Global Augmented Reality Market Segmented By Component (Hardware , Software) By Display (Hmd & Smart Glass , Hud , Handheld Devices) By Application (Aerospace & Defense , Automotive , Education , E-commerce & Retail , Gaming & Entertainment , Healthcare , Industrial & Manufacturing) & By Region - Forecast And Analysis 2020-2027
Market Insights
The Augmented Reality market was valued at USD 17.87 Billion in 2020, and it is expected to reach a value of USD 230.11 Billion by 2027, at a CAGR of 44.06% over the forecast period (2020 - 2027).
Augmented reality is an interactive experience of a real-world environment in which real-world items are augmented with computer-generated perceptual information. Augmented reality is still in its early stages of acceptance, but it is rapidly changing. A recent study shows that about 58.9 million individuals will use virtual reality and 93.3 million will use augmented reality at least once each month by 2023. AR-based apps for tracking, detecting, and resolving disputes are in high demand, and some firms are already using them. Individuals' increased desire for smartphones, smart gadgets, and other wearables that employ AR technology is also fueling market development.
Segmental Analysis
AR technologies offer a wide range of potential applications in Architecture, Engineering, and Construction (AEC) business. However, in comparison to other industries, the AEC business has been sluggish to adopt Augmented reality technology. AR-based technologies necessitate more research and development, and it is expected that many industry verticals will use AR in the future years for a variety of applications.
This report provides in-depth analysis of Global Augmented Reality market. We have analyzed 20+ data points that include product price trends, consumer purchase patterns, company annual sales performance, COVID-19 impact on distribution channels, parent industry performance, regional trends, and technological innovations, for tracking the Global market size and performance in the recent years.
Global Augmented Reality Market Segmentation
The Global Augmented Reality market is segmented based on Component, Display, Application, and Region. Based on Component it is categorized into: Hardware , Software. Based on Display it is categorized into: HMD & Smart Glass , HUD , Handheld Devices. Based on Application it is categorized into: Aerospace & Defense , Automotive , Education , E-commerce & Retail , Gaming & Entertainment , Healthcare , Industrial & Manufacturing. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Regional Insights
Global Augmented Reality Market: Impact of COVID 19
The COVID-19 pandemic had a favorable impact on the increased demand for augmented reality. In the healthcare field, AR solutions are employed to accomplish accurate operations. The current health issue is projected to boost AR and help hospitals with medical training. The onset of the pandemic will certainly drive pharmaceutical suppliers to invest more in R&D in AI, which is a key technology that enables numerous projects..
Key Trends in Global Augmented Reality Market
- According to the 2020 IBM US Retail Index, 41% of those surveyed wanted to try to make a virtual fitting room better for shopping, and 18% had replied that the technology was already used. The comfort of consumers will rise further as AR technology matures. As, AR is used for enhanced consumer experience, growth in the market is likely to be driven.
- Since its first beta introduction in August 2019, Google's AR lives view walking directions for Google Maps have improved. Google introduced several new improvements in October 2020 to improve the AR Live View outside experience. A strong OR navigation tool, dubbed Geo Tracking, has been implemented in ARKit 4 by Apple to assure the optimal location from the street.
- In the health sector, AR is now in use, which also drives the market growth. The given actual and virtual environment contributes to the efficiency of the tasks. The danger of surgery was also decreased when AR was taken since a real-time risk notice was issued to surgeons. For example, FundamentalVR formed a strategic agreement with the Mayo Clinic in November 2018 to collaboratively build operational VR simulations.
Global Augmented Reality Market: Regional Dynamics
As far as regional dynamics are concerned, in 2020, North America dominated the market in revenues. The presence of established technology companies like Google, Microsoft, and Apple in the region is the main contributing factor for the growth. It is also expected that the AR market would also develop considerably in Europe since the AR technology in gaming and entertainment is currently adopted and Germany emerges as a center for the gaming business in Europe.
Market Dynamics
Global Augmented Reality Market: Competitive Landscape
The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:
- Amazon's latest venture in the service space will be in hair care. In 2021, this e-commerce giant has launched its first augmented reality salon in London's Spitalfields. Elena Lavagni, owner of the Neville Hair & Beauty salon in London mentioned that the company will provide Amazon AR Salon's hairstyling services.
- In 2021, SK Telecom Co, South Korea's largest mobile carrier, launched its augmented reality (AR) app in the US as it seeks widespread adoption of immersive technology.
- In March 2020, Apple Inc, partnered with Dent Reality. The aim is to offer indoor apps and navigation solutions that are based on AR technology. It will also help Apple to expand its portfolio in the field of indoor maps documentation.
Key players in Augmented Reality market are:
- Microsoft
- Samsung
- Magic Leap
- Sony Corporation
- Apple
- Blippar
- Niantic
- Zappar
- Wikitude GmbH
- Vuzix Corporation
- Infinity Augmented Reality
Scope of the Report
The study provides an analysis of the Global Augmented Reality Market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value.
ScaleXM came up with the impact of augmented reality and virtual reality on the real estate industry.
For more read here!For More Details:-https://www.scalexm.com/the-impact-of-augmented-reality-and-virtual-reality-on-the-real-estate-industry/
The goal of using augmented reality in marketing can be very simple - the desire that everyone should know about the company.
But the more useful, interesting and more fun the technology, the more it can get your customers from it, the more effective it will be for you.
Augmented reality should not only promote the product, but also focus on the relationship.For the consumer, augmented reality seems to be a technology that can help make a decision during the buying process.
The main attracting factor of AR is the "try before buying" approach.
This works for any product (and is not limited to clothing only).Read more about augmented reality in marketing ,here .
