The global augmented reality market size is projected to reach USD 65.22 billion by 2027, exhibiting a CAGR of 48.3% during the forecast period. Growing presence of AR devices and solutions amid COVID-19 pandemic will create new avenue for expansion in the market, finds Fortune Business Insights™ in its report, titled “Augmented Reality Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Device Type (Head Mounted Display, Heads-Up Display, Handheld Devices, Stationary AR Systems, Smart Glasses, Others), By Industry (Gaming, Media & Entertainment, Automotive, Retail, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2020-2027”. With large swathes of people worldwide confined to their homes to contain the spread of the coronavirus, diverse entities are looking for efficient ways to ensure continuation of work without impediments. AR technology has offered the desired solutions. For instance, first-year medical students at Cleveland’s Case Western Reserve University have been utilizing HoloAnatomy and HoloLens to study the human body from their homes. In May 2020, Facebook also unveiled its prototype AR and virtual reality (VR) technologies to enable employees to work from home in the long-run, even after the pandemic is over. Thus, AR is proving extremely beneficial for remote working as well as remote learning and as a result, its adoption is all set to surge not just during, but also after the COVID-19 pandemic has abated.
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List of Key Companies Profiled in the Augmented Reality Market Report:
- RealWear, Inc.
- Sixense Entertainment Inc.
- PTC, Inc.
- Vuzix Corporation
- Samsung Electronics Co. Ltd.
- Microsoft Corporation
- Magic Leap, Inc.
- Qualcomm Technologies, Inc.
- Facebook, Inc.
- Apple, Inc.
- Google LLC (Alphabet, Inc.)
Robust Investment Culture to Favor Market Growth in North America
With a market size of USD 0.92 billion in 2019, North America is slated to dominate the augmented reality market share during the forecast period. The main reason for the region’s leading position is the favorable investment climate, especially in the domain of information & communication technology (ICT). Moreover, companies in the US and Canada are widening the applicability of AR in different fields, which will play a key role in the long-term development of the market.
Promising growth in the automotive, logistics, manufacturing, and gaming industries is expected to be the primary growth driver for the market in Asia Pacific. In Europe, on the other hand, proliferation of companies and start-ups specializing in AR/VR technologies, especially in the UK, is likely to propel the market in the continent.
Product Diversification to be the Top Growth Strategy for Key Players
Competition in the AR market is characterized by the path-breaking innovations introduced by tech giants such as Microsoft and Qualcomm. These behemoths, with their well-established presence, strong financial health, and loyal customer base, are taking constant efforts to enhance their R&D capacities to develop diversified products and broaden the scope of their proprietary offerings.
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