Augmented Reality Market Size to Surpass USD 1109.71 Billion by 2030, exhibiting a CAGR of 50.7%

As per the report by Fortune Business Insights, the global augmented reality market size is projected to reach USD 1109.71 billion in 2030, at a CAGR of 50.7% during the forecast period, 2023-2030

Pune, India, June 05, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global augmented reality market size was valued at USD 42.20 billion in 2022 and is projected to grow from USD 62.75 billion in 2023 to USD 1109.71 billion by 2030, exhibiting a CAGR of 50.7% during the forecast period. Retail Segment to Gain Traction Owing to Growing Focus on Consumer Experience. Fortune Business Insights, provide this information in its report titled, Global Augmented Reality Market Forecast, 2023-2030.

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Key Industry Development:

March 2022 – Tata Consultancy Services entered a partnership with WWF (World Wide Fund) Singapore. The deal is focused on driving awareness regarding tiger trail by deploying AR. The trail is centered on encouraging discussion and education with digital experience.

Key Takeaways

• Augmented reality market size in North America was USD 13.72 Billion in 2022
• TCS Inked a Partnership with WWF Singapore to Strengthen Industry Position
• Growing popularity of AR-based remote assistance across industries to Aid Segment Expansion
• Driving Experience Segment to Gain Prominence Driven by Increasing Endeavor on Providing Interactive Driving Experience

Discover the Leading Players Featured in the Report:

“Companies leading the global augmented reality market are Samsung Electronics Co. Ltd. (South Korea), Apple Inc. (U.S.), Vuzix Corporation (U.S.), Meta Platforms, Inc. (U.S.), PTC, Inc. (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Sony Corporation (Japan), NVIDIA Corporation (U.S.), Google LLC (U.S.)”

Report Scope & Segmentation

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Drivers and Restraints:

Surge in Market Value Impelled by Escalating Adoption of AR Technology

One of the vital factors propelling the augmented reality market growth comprise an increase in the adoption of immersive technologies for supporting healthcare workers. Additional factor favoring industry expansion is the increase in technology adoption across a range of use cases.

However, the market expansion could be hindered by the long term effects of augmented reality on mental health.

Segmentation:

By Industry

• Gaming
• Media
• Automotive
• Retail
• Healthcare
• Education
• Manufacturing
• Real Estate/Architecture/Interior Design
• Defense & Aerospace
• Art & Designing
• Law Enforcement
• Others (Government, Logistics, and Others)

By Application

• Interactive Showroom
• Driving Experience
• Virtual Fitting Room
• Brand Engagement
• Space Visualization and Virtual Tours
• Augmented Surgeries
• Medical Education
• Drug Information
• Well Being
• eLearning Apps
• Professional Training
• Developing & Designing
• Training & Upskilling
• Quality Control
• Virtual Walkthrough
• Designing Staging
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Regional Insights:

North America to Emerge as Prominent Region Owing to Growing Investments in Emerging Technologies

North America is set to lead the augmented reality market share is anticipated to depict substantial growth over the forecast period. The surge is due to escalating investments in emerging technologies in the region.

The Asia Pacific market is poised to record commendable expansion throughout the projected period. The growth is driven by the booming gaming, retail, manufacturing, and automotive sectors.

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Competitive Landscape:

Key Companies Enter into Partnership Agreements to Strengthen Industry Expansion

Major augmented reality companies are adopting and implementing a range of initiatives for strengthening the position of their businesses. These strategies include acquisitions, merger agreements, and the rollout of new solutions. Some of the other steps comprise an increase in research activities and the launch of new solutions. In January 2022, Qualcomm Technologies, Inc. collaborated with Microsoft Corporation for the expansion of enterprise and customer sector’s AR adoption. The companies are aimed to offer transformative experience for next generation augmented reality devices for metaverse ecosystem.

FAQs

How big is the augmented reality market?

Augmented reality market size was USD 42.20 billion in 2022. It is expected to reach USD 1109.71 billion by 2030.

How fast is the augmented reality market growing?

The augmented reality market will exhibit a CAGR of 50.7% during the forecast period, 2023-2030.

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