes, patents, and policies impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of augmented reality in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and well-known companies in the market.