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Augmented Reality Market size is projected to witness a CAGR of 31.5% during the period 2021-2026 described in a new market report

MarketsandMarkets has published a new report “Augmented Reality Market Size Global Forecast to 2026” which is an extensive research study on the Augmented Reality Market and also provides detailed information about key drivers, opportunities and restraints.

The global augmented reality market is projected 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.

The most significant factors driving the growth of the augmented reality market is increasing adoption of AR technology in healthcare sector, growing demand for AR in retail and e-commerce sectors due to COVID-19, rising investments in AR market, and surging demand for AR devices and technology in global automotive industry.

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Head-mounted displays segment to account for the largest share of 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 devices 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.

Mobile-based HMD has a high resolution and a 360° viewing angle. The use of mobile phones for 3D navigation with a real-time overlay of computer graphics has numerous applications in the gaming sector and other industries; this is expected to drive the growth of the AR devices segment of the market.

“Consumer application to hold the largest share of augmented reality market during forecast period”

The consumer application segment is projected to account for the largest size of the augmented reality market 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 enhancing the immersiveness of the gaming experience.

AR uses the existing environment in a gaming application and creates a playing field within it. This technology provides an interactive experience of a real-world environment where real-world objects are augmented.

It superimposes animated objects on a live view of the real world. AR games are mostly mobile-based or tablet-based and are also available for portable gaming systems.

Moreover, AR allows users to immerse and engage in the action during sports matches and can be used in sports broadcasting, sports training, and sports marketing. During practice seasons in stadiums, it displays the speed of the athlete, maps, distance to cover, and the wind direction; this data can help in the smart training of athletes and improve their detection and reaction abilities by expanding their field of vision.

APAC to register highest CAGR in global augmented reality market during 2021- 2026

The augmented reality market in APAC is expected to grow at a high rate owing to its adoption in the healthcare, commercial, and consumer sectors. The increasing number of players in the region is projected to drive the growth of the augmented reality market in APAC.

The thriving commercial and consumer markets are a key factor driving the growth of the augmented reality market in the region as these markets are witnessing increased investments in countries such as Japan, India, and China. The use of augmented reality has increased in commercial and consumer markets in APAC owing 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 pace.

Major players in the augmented reality market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), and Apple (US).

The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global augmented reality market.

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Study Coverage:

The report describes the detailed information regarding the major factors such as drivers, restraints, challenges, and opportunities influencing the growth of the augmented reality market. It also includes technology trends, trade data, and patent analysis.

This research report categorizes the augmented reality market based on offering, technology, application, device type, and geography. A detailed analysis of the key industry players was carried out to provide insights into their business overviews; solutions and services offered; key strategies adopted that include new product; mergers; and partnerships, agreements, and collaborations, recent developments, and COVID-19 specific developments associated with the augmented reality market.

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