The ‘Global Augmented Reality Market Trends, Price, Share, Size, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global augmented reality market, assessing the market on the basis of its segments like component, type, device, technology, application, and major region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Augmented Reality Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 42%
The increasing applications of augmented reality across the healthcare sector is driving the global augmented reality market. Augmented reality or AR Is a technology that can improve diagnostic and treatment procedures by providing precise images and 3D models of organs and hard-to-reach areas of the body which can enhance patient results. Rapid digitalisation in hospitals and surgical centres is escalating the incorporation of augmented reality, leading to a greater market growth for AR.
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Meanwhile, the increasing demand for augmented reality technology in the entertainment sector is another key driving factor of the market for augmented reality. In sporting events, such as UFC, NFL, cricket, and football, augmented reality enables advanced analyses of the play which bolsters the viewing experience. Moreover, the increasing applications of augmented reality in the education sector, to expand visual experiences of students, is likely to garner the market growth in the forecast period.
Augmented reality is also gaining traction in the automotive sector as it increases the efficiency of prototyping and car assembling. In this regard, the thriving automotive sector across emerging economies, supported by the rising sale of electric vehicles, is heightening the augmented reality market growth. In addition, augmented reality enables quick and cost-effective repair of a vehicle which saves consumer costs.
Augmented Reality Industry Definition and Major Segments
Augmented reality (AR) refers to a technology which provides an advanced version of the physical environment using perceptual information that has been generated and collated. AR overlays digital visual elements, sound, and auditory components to make the real-time environment more persuasive for the audience. Augmented reality has several benefits and applications as it offers a hybrid environment involving digital and 3D entities.
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Based on component, the market is segmented into:
o Breakup by Type
Displays and Projectors
By type, the market is divided into:
• Location-Based AR
On the basis of device, the market is classified into:
• Head-Mounted Display
• Head-Up Display
• Smart Glass
By technology, the market is divided into:
• Monitor Based
• Mobile Based
• Near Eye
Based on application, the market is segmented into:
• Military and Defence
• Real Estate
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Augmented Reality Market Trends
The key trends in the global augmented reality market include the innovative technological developments in the military and defence sector. Augmented reality can bolster situational awareness, improve judgement, and provide an upper hand at times of confrontation, which is the reason this technology is being used to enhance combat tactics. Over the forecast period, the increasing military expenditure and favourable digitalisation initiatives of various governments are generating the demand for sensors, position trackers, and head-mounted displays for advanced combat operations.
The increasing demand for smart glasses, induced by the increasing technological awareness among consumers is another crucial trend in the augmented reality market. In addition to this, smart glasses enhance the gaming experience which is further aiding the market dynamics.
In geographical terms, North America holds a decent share of the augmented reality market. The rising demand for augmented reality in various end use sectors across strong economies such as the United States is leading the market in this region. Increasing adoption of smart devices such as smartphones, laptops, and tablets are leading to greater interconnectivity, which are further shaping the market dynamics in North America. Furthermore, the technological advancements in the manufacturing sector are expected to guide the AR market in the coming years.
Key Market Players
The major players in the global augmented reality market report are:
- Google LLC
- Microsoft Corporation
- PTC Inc.
- Epson America, Inc.
- Apple Inc.
- Lenovo Group Limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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