Augmented Reality Market Key Drivers, Industry Size, Regional Investments and Top Segments Data till 2028
Posted on May 11 2021 4:16 AM
"Top Players in Augmented Reality (AR) Market include Alphabet Inc., Apple, Microsoft, Samsung Electronics, DAQRI, Vuzix Corporation, Facebook"
The global augmented reality market size is projected to reach USD 65.22 billion by 2027, exhibiting a CAGR of 48.3% during the forecast period. Growing presence of AR devices and solutions amid COVID-19 pandemic will create new avenue for expansion in the market, finds Fortune Business Insights™ in its report, titled “Augmented Reality Market Forecast By Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Device Type (Head Mounted Display, Heads-Up Display, Handheld Devices, Stationary AR Systems, Smart Glasses, Others), By Industry (Gaming, Media & Entertainment, Automotive, Retail, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2020-2027”. With large swathes of people worldwide confined to their homes to contain the spread of the coronavirus, diverse entities are looking for efficient ways to ensure continuation of work without impediments. AR technology has offered the desired solutions. For instance, first-year medical students at Cleveland’s Case Western Reserve University have been utilizing HoloAnatomy and HoloLens to study the human body from their homes. In May 2020, Facebook also unveiled its prototype AR and virtual reality (VR) technologies to enable employees to work from home in the long-run, even after the pandemic is over. Thus, AR is proving extremely beneficial for remote working as well as remote learning and as a result, its adoption is all set to surge not just during, but also after the COVID-19 pandemic has abated.
To Gain More Insights into the Augmented Reality Market, Browse Summary of the Research Report: https://www.fortunebusinessinsights.com/augmented-reality-ar-market-102553
The report is fixed at delivering a comprehensive description of the augmented reality (AR) market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the ways and components convincing diesel generator market expansion, growth patterns, restricting factors, and market strategies.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The report states that the global market value in 2019 stood at USD 2.82 billion and offers the following:
- Careful evaluation of the factors shaping the size, share, and the growth trajectory of the market;
- Detailed analysis of all the market segments;
- Thorough examination of the regional and competitive dynamics of the market; and
- Comprehensive assessment of the impact of the COVID-19 pandemic on the market.
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List of Key Companies Profiled in the Augmented Reality Market Report:
- RealWear, Inc.
- Sixense Entertainment Inc.
- PTC, Inc.
- Vuzix Corporation
- Samsung Electronics Co. Ltd.
- Microsoft Corporation
- Magic Leap, Inc.
- Qualcomm Technologies, Inc.
- Facebook, Inc.
- Apple, Inc.
- Google LLC (Alphabet, Inc.)
Potential Negative Effects of AR on Human Behavior May Slow Down Adoption
A study recently conducted by researchers at Stanford University found that after people had experienced augmented reality through computer-generated simulations, their behaviors and interactions changed in the physical world as well. The findings of the study revealed that subjects who were made to wear AR-powered goggles were unable to distinguish between the virtual world and the real world. According to the researchers, excessive usage of AR is likely to have a significant impact on the social-psychological interactions of people in real-world scenarios. Spreading awareness about this drawback of AR may restrict its adoption. In addition to this, many experts fear that overload of information may confuse and overwhelm the wearer, preventing quick decision-making, which will defeat the purpose of deploying augmented reality (AR) tools in organizations. These shortcomings may limit the augmented reality market growth in the upcoming years.
Robust Investment Culture to Favor Market Growth in North America
With a market size of USD 0.92 billion in 2019, North America is slated to dominate the augmented reality market share during the forecast period. The main reason for the region’s leading position is the favorable investment climate, especially in the domain of information & communication technology (ICT). Moreover, companies in the US and Canada are widening the applicability of AR in different fields, which will play a key role in the long-term development of the market.
Promising growth in the automotive, logistics, manufacturing, and gaming industries is expected to be the primary growth driver for the market in Asia Pacific. In Europe, on the other hand, proliferation of companies and start-ups specializing in AR/VR technologies, especially in the UK, is likely to propel the market in the continent.
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Product Diversification to be the Top Growth Strategy for Key Players
Competition in the AR market is characterized by the path-breaking innovations introduced by tech giants such as Microsoft and Qualcomm. These behemoths, with their well-established presence, strong financial health, and loyal customer base, are taking constant efforts to enhance their R&D capacities to develop diversified products and broaden the scope of their proprietary offerings.
Major Table of Content for Augmented Reality Market:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Global Augmented Reality Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Maintenance & Support Services
- By Device Type (Value)
- Handheld Devices
- Stationary AR Systems
- Head-mounted Displays (HMDs)
- Smart Glasses
- Others (Spatial Augmented Reality (SAR) Systems, etc.)
- By Industry (Value)
- Media and Entertainment
- Healthcare and medical devices
- Manufacturing and Engineering
- Others (Automotive, Real Estate, etc.)
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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