Augmented Reality Market (By Component: Hardware, Software; By Technology: Marker-based AR, Marker-less AR; By Device Type: Head-Up Display, Head-Mounted Display; By Industry Vertical: Gaming, Retail and Ecommerce, Healthcare, Aerospace and Defense, Automotive, Education, Industrial and Manufacturing, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global augmented reality market size was exhibited at USD 40.19 billion in 2022 and is projected to hit around USD 1,191.91 billion by 2032, growing at a CAGR of 40.35% during the forecast period 2023 to 2032.

Key Pointers:

• North America has generated more than 36.9% of revenue share in 2022.
• Asia-Pacific is expected to expand at the fastest CAGR between 2023 and 2032.
• By Component, the software segment has contributed more than 61.4% of revenue share in 2022.
• By Industry Vertical, the healthcare segment is predicted to grow at a remarkable CAGR between 2023 and 2032.

Augmented Reality Market Report Scope

The surge of interest among leading market players such as Google LLC, Microsoft Corporation, Apple, Inc., and others in employing augmented reality (AR) in numerous applications is creating new opportunities. Additionally, the market in media and entertainment is increasing, such as with the rising use of AR in the gaming sector to give participants a view with highly effective video, graphics, and sound, which is anticipated to be a major growth factor.

Augmented reality provides interactive experiences through various sensory modalities, such as somatosensory, visual, auditory, haptic, and others. This technology has numerous applications in education, training, and entertainment. Furthermore, it is increasingly being used in industries such as logistics, healthcare, and manufacturing for monitoring, assistance, maintenance, and training.

The growing popularity of smartphones and app integration is expected to fuel the growth of the augmented reality industry. The increasing collaboration of market participants with 5G providers to lessen latency is expected to accelerate growth prospects. For instance, in January 2022, Telefonaktiebolaget LM Ericsson collaborated with E.E. Limited to demonstrate the potential of 5G standalone using an AR experience.

Additionally, in July 2021, Samsung Electronics Inc. collaborated with GBL Systems Corp. to deploy 5F testbeds for AR at U.S. Army military bases in order to help the U.S. Army in training and planning.

Since the COVID-19 outbreak, there has been an increase in the use of AR technology in marketing and advertising to host virtual events, promotional events, virtual exhibitions, and online commercials. For instance, in July 2020, the OnePlus Nord smartphone was launched using the AR platform Blippar. The growing adoption of AR technology by healthcare industry incumbents is also anticipated to play a significant role in driving the market growth.

Numerous AR solution suppliers work with healthcare organizations and provide their AR tools to support AR-powered healthcare. For instance, in February 2022, Altoida Inc., a provider of augmented reality software, collaborated with the pharmaceutical company Click Therapeutics to use AR technology to better understand baseline cognition measures and how they may impact patient outcomes.

Some of the prominent players in the Augmented Reality Market include:

• Google LLC
• Microsoft
• Samsung Electronics Co. Ltd.
• RealWear, Inc.
• Qualcomm Technologies, Inc.
• Niantic, Inc.
• Innowise Group
• HQSoftware
• Apple, Inc.
• AugRay LLC.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Augmented Reality market.

By Component

• Hardware
• Software

By Technology

• Marker-based AR
• Marker-less AR

By Device Type

• Head-Up Display
• Head-Mounted Display

By Industry Vertical

• Gaming
• Retail and Ecommerce
• Healthcare
• Aerospace and Defense
• Automotive
• Education
• Industrial and Manufacturing
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)