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$77+ Bn [AR] Augmented Reality Market is Expected to Grow at a CAGR of over 29.8% During 2022-2028 | Vantage Market Research

·11 min read
Vantage Market Research, The North Star for the Working World
Vantage Market Research, The North Star for the Working World

WASHINGTON, April 22, 2022 (GLOBE NEWSWIRE) -- 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)”.

Market Dynamics:

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.

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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.

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Segmentation of Augmented Reality (AR) Market:

  • Technology

    • Marker-Based AR Technology

    • Marker-less AR Technology

    • Anchor-Based AR Technology

  • Offerings

    • Hardware

    • Software

  • Device Type

    • HUDs

    • HMDs

  • Application

    • Consumer

    • Commercial

    • Enterprise (Manufacturing)

    • Healthcare

    • Aerospace & Defense

    • Energy

    • Automotive

    • Others

  • Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East and Africa

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/augmented-reality-ar-market-1461

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:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

  3. Key Strategies Undertaken by Companies to Tackle COVID-19

  4. Long Term Dynamics

  5. Short Term Dynamics

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The report on Augmented Reality (AR) Market highlights:

  • Assessment of the market

  • Premium Insights

  • Competitive Landscape

  • COVID Impact Analysis

  • Historic Data, Estimates and Forecast

  • Company Profiles

  • Global and Regional Dynamics

Regional Analysis:

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

  • MICROSOFT

  • LENOVO

  • SAMSUNG ELECTRONICS

  • Apple Inc.

  • WIKITUDE GMBH

  • MAXST CO. Ltd.

  • QUALCOMM

  • TOSHIBA CORPORATION

  • UPSKILL

  • BLIPPAR

  • VISTEON CORPORATION

  • GLOBE TECHNOLOGIES

  • OPTINVENT

  • MAGIC LEAP Inc.

  • MARXENT LABS

  • LLC

  • SCOPE AR

  • NIANTIC INC.

  • ATHEER INC.

  • VUZIX

  • META COMPANY

  • INTEL CORPORATION

  • CONTINENTAL

Browse market data Tables and Figures spread through Pages and in-depth TOC on "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)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/augmented-reality-ar-market-255956

Recent Developments:

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.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?

  • Which are the top five players of the Augmented Reality Market?

  • How will the Augmented Reality Market change in the upcoming six years?

  • Which application and product will take a lion’s share of the Augmented Reality Market?

  • What is the Augmented Reality market drivers and restrictions?

  • What will be the CAGR and size of the Augmented Reality Market throughout the forecast period?

This market titled “Augmented Reality (AR) Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Parameter

Details

Market Size Provided for Years

2016-2028

Base Year

2021

Historic Years

2016-2020

Forecast Years

2022-2028

Segments Covered

• Technology

• Marker-Based AR Technology

• Marker-less AR Technology

• Anchor-Based AR Technology

• Offerings

• Hardware

• Software

• Device Type

• HUDs

• HMDs

• Application

• Consumer

• Commercial

• Enterprise (Manufacturing)

• Healthcare

• Aerospace & Defense

• Energy

• Automotive

• Others

• Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Region & Counties Covered

• North America

• U.S.

• Canada

• Mexico

• Europe

• U.K

• France

• Germany

• Italy

• Spain

• Rest Of Europe

• Asia Pacific

• China

• Japan

• India

• South Korea

• South East Asia

• Rest Of Asia Pacific

• Latin America

• Brazil

• Argentina

• Rest Of Latin America

• Middle East & Africa

• GCC Countries

• South Africa

• Rest Of Middle East & Africa

Companies Covered

• GOOGLE, Inc.

• PTC INC.

• SEIKO EPSON

• MICROSOFT

• LENOVO

• SAMSUNG ELECTRONICS

• Apple Inc.

• WIKITUDE GMBH

• MAXST CO.

• LTD.

• QUALCOMM

• TOSHIBA CORPORATION

• UPSKILL

• BLIPPAR

• VISTEON CORPORATION

• GLOBE TECHNOLOGIES

• OPTINVENT

• MAGIC LEAP, Inc.

• MARXENT LABS, LLC

• SCOPE AR

• NIANTIC INC.

• ATHEER INC.

• VUZIX

• META COMPANY

• INTEL CORPORATION

• CONTINENTAL.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis,
PEST analysis, value chain analysis, regulatory landscape, technology landscape,
patent analysis, market attractiveness analysis by segments and North America,
company market share analysis, and COVID-19 impact analysis

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