Augmented Reality Market Size to Reach USD 332.60 Billion in 2028, Rising Demand for AR Technology to Train, Maintain and Assist Across Will Drive Revenue Growth of the Market, says Emergen Research
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2022) - The global Augmented Reality (AR) market size is expected to reach USD 332.60 Billion in 2028 and register a steady revenue CAGR of 46.4% over the forecast period, according to latest analysis by Emergen Research.
Expanding features and uses of smartphones and integration of apps with AR are key factors projected to drive market revenue growth. Augmented reality is an enhanced version of the real-world, which is achieved with the help of digital visual elements, sounds, or other sensory stimuli that can be delivered using technologies. Augmented reality is a growing trend among companies involved in business and mobile computing applications.
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Augmented reality is also a powerful tool in the healthcare sector, where it allows users to see detailed 3D images of different body systems when they put their smartphones over a particular part. It is used extensively for training medical professionals. Expansion of gaming industry will also contribute to the growth of the market. Video game is among the major application of the technology and increase in the number of gamers at a rapid rate will fuel the growth of the market.
COVID-19 virus has spurred the use of augmented reality. The pandemic has resulted in social distancing, restricted travel, lack of training tools, and fewer on-site staff, among others. Augmented reality is providing remote assistance in various industries. Schools are adopting remote e-learning to keep students connected, motivated and engaged. It provides new ways to learn, and students in Japan are already using augmented card games to learn to code.
Key Highlights of Report
- In February 2021, Scope AR launched a new platform for authoring remote training augmented reality content. The platform is being used by major companies such as Johnson & Johnson, Lockheed Martin, and Click Bond. The new platform is known as WorkLink Create.
- Augmented reality use sensors to spot and scan an object, and then the technology superimposes on that object to produce a 3D image on screen. Sensors in AR are used to help apprentices with training when experts are not present.
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- Head-mounted displays have gained traction after boom of AR and VR technologies gained rapid traction in recent years. They are used in while flying combat aircraft and serve to provide situational awareness of that moment, and combatant-pilot can control weapons according to head pointing direction. Head-mounted displays are also used by terrestrial guardians and special combatants of special forces of different countries.
- Augmented reality is used in healthcare sector to enhance visualization of MRI or CT during surgical procedures. It is also used for pre-operative planning, which improves accuracy in locating tumors and surrounding structures and avoiding any potential accidents. Augmented reality built into smart glasses superimposes real-time data directly from dental scanners, thereby allowing dentists to build a precise cap or crown.
- North America accounted for largest revenue share in 2020 due to early adoption and deployment of advanced technologies. Increasing popularity of AR in countries in the region will also support growth of the market. In November 2020, the U.S. Army finished its first test of do-it-all goggles in the ruggedized military version that soldiers could use in future. The goggles use head-up display to show weapon's sights view, friendly and enemy positions, compass headings, and also deliver night vision and thermal sights in one package.
- Some major companies in the global market include Microsoft Corporation, Google Inc., Apple Inc., Zappar Ltd., Sony Corporation, Infinity Augmented Reality Ltd., Wikitude GmbH, Magic Leap, Inc., Seiko Epson, and Samsung Electronics Co. Ltd.
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Emergen Research has segmented the global Augmented Reality (AR) market on the basis of offering, device type, application, and region:
- Offering Outlook (Revenue, USD Billion; 2018-2028)
- Display & Projectors
- Semiconductor Component
- Position/Room Tracker
- Device Type Outlook (Revenue, USD Billion; 2018-2028)
- Head-mounted Displays
- Head-up Displays
- Application Outlook (Revenue, USD Billion; 2018-2028)
- Aerospace & Defense
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
- North America
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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