New York, USA, Sep 28, 2022 (GLOBE NEWSWIRE) — According to the newly released report by Research Dive, the global augmented reality market should grow at a steady rate 30.9% CAGRthus obtaining a revenues of $65,323.4 million in the Calendar 2020-2028. This holistic report provides a comprehensive overview of the nature of the Augmented Reality market including its key characteristics such as growth drivers, growth opportunities, restraints, and barriers during the period 2020-2028. The report also contains all the necessary and essential market figures to help new entrants get an insight into how the market works.
Augmented reality market dynamics
Drivers: Massive technological advancements in the augmented reality industry are expected to be the major growth driver for the augmented reality market over the forecast period. Along with this, the increasing adoption of AR technology in the healthcare industry is expected to drive the market forward.
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Opportunities: It is estimated that the increasing adoption of augmented reality in retail and other industries will provide ample growth opportunities to the market over the forecast period. Moreover, product launches and collaborations between different market players are expected to help the market grow within the analysis timeframe.
Constraints: However, concerns about augmented reality security and privacy might prove to be a hindrance to 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. Lockdowns ordered by various governments to curb the spread of the disease have affected many manufacturing and service industries by hampering supply chains on both the supply and demand side. The augmented reality market was an exception, however. The demand for Augmented Reality and Virtual Reality has increased tremendously in various industries such as entertainment, healthcare, education, retail, etc. Additionally, augmented reality technology has been used in disaster emergency management during the pandemic. All these factors have contributed to the growth of the market despite the pandemic.
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Augmented Reality Market Segments
The report has divided the augmented reality market into certain segments based on component, device type, end use and region.
Component: the hardware sub-segment must be the most profitable
By component, the hardware sub-segment is expected to have the most dominant market share along with the fastest growth rate and generate $38,136.1 million in revenue by 2028. Rising adoption augmented reality technology is expected to be the major contributor to the growth of this sub-segment.
Device type: portable devices are the most dominant
By device type, the wearable devices sub-segment is expected to have the most dominant market share and generate a revenue of $24869.2 million by 2028. The growth in mobile augmented reality demand in the retail sector is expected to be the main factor behind the growth of this sub-segment.
End Use: Media & Entertainment sub-segment will have the highest market share
According to end-use, the media and entertainment sub-segment is expected to have the highest market share and generate revenue of $16,635.0 million by 2028. The wide applicability of augmented reality technologies and virtual reality in the gaming industry is expected to contribute to the growth of this subsegment.
Region: The Asia-Pacific market will be the most lucrative
According to regional analysis, the augmented reality market in Asia-Pacific is poised to become the most dominant sub-segment and is expected to register a revenue of $27,109.2 million in 2020 -2028. The massive rise in the manufacturing sector of China and Japan is expected to be the main driver of market growth in this region.
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Key Players in the Augmented Reality Market
Some prominent players in the augmented reality market are
- Google LLC
- Ptc inc.
- Seiko Epson
- tree structure
- magic jump
- Niantic, among others.
These companies come up with various innovations using different scientific approaches to gain a leading position in the market. – Inquire here to purchase the full report
For instance, in April 2022, Niantic, an augmented reality technology developer, announced the acquisition of NZXR, a New Zealand-based AR studio. NZXR is considered one of the pioneers in the development of augmented reality and therefore this acquisition is expected to help the acquiring company, i.e. Niantic, significantly expand its footprint in the market.
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 key players, and product portfolio.
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