Augmented reality market size worth $88.4 billion by 2026
Chicago, July 25, 2022 (GLOBE NEWSWIRE) — The augmented reality market is expected to grow from USD 22.5 billion in 2021 to USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026, according to a new report from MarketsandMarkets™. The most important factors driving the growth of the augmented reality market are increasing adoption of AR technology in healthcare sector, growing demand for AR in retail and e-commerce due to COVID-19, increasing investment in the AR market and growing demand for AR devices. and technology in the global automotive industry.
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- The head-mounted display segment will account for the largest share of the augmented reality market during the forecast period
The use of AR HMD in the automotive sector is expected to fuel the growth of the AR device segment of the augmented reality market. The ability of AR devices to combine the real world with virtual objects has increased their demand in various applications. The mobile HMD has high resolution and 360° viewing angle. Using mobile phones for 3D navigation with real-time overlay of computer graphics has many applications in gaming and other industries; this is expected to drive the growth of the AR devices segment of the market.
- Consumer Application to Hold the Largest Augmented Reality Market Share During the Forecast Period
The consumer application segment is expected to account for the largest augmented reality market size from 2021 to 2026. The consumer segment consists of gaming and sports & entertainment applications. AR has transformed the gaming industry over the past few years by improving the immersion of the gaming experience. AR uses the existing environment in a gaming application and creates a playground within it. This technology provides an interactive experience of a real environment where real world objects are augmented. It overlays animated objects on a live view of the real world. AR games are mostly mobile or tablet based and are also available for handheld gaming systems. Additionally, AR allows users to immerse themselves and engage in the action during sports matches and can be used in sports broadcasting, sports training, and sports marketing. During stadium training seasons, it displays athlete speed, maps, distance to go and wind direction; this data can help athletes train intelligently and improve their sensing and reaction capabilities by expanding their field of view.
- APAC to Record Highest CAGR in Global Augmented Reality Market from 2021 to 2026
The augmented reality market in Asia Pacific is expected to grow at a high rate due to its adoption in the healthcare, commercial and consumer sectors. The increasing number of players in the region is expected to drive the growth of the augmented reality market in APAC. Booming commercial and consumer markets are a key driver for the growth of the augmented reality market in the region as these markets are witnessing increased investment in countries such as Japan, India, and China. The use of augmented reality has increased in APAC commercial and consumer markets due to the easy availability of augmented reality technology in the region. This, in turn, helps the market in the region to grow at a high rate.
Some of the key players in the augmented reality market are
- Google, Inc. (USA),
- PTC Inc. (USA),
- Seiko Epson (Japan),
- Microsoft (USA),
- Lenovo (Hong Kong),
- Samsung Electronics (South Korea),
- Apple (US)
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Augmented reality and virtual reality market by technology type (AR: markerless, marker-based; VR: non-immersive, semi-immersive and fully immersive technology), device type, offer, application, company and geography – Global forecast to 2027