NEW YORK, April 3, 2024 /PRNewswire/ — The global augmented reality (ar) market size is estimated to grow by USD 157.21 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 28.71% during the forecast period. The AR market is expanding, driven by smartphone vendors like Apple and Samsung integrating hardware and software for AR platforms. AR technology, including computer vision and positional tracking, enhances user experience in industries like healthcare, education, gaming, and automotive, with 5G providers and AR chipsets supporting this growth. Key players include Meta, Microsoft, and Google, offering AR applications and hardware like AR glasses and head-mounted displays. Industries like manufacturing, defense, and education are leveraging AR for training, design, and interactive showrooms. Regulatory frameworks are under development to ensure safety and ethical use.
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Innovation Sparks Market Growth:
The AR industry is experiencing significant growth, with 5G providers and smartphone vendors integrating AR technology through AR chipsets. AR applications are transforming various sectors, including automotive, defense & aerospace, education, and healthcare. AR glasses and head-mounted displays are revolutionizing industries such as manufacturing, engineering, and design, enabling interactive showrooms, remote assistance, and professional training. AR technology is also being used in commercial applications like brand engagement, gaming, and media & entertainment. In the healthcare sector, AR is enhancing surgical procedures and providing drug information. Regulatory frameworks are being established to ensure the safe and effective implementation of AR technology in industries like law enforcement and defense. Companies like Meta and Livestream Technologies are leading the way in AR hardware development, with advancements in OLED technology and mixed reality (MR) enhancing the user experience. AR technology is also being used in industries like home improvement, with companies like Home Depot using AR for designing and visualization, installation and assembly, and quality control.
Addressing Challenges:
The Augmented Reality (AR) market is experiencing significant growth, driven by design and visualization applications in industries such as manufacturing and construction. AR technology is revolutionizing sectors like healthcare, education, and gaming, with head-mounted displays and smart glasses leading the way. In the healthcare industry, AR is used for drug information and medical education, while in the education sector, e-learning apps provide interactive experiences. Engineers and tech players are developing and designing innovative AR solutions for industrial applications, including installation and assembly, quality control, and safety management. Regulatory frameworks are being established to address privacy concerns, including those related to user data collection and smart glasses. The retail industry is also embracing AR, with applications like virtual fitting rooms and interactive showrooms. Startups and tech players, including Meta, Livestream Technologies, and Meta, are driving advancements in AR and mixed reality (MR), with OLED technology and spatial computing playing key roles. The AR market is expected to continue growing, with applications in law enforcement, professional training, and wellbeing.
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Analyst Review
The Augmented Reality (AR) market is experiencing significant growth in various industries, including media and entertainment, gaming sector, healthcare, automotive, retail, education, and the AR industry itself. Tech players and startups are leading the charge, integrating AR technology into smartphones and collaborating with 5G providers for seamless connectivity. AR’s applications extend beyond operations and installation and assembly, reaching training, quality control, safety management, and design and visualization in the healthcare sector. Stanford University and other institutions are conducting research to further advance AR technology. The potential for AR in these industries is vast, offering innovative solutions and enhancing user experiences.
Market Overview
Augmented Reality (AR) is a cutting-edge technology that has gained significant traction in various industries. AR technology enhances real-world environments by overlaying digital information, creating immersive experiences. The AR market is thriving, with major players like Apple, Google, and Microsoft investing heavily. AR applications are diverse, ranging from education and entertainment to healthcare and manufacturing. AR glasses, such as Google Glass and Microsoft HoloLens, are becoming increasingly popular. AR in retail allows customers to try on clothes virtually, while AR in education provides interactive learning experiences. AR in healthcare enables remote surgeries and real-time patient monitoring. The AR market is expected to grow exponentially, driven by advancements in technology and increasing demand for immersive experiences.
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Key Companies:
Augmented Reality (AR) Market is fragmented; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Augmented Reality (AR) Market report includes information on the product launches, sustainability, and prospects of leading vendors including Alphabet Inc., Atheer Inc, Dynabook Inc., Facebook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, Zugara Inc.
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Enterprise
- Retail
- Media And Entertainment
- Healthcare
- Others
- Component
- Hardware
- Software
- Geography
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
