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The rapid growth of the AR market can be attributed to various factors, including increased government efforts to implement AR technology across industries, the rising demand for AR in retail and e-commerce, and growing adoption in the healthcare industry. However, the market faces constraints such as privacy concerns and the high costs associated with AR hardware. Despite these challenges, technological advancements like the rollout of 5G networks and increasing AR applications in travel and tourism are expected to open new growth avenues.
Nevertheless, the scarcity of skilled professionals with expertise in AR remains a significant hurdle for market growth.
Market Segmentation and Growth Projections
The report segments the global AR market across four major dimensions: offering, type, application, and end-user industries. Each of these is further divided into specific categories to analyze trends and competition at both regional and country levels.
Offering
Based on offerings, the market is segmented into hardware, platform, and services. In 2024, hardware is expected to dominate, accounting for over 55% of the total market share. This growth is driven by the increasing adoption of AR devices such as smart glasses and headsets in industries like entertainment and retail. The hardware segment's prominence is also supported by the ongoing innovations in AR devices, including Apple's Vision Pro AR headset launched in 2023. Such innovations have elevated user experience through enhanced interaction capabilities, such as eye-tracking and hand gestures.
In addition to its dominant market share, the hardware segment is expected to exhibit the highest growth during the forecast period, supported by the rising use of AR across various sectors.
Type
The market is categorized into two types: marker-based AR and marker-less AR. Marker-based AR, which relies on visual markers to trigger digital content, is projected to dominate the market by 2024. The increasing use of AR in sectors like automotive for navigation systems and tourism for immersive visitor experiences is fueling the growth of this segment. Marker-based AR is also expected to witness the highest CAGR during the forecast period, propelled by the growing popularity of remote assistance systems and smartphone-based AR applications.
Application
The applications of AR span multiple industries, including training & learning, quality inspection, tourism & visitor experience, remote assistance, designing & modeling, gaming, promotion & advertising, and other uses. Among these, the gaming sector is expected to lead the market with a 33% share in 2024. The expanding popularity of AR in gaming, along with increasing sales of gaming consoles and smartphones, is driving growth in this segment.
Meanwhile, the promotion & advertising segment is set to witness the highest growth rate. This trend is driven by the growing importance of digital marketing and the widespread availability of AR-capable smartphones. AR offers unique, engaging marketing experiences, making it a valuable tool for advertising campaigns.
End-User Industry
The global AR market is divided into several end-user industries, including retail & e-commerce, healthcare, education, media & entertainment, industrial & manufacturing, automotive, transportation & logistics, travel & tourism, real estate, and sales & marketing. In 2024, the media & entertainment sector is expected to account for the largest share of the market, driven by the increasing adoption of AR in gaming and entertainment platforms.
However, the healthcare industry is projected to register the highest growth during the forecast period. The integration of immersive technologies in healthcare for training, diagnostics, and treatment purposes is fueling growth in this segment. Additionally, healthcare organizations are investing heavily in AR solutions to enhance patient care and medical education.
Geographical Insights
The augmented reality market is analyzed across five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is anticipated to hold the largest market share in 2024, accounting for over 40% of the global AR market. The region’s growth is supported by robust government initiatives promoting AR adoption, rising investments in digital infrastructure, and the presence of leading AR companies. A notable example is the Los Angeles Rams (U.S.), who partnered with ARound to launch an AR-based fan engagement platform at SoFi Stadium in 2022.
The Asia-Pacific region, however, is expected to experience the fastest growth during the forecast period, with a CAGR of 37.5%. This growth is primarily driven by the rising demand for AR solutions in countries like China, South Korea, India, and Japan. Additionally, companies in this region are increasingly adopting AR wearables to enhance productivity and compliance in workplace environments. Xiaomi’s launch of its Wireless AR Glass in 2023 is a prime example of this trend.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/augmented-reality-market-1223
Key Players:
The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).
Key Questions Answered in the Report:
- What are the high-growth market segments in terms of offering, type, application, and end-use industry?
- What is the historical market size for the global augmented reality market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented reality market?
- Who are the major players in the global augmented reality market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global augmented reality market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the emerging players in the global augmented reality market, and how do they compete with other players?
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