Luton, Bedfordshire, United Kingdom, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Augmented Reality Market. Augmented Reality Market will exhibit a CAGR of 29.5% in the forecast period of 2022 to 2029 and is expected to reach USD 61.91 billion by 2029.
The next-generation improvement to this virtual projection is called augmented reality, which includes new developments in the visual and hearing senses. Using real-time interaction and 3D projection of pictures of actual items, augmented reality has demonstrated a positive method. The media and entertainment sectors previously utilised the education. In the market for augmented reality, real-world things and surroundings are combined with virtual reality in the form of photos, videos, and audio. Recently, there was a game called Pokémon-go that was built on the premise of Augmented Reality Market. In this game, players utilised an app that worked on the Augmented Reality Market algorithm to track 3D objects with the help of their cameras in order to capture their Pokémon.
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The market's expansion is anticipated to be significantly influenced by the expanding usage of augmented reality (AR) Market in construction and architectural applications. Potential applications of AR technology include creating a 3D representation of a plan and bridging the gap between fantasy and reality. The education sector may potentially benefit from the usage of augmented reality technology to improve student learning. With the use of 2D/3D models, AR books, and AR games, AR technology may help create an immersive experience that will help students acquire a variety of skill sets, which will ultimately fuel the expansion of the augmented reality Market.
Recent Developments:
- In March 2021, Microsoft launched its new app called Microsoft Mesh that gives users across AR/VR meeting space to interact with other users and 3D content, handling all of the technical hard parts of sharing spatial multi-player experiences over the web.
- In March 2021, Microsoft won a contract from the US Army to supply HoloLens technology. The deal is worth about USD 22 billion, lasting for 10 years where Microsoft will provide the military with 120,000 AR headsets.
- In January 2021, Lenovo announced its new Think Reality A3 augmented reality AR glasses ahead of CES 2021 aimed at the enterprise market.
| Report Attribute | Details |
| Revenue forecast in 2029 | USD 144.43 billion |
| Growth Rate | CAGR of 29.5% from 2022 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017-2021 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Revenue in USD billion and CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, display, application, region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; Japan; India; South Korea; Brazil |
| Key companies profiled | Microsoft Corporation, Wikitude GmbH, Zugara, Inc., Google, Inc., PTC, Inc., Magic Leap, Inc., Daqri LLC, Lenovo, Seiko Epson, and Vuzix |
Augmented Reality Market Players
The major players operating in the global augmented reality industry include Microsoft Corporation, Wikitude GmbH, Zugara, Inc., Google, Inc., PTC, Inc., Magic Leap, Inc., Daqri LLC, Lenovo, Seiko Epson, and Vuzix.
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Driver: Rising investments in AR market
Over the past few years, investments in the augmented reality business have grown significantly. The augmented reality business is receiving significant investment from firms including Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group. Additionally, a number of research organisations are investigating the AR application market for a range of goods and uses. Governments finance certain research institutes, while others are supported by private businesses and venture capitalists. Businesses in the consumer, healthcare, aerospace & military, retail, and marketing sectors all benefit from AR.
Key Market Segments: Augmented Reality Market
Augmented Reality Market by Component, 2020-2029, (USD Million)
- Hardware
- Software
Augmented Reality Market by Display, 2020-2029, (USD Million)
- Head-Mounted Display and Smart Glass
- Head-Up Display
- Handheld Devices
Augmented Reality Market by Application, 2020-2029, (USD Million)
- Aerospace & Defence
- Automotive
- Education
- E-Commerce and Retail
- Gaming and Entertainment
- Healthcare
- Industrial and Manufacturing
Augmented Reality Market: Regional Analysis
During the forecast period, the APAC augmented reality market is anticipated to develop at the highest CAGR. It is anticipated that the booming enterprise (manufacturing) sectors in China and Japan would drive the expansion of the augmented reality market in APAC. A substantial portion of the growth in this region's gaming market may be attributed to the rising demand for augmented reality technologies in APAC. Rising investments in commercial applications are also anticipated to aid in the expansion of the APAC market. Additionally, it is anticipated that Japan's booming healthcare and automotive industries would fuel demand for AR technology in the area.
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