Apr 20, 2021 (The Expresswire) -- 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.
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Market Segments :
Hardware Segment to Hold the Largest Share
Based on components, the market is classified into hardware and software. The hardware segment is expected to account for the highest share during the forecast period. The surging demand and application of AR devices across industries will encourage the segment’s growth.
Based on device type, the market is characterized by the heads-up display, handheld devices, stationary AR systems, smart glasses, and others. The heads-up display is expected to hold the maximum share during the forecast period due to its high adoption in the automotive industry.
Based on industry analysis, the market is classified into gaming, media and entertainment, automotive, retail, healthcare, education, manufacturing, and others. The gaming industry is expected to experience a rapid growth rate during the forecast period. AR technology offers an immersive and interactive experience for gamers, thus uplifting the industry. Pokemon Go, Ingress, Jurassic World Alive, and The Walking Dead are popular AR games.
The report on augmented reality market explains :
Prominent insights into the market
Foretelling analysis with critical data
Newest market trends and expansions
COVID-19 impact on the industry
Crucial data about renowned organizations
Driving Factor :
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.
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.
Notable Development :