The global augmented reality market size was US$ 16.9 billion in 2021. The global augmented reality market is forecast to grow to US$ 109.4 billion by 2030 by growing at a compound annual growth rate (CAGR) of 29.5% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Augmented Reality technology finds its wide applications across various industrial verticals, such as automotive, defense, healthcare, industrial, e-commerce and entertainment. The growing automation across these industries will fuel the growth of the global augmented reality market.
Increasing demand for convenient remote assistance methods will surge the growth of the market. Furthermore, Augmented Reality (AR) -based applications are highly efficient for tracking, identifying, and resolving technical. The beneficial services of augmented reality will significantly contribute to the growth of the market. Hennes & Mauritz AB's brand Monki deployed AR technology in 2018 with the aim to provide a 3D experience to its customers via smartphones. Thus, the growing adoption of the technology will escalate the market growth during the study period.
The adoption of AR technology in healthcare is increasing rapidly. It helps the surgeon conduct minimally invasive surgeries and visualize joints, muscles, and internal organs without making a single cut. Thus, the growth of the healthcare segment and increasing healthcare expenditure will contribute to the growth of the augmented reality market.
Security and privacy issues associated with AR may limit the growth of the market.
Augmented reality technology is forecast to gain traction due to the growing popularity of AR head-up displays and smart helmets to understand blueprints and instructions. Furthermore, growing number of partnerships between industry players will benefit the overall augmented reality market. For instance, PTC and the University of Sheffield Advanced Manufacturing Research Centre (AMRC) inked a partnership deal to implement Vuforia Expert Capture.
COVID-19 Impact Analysis

The wake of the COVID-19 pandemic has triggered the deployment of AR technology across all industrial verticals. The demand for AR apps increased abruptly in the education sector. In addition, other segments like healthcare and e-commerce also surged the adoption of the technology in order to carry out operations efficiently. Furthermore, trending smart factory infrastructure has been a significant push for the global augmented reality market.

Regional Analysis

North America is forecast to hold the highest share in the augmented reality market due to the presence of prominent industry players, such as Apple, Inc., Google LLC, Microsoft, and Magic Leap, Inc., which will contribute to the market growth. The Asia-Pacific augmented reality market is forecast to grow at the highest growth rate due to the rollout of high-speed 5G networks. India is also emerging as a promising regional market due to growing automation across the healthcare, education, defense, and e-commerce segment.

Competitors in the Market

Microsoft
Google LLC
Apple, Inc.
Sony Corporation
Blippar Ltd
Infinity Augmented Reality Ltd.
Niantic, Inc.
Zappar Ltd.
Magic Leap, Inc.
Wikitude GmbH
Other Prominent Players
Market Segmentation

The global augmented reality market segmentation focuses on Component, Display, Application, and Region.



Component Outlook

Hardware
Software
Display Outlook

HMD & Smart Glass
HUD
Handheld Devices
Application Outlook

Aerospace & Defense
Automotive
Education
E-commerce & Retail
Gaming & Entertainment
Healthcare
Industrial & Manufacturing
Others
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America