The global augmented reality market size is expected to reach USD 97.76 billion by 2028, exhibiting an excellent CAGR of 48.6% during the forecast period. The growing adoption of 5G technology by various industries and enterprises will spur lucrative opportunities for the augmented reality industry in the forthcoming years, states Fortune Business Insights, in a report, titled “Augmented Reality Market, 2021-2028.” The market size stood at USD 4.16 billion in 2020.
Shift to Digital Workplace by Companies to Amplify Growth during Coronavirus
The coronavirus outbreak urged companies to implement a digital shift in their working style. The restriction on travel coupled with social distancing norms imposed by the governments has boosted digital change requisite. According to IBM’s U.S. Retail Index report of 2020, retail businesses have shifted to digital shopping during the pandemic. Besides, many companies have employed augmented reality to virtual assist their customers. For instance, IKEA, Home Depot, Louis Vuitton, and Gucci, and more implemented AR to offer virtual “try-before-you-buy” experiences.
Moreover, companies are offering remote assistance solutions to their employees during the pandemic. For instance, PTC Inc. announced an AR remote assistance solution named Vuforia Chalk, free of cost. It delivers business and employee safety for manufacturing and maintenance work. In addition, the utilization of augmented and virtual reality platforms by hospitals will foster market growth amid the global pandemic.
The report on augmented reality market explains:
- Prominent insights into the market
- Foretelling analysis with critical data
- Newest market trends and expansions
- Competitive landscape
- Regional insights
- COVID-19 impact on the industry
- Crucial data about renowned organizations
High Adoption of AR in the Medical Industry to Propel Market
The growing implementation of AR platforms in the healthcare industry will significantly impact the global augmented reality market growth during the forecast period. AR offers interactive and engaging medical learning experiences for patients and doctors. For instance, in 2017, LV Prasad Eye Institute partnered with Microsoft HoloLens to develop a learning app Holo Eye Anatomy. The app aids medical students in understanding eye anatomy with a 3D effect using Microsoft’s ARHoloLens. Furthermore, the acceptance of AR among prominent companies for more personalized user experience can subsequently influence the market's growth. As per the Virgin Holiday study 2018, the company’s AR-powered emails campaign witnessed a 75% and 40% increase in click-through ratio and email rates, respectively. However, the growing concerns regarding the excessive use of AR can hamper the growth of the market.
Rising Adoption of Immersive Technologies to Strengthen Market in North America
The market in North America is expected to increase rapidly during the forecast period. The growing investment in immersive technologies by major companies will aid the expansion of the market in the region. The increasing government support for the adoption of immersive technologies will intensify the market in North America. For instance, in 2019 US Defense Advanced Research Projects Agency has shown interest in IMT Atlantique and contacted the company for developing similar smart contactless lenses for the US military. Asia Pacific is expected to hold a significant augmented reality market share during the forecast period. The flourishing automotive, manufacturing, logistic, and gaming industries will push the growth in the region. China held a major share in the previous year. The growth is attributed to the presence of renowned hardware manufacturers in the region.
The Report Lists the Key Companies in this Market:
- Google LLC (Alphabet, Inc.) (California, United States)
- Microsoft Corporation (Washington, United States)
- Apple, Inc. (California, United States)
- Samsung Electronics Co. Ltd. (Suwon-si, South Korea)
- io (Virginia, United States)
- Vuzix Corporation (Rochester, United States)
- Facebook, Inc. (California, United States)
- PTC, Inc. (Massachusetts, United States)
- Qualcomm Technologies, Inc. (California, United States)
- Sixense Entertainment Inc. (California, United States)
- Magic Leap, Inc. (Florida, United States)
- RealWear, Inc. (Washington, United States)
- Daqri LLC (California, USA)