The augmented reality market is predicted to reach USD 125.32 billion by 2026, exhibiting a CAGR of 48.6% during the forecast period. The growing application of AR in various industries for monitoring and training purposes will bolster the healthy growth of the market during the forecast period. AR can enhance the effectiveness of training, especially for complicated or rare tasks, besides reducing the overall cost. Therefore, organizations around the world are utilizing AR to educate and train employees with its immersive solutions, and interactive training environment. For instance, the US Department of Agriculture’s (USDA’s) Food Safety and Inspection Service (FSIS) have started the implementation of digital reality, which includes AR and VR for training programs.
According to the report, published by Fortune Business Insights, titled “Augmented Reality (AR) Market Size, Share & Industry Analysis, By Component (Product, Software, Maintenance & Support Services), By Device Type (Handheld Devices, Stationary AR Systems, Head-mounted Displays (HMDs), Smart Glasses, and Others), By Industry (Gaming, Media and Entertainment, Education, Healthcare and Medical Devices, Retail, Logistics, Manufacturing and Engineering, and Others) and Regional Forecast, 2019-2026” the market size stood at USD 5.40 billion in 2018.
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The Report Lists the companies in the Augmented Reality Market
- Alphabet, Inc. (Google LLC)
- Microsoft Corporation
- Apple, Inc.
- Samsung Electronics Co. Ltd.
- Daqri LLC
- Vuzix Corporation
- Facebook, Inc.
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Government Initiatives to Aid Growth in North America
North America generated a revenue of USD 2.12 billion in 2018 and is predicted to remain dominant during the forecast period owing to the presence of various companies such as Google LLC, Facebook, Inc., and Apple, Inc. Furthermore, the rising R&D investment in the development of the augmented reality in the U.S. The implementation of various government initiatives and startups for advanced AR technology will create new opportunities for the AR/VR market trends in North America. Asia Pacific is predicted to grow rapidly in the forthcoming years owing to the presence of leading market players such as Samsung Electronics, PTC, Inc., and Sony Corporation. Additionally, the growing sales of smartphones in China and India will facilitate growth in the region.
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