New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global augmented reality market is predicted to grow at a stable CAGR of 30.9%, thereby garnering a revenue of $65,323.4 million in the 2020-2028 timeframe. This holistic report provides an overarching overview of the nature of the augmented reality market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2020-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Augmented Reality Market
Drivers: Massive technological advancements in the sector of augmented reality are predicted to be the primary growth driver of the augmented reality market in the forecast period. Along with this, increasing adoption of AR technology in healthcare sector is anticipated to push the market forward.
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Opportunities: Growing adoption of augmented reality in retail and other industries is estimated to offer numerous growth opportunities to the market in the forecast period. Moreover, product launches and collaborations between different market players are expected to help the market grow in the analysis timeframe.
Restraints: Concerns about augmented reality's security and privacy, however, might prove to be a hindrance in the growth trajectory of the augmented reality market.
Impact of Covid-19 on the Augmented Reality Market
The Covid-19 pandemic has affected millions of lives, directly or indirectly. The lockdowns ordered by various government to curb the spread of the disease has affected numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The augmented reality market, however, has been an exception. The demand for augmented reality and virtual reality increased tremendously from various sectors such as entertainment, healthcare, education, retails, etc. Also, augmented reality technology has been employed in disaster emergency management during the pandemic. All these factors have helped in the growth of the market despite the pandemic.
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Segments of the Augmented Reality Market
The report has divided the augmented reality market into certain segments based on component, device type, end use, and region.
Component: Hardware Sub-Segment to be the Most Profitable
By component, the hardware sub-segment is predicted to have the most dominant market share as well as the fastest growth rate and generate a revenue of $38,136.1 million by 2028. The growing adoption of augmented reality technology is predicted to be the leading contributor to the growth of this sub-segment.
Device Type: Handheld Devices to be the Most Dominant
By device type, the handheld devices sub-segment is predicted to have the most dominant market share and generate a revenue of $24869.2 million by 2028. Growth in the demand for mobile augmented reality in the retail sector is predicted to be the leading factor behind the growth of this sub-segment.
End Use: Media and Entertainment Sub-Segment to Have the Highest Market Share
By end use, the media and entertainment sub-segment is predicted to have the highest market share and generate a revenue of $16,635.0 million by 2028. The wide applicability of augmented reality and virtual reality technologies in the gaming industry is projected to help in the growth of this sub-segment.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the augmented reality market in the Asia-Pacific region is poised to become the most dominant sub-segment and is predicted to register a revenue of $27,109.2 million in the 2020-2028 timeframe. The massive rise in the manufacturing sector of China and Japan is expected to be the primary growth driver of the market in this region.
Prominent Augmented Reality Market Players
Some prominent market players of the augmented reality market are
- Google LLC
- Ptc Inc.
- Seiko Epson
- Microsoft
- Apple
- TreeView
- DAQRI
- Magic Leap
- CXR
- Niantic, among others.
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market. – Inquire here to buy the full report
For instance, in April 2022, Niantic, a developer of augmented reality technologies, announced that it was acquiring NZXR, a New Zealand-based AR studio. NZXR is considered to be one of the pioneers of augmented reality development and hence this acquisition is expected to help the acquiring company, i.e., Niantic to expand its footprint in the market substantially.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the augmented reality market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Augmented Reality Market:
- Technological Advancements and Business Expansion by Market Players such as Epson and Blippar to Foster the Growth of the Global Augmented Reality Market
- Augmented reality: An In-demand Technology in Various Sectors
