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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Augmented Reality Market Size
The global augmented reality market size reached a value of about USD 42.89 billion in 2023. The market is further expected to grow at a CAGR of 41.8% in the forecast period of 2024-2032 to reach a value of nearly USD 994.58 billion by 2032.
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Global Augmented Reality Market Growth
During the forecast period, the Asia Pacific is expected to provide market vendors the maximum growth opportunities. The growth of the industry in the region is projected to be driven by rising innovation, technological advancements, and the growing involvement of prominent suppliers.
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Global Augmented Reality Market Segmentation
Augmented reality refers to the technology that overlays a computer-generated image with a real-world view from the consumer and, thus, offers a composite view.
Based on components, the industry can be bifurcated into software and hardware. Hardware can be further divided on the basis of types as follows:
- Sensors
- Semiconductors
- Displays and Projectors
- Position Trackers
- Cameras
- Others
Based on type, the industry can be divided into:
- Marker-Based
- Marker-Less
- Location-Based AR
Based on the device, the industry can be segmented into:
- Head-Mounted Display
- Head-Up Display
- Smart Glass
The technology types in the industry can be divided into:
- Monitor Based
- Mobile Based
- Near Eye
Augmented reality finds wide applications in the following sectors:
- Automotive
- Healthcare
- Military and Defence
- Education
- Retail
- Engineering
- Real Estate
- Entertainment
- Others
The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Expanding Use of AR-Enabled Smart Glasses to Propel the Augmented Reality Market Forward
The growing use of AR-enabled smart glasses is projected to drive the growth of the global augmented reality market. Owing to its capability of seamlessly combining vision with the virtual world, the popularity of smart glasses is increasing. Such lenses use a combination of screens, sensors, accelerometers, smart software, and internet access to provide the user views with contextual information. AR-enabled smart glasses are being increasingly used across different home and work applications, thus, influencing the augmented reality industry growth positively.
In the coming years, the rising acceptance of the technology and the integration of such technology in automobiles are expected to propel the industry growth. The growing investments by major tech companies into expanding their augmented reality portfolio are also estimated to support the industry growth. The growing adoption of the technology by the retail sector is further expected to aid the industry growth, especially in the post-COVID world, where social distancing rules are expected to remain active even as lockdowns ease.
Key Industry Players in the Global Augmented Reality Market
The report gives a detailed analysis of the following key players in the global augmented reality market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Google LLC
- Microsoft Corporation
- PTC Inc.
- Epson America, Inc.
- Apple Inc.
- Lenovo Group Limited
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Type |
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| Breakup by Device |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global augmented reality market reached a value of USD 42.89 billion in 2023.
The market is projected to grow at a CAGR of 41.8% in the forecast period of 2024-2032.
The market is estimated to reach a value of about USD 994.58 billion by 2032.
The major drivers of the market include rising disposable incomes, increasing population, the rising use of AR-enabled smart glasses, growing R&D investments by key players, and growing demand for augmented reality in the retail sector.
The rising acceptance of augmented reality and rapid technological advancements are expected to be the key trends guiding the growth of the market.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market.
Software and hardware are the significant components of augmented reality considered in the market report.
The major types of the technology in the market are marker-based, marker-less, and location-based AR.
Head-mounted display, head-up display, and smart glass are the various devices considered in the market report.
The different technologies of augmented reality considered in the market report include monitor based, mobile based, and near eye.
The major applications of augmented reality include automotive, healthcare, military and defence, education, retail, engineering, real estate, and entertainment, among others.
The key market players include Google LLC, Microsoft Corporation, PTC Inc., Epson America, Inc., Apple Inc., and Lenovo Group Limited, among others.
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