Augmented reality market to reach $411.4 billion by 2031: Allied Market Research

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Allied Market Research

Increasing digitalization in emerging economies and emphasis on technology will drive the growth of the global augmented reality market. Additionally, the booming e-commerce industry and the massive use of augmented reality in the e-commerce industry will create new growth opportunities for the global market. Regionally, the Asia-Pacific region held the leading market share in 2021, grabbing more than two-fifths of the global augmented reality market share.

Portland, OR, Nov. 21, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the augmented reality market generated $24.2 billion in 2021 and is projected to reach $411.4 billion by 2031, growing at a CAGR of 33.2% from 2022 to 2031. changing market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, early adopters and stockholders in introducing necessary strategies for the future and taking essential actions to significantly strengthen and increase their position in the market.

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Report coverage and details:

Report cover

Details

Forecast period

2022–2031

base year

2021

Market size in 2021

$24.2 billion

Market size in 2031

$411.4 billion

CAGR

33.2%

Number of pages in the report

290

Segments Covered

Component, Device Type, End Use, and Region.

Drivers

Growing demand for 3D imaging in the healthcare sector.

Growing digitalization in emerging economies and strong focus on technology.

Opportunities

Booming e-commerce sector and massive use of augmented reality in the e-commerce sector.

Automakers are rapidly adopting augmented reality technology to improve the end-user experience.

Constraints

Growing augmented reality security and privacy concerns.

Huge costs associated with the research and development of advanced technical solutions.

Lack of skilled or trained professionals in emerging and underdeveloped economies.

COVID-19 scenario:

  • The outbreak of the COVID-19 pandemic has had a favorable impact on the growth of the global augmented reality market as there has been a massive penetration of augmented reality in marketing and advertising activities.

  • During the COVID-19 pandemic, the growing demand for remote support and the need for improved workflow optimization has driven the expansion of the global market.

The report offers a detailed segmentation of the global augmented reality market on the basis of component, device type, end-use, and region. The report provides a comprehensive analysis of each segment and their respective sub-segment using graphical and tabular representation. This analysis can essentially help market players, investors and new entrants to determine and design strategies based on the fastest growing and highest revenue generating segments mentioned in the report.

Based on components, the hardware segment held the major market share in 2021, holding more than half of the global augmented reality market share, and is expected to maintain its leading status during the forecast period. However, the same segment is expected to quote the fastest CAGR of 33.5% during the forecast period. The report also includes segments such as software segment.

Based on device type, the manipulated device segment held the largest market share in 2021, accounting for nearly two-fifths of the global augmented reality market share, and is expected to maintain its leading status over the course of the forecast period. Nevertheless, the head-mounted segment is expected to quote the highest CAGR of 33.7% during the forecast period.

In terms of end-use, the media and entertainment segment held the largest market share in 2021, accounting for almost a third of the global augmented reality market share. Moreover, the same segment is expected to maintain its leading status during the forecast period. Nevertheless, the healthcare segment is expected to quote the highest CAGR of 34.9.3% during the forecast period.

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Regionally, the Asia-Pacific region held the leading market share in 2021, grabbing more than two-fifths of the global augmented reality market share. Additionally, the Asia-Pacific market is expected to dominate the global market share during the forecast period. However, the same region is expected to quote the fastest CAGR of 33.9% during the forecast period. The report also analyzes other regions such as Europe, North America and LAMEA.

Key players analyzed in the global augmented reality market report include Google LLC, Microsoft Corporation, Niantic Inc, Ptc Inc., Apple Inc, Magic Leap Inc, Seiko Epson Corporation, TreeView, and CXR.

The report analyzes these key players in the global augmented reality market. These market players have effectively used strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is useful for analyzing recent developments, product portfolio, business performance, and operating segments of major market players.

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About Us

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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