Meticulous Research®, a prominent global market research company, has recently released a detailed report titled, “Augmented Reality Market by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography—Global Forecast to 2031.” According to the report, the global augmented reality (AR) market is projected to reach $210.1 billion by 2031, growing at a CAGR of 34.9% from 2024 to 2031.
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The projected growth of the AR market is driven by several key factors, including government initiatives aimed at promoting AR technology across various industries, increasing demand for AR in the retail and e-commerce sectors, and growing adoption of AR in healthcare for training, diagnostics, and patient care. However, the high cost of AR hardware and ongoing concerns regarding data privacy and security are potential challenges hindering market expansion.
Despite these obstacles, the continued evolution of 5G technology and the emergence of AR applications in the travel and tourism industry are expected to provide lucrative opportunities for market growth. However, the lack of skilled professionals with AR expertise remains a significant challenge for the market.
Market Segmentation and Insights
The global augmented reality market is segmented into offerings, types, applications, and end-user industries, with detailed analysis provided for each segment. The report further evaluates market competition and trends at regional and country levels.
Offering
The market is divided into three main offerings: hardware, platform, and services. In 2024, the hardware segment is expected to dominate, accounting for over 55% of the market share. The rapid growth of this segment is fueled by the increasing demand for AR devices in sectors such as retail, media & entertainment, and healthcare. Key players like Apple, with the launch of its Apple Vision Pro AR headset in 2023, are driving the hardware segment forward by improving customer interaction and enhancing the AR experience through eye-tracking and hand gestures.
The hardware segment is also projected to witness the highest CAGR over the forecast period, thanks to the increasing penetration of AR across various industries.
Type
Based on type, the AR market is segmented into marker-based and marker-less AR. The marker-based AR segment, which uses physical markers to trigger digital experiences, is expected to dominate the market in 2024. This segment’s growth is supported by the rising popularity of AR in sectors such as automotive, travel, and tourism, where marker-based AR is being used for enhanced navigation and immersive experiences.
In addition to holding the largest share, marker-based AR is expected to record the highest growth rate during the forecast period, driven by advancements in AR technology and the increasing use of smartphones in AR applications.
Application
The application segment of the AR market is divided into training & learning, quality inspection, tourism & visitor experience, remote assistance, designing & modeling, gaming, promotion & advertising, and others. In 2024, the gaming segment is expected to account for over 33% of the market, making it the largest application segment. The growing popularity of AR-based games, along with the increasing demand for smartphones and gaming consoles, is driving growth in this sector.
While gaming leads in market share, the promotion & advertising segment is projected to witness the highest growth rate. This trend is fueled by the increasing adoption of AR in marketing campaigns, where it enhances customer engagement and provides interactive experiences. The proliferation of AR-capable smartphones has further accelerated the growth of AR in the marketing and advertising sectors.
End-User Industry
The AR market is also segmented based on the end-use industry, with key sectors including retail & e-commerce, media & entertainment, healthcare, education, transportation & logistics, automotive, industrial & manufacturing, travel & tourism, real estate, sales & marketing, and others. In 2024, the media & entertainment sector is expected to dominate, accounting for over 25% of the total market share. The growing use of AR in entertainment platforms and gaming applications is a key driver for this segment.
The healthcare sector, however, is expected to grow at the highest CAGR during the forecast period. AR technology is increasingly being adopted in healthcare for medical training, diagnostics, and patient treatment. Government investments in healthcare technology and continuous advancements in AR hardware and software designed for medical use are further accelerating the growth of this segment.
Regional Market Outlook
Geographically, the AR market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is projected to hold the largest share, accounting for over 40% of the global market. The region’s dominance is due to increasing government support for immersive technologies, significant investments in digital infrastructure, and the presence of major market players. For example, the Los Angeles Rams introduced ARound, a fan engagement platform using AR technology, at the SoFi Stadium in December 2022, enhancing the game-day experience for NFL fans.
In contrast, the Asia-Pacific region is expected to record the highest growth rate, with a projected CAGR of over 37.5% during the forecast period. The region’s rapid growth is fueled by rising demand for AR in countries like China, South Korea, India, and Japan. The launch of innovative AR products, such as Xiaomi’s Wireless AR Glass in February 2023, highlights the region’s growing focus on AR technology. These AR wearables enhance productivity, efficiency, and compliance across various industries, contributing to the region’s growth.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/augmented-reality-market-1223
Key Players:
The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).
Key Questions Answered in the Report:
- What are the high-growth market segments in terms of offering, type, application, and end-use industry?
- What is the historical market size for the global augmented reality market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented reality market?
- Who are the major players in the global augmented reality market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global augmented reality market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the emerging players in the global augmented reality market, and how do they compete with other players?
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