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.
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)
- Upskills.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)
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DRIVING & RESTRAINING FACTORS:
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.
Read a
Detailed Summary of This Report:
COVID-19
IMPACT:
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.
REGIONAL
INSIGHTS:
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.
A NOTABLE DEVELOPMENT:
June 2020:
Vuzix Corporation signed a partnership agreement with France-based Pixee
Medical, and performed first knee replacement surgery using AR Knee+ and Vuzix
M400 Smart Glasses. The smart glass displayed augmented information and
real-time navigation in the surgeon’s field of view.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/augmented-reality-ar-market-9713
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