Meticulous Research®, a prominent global market research organization, has published a comprehensive report titled, "Augmented Reality Market by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography—Global Forecast to 2031."
The latest report from Meticulous Research® forecasts that the global augmented reality market will grow to $210.1 billion by 2031, with a CAGR of 34.9% from 2024 to 2031. This growth is fueled by increased government initiatives for AR technology, rising adoption in the retail and e-commerce sectors, and expanding use in healthcare. However, challenges such as privacy and security concerns, along with high hardware costs, could hinder market growth.
Advancements in 5G technology and emerging opportunities in the travel and tourism sectors are expected to drive market expansion. On the other hand, the shortage of skilled professionals remains a significant challenge.
The global augmented reality market is divided by offering (hardware including head-mounted displays like smart glasses and headsets, head-up displays, platforms, and services), type (marker-based AR and marker-less AR), application (training and learning, quality inspection, tourism, remote assistance, design and modeling, gaming, promotion and advertising, and other applications), and end-use industry (industrial and manufacturing, healthcare, education, retail and e-commerce, media and entertainment, transportation and logistics, automotive, travel and tourism, real estate, sales and marketing, and others). The study also covers competitive analysis and regional market dynamics.
In 2024, the hardware segment is expected to capture over 55% of the global market share. This is due to the increasing adoption of AR devices in the entertainment industry, growing smartphone sales, and advancements in AR smart glasses. Notably, Apple Inc. launched the Apple Vision Pro in June 2023, featuring advanced controls and a virtual keyboard.
The hardware segment is also projected to grow at the highest CAGR during the forecast period.
The market is segmented into marker-based and marker-less AR. The marker-based AR segment is expected to hold a larger market share in 2024, driven by increased smartphone sales and advancements in navigation systems. This segment is also anticipated to have the highest growth rate.
In terms of application, the gaming segment is forecasted to hold over 33% of the market share in 2024, driven by the growing popularity of gaming and demand for AR-compatible devices. Conversely, the promotion and advertising segment is expected to experience the highest growth rate, fueled by the rise of AR-capable smartphones and digital marketing trends.
By end-use industry, the media and entertainment sector is projected to capture over 25% of the market share in 2024, driven by AR’s expanding role in gaming and entertainment. The healthcare sector is anticipated to grow at the highest rate, supported by the increased use of immersive technologies and government investments.
Regionally, North America is expected to account for over 40% of the market share in 2024, bolstered by government initiatives, digital infrastructure investments, and the presence of leading market players. For instance, the Los Angeles Rams introduced ARound technology in December 2022 to enhance fan engagement with AR experiences.
Asia-Pacific is projected to exhibit the highest CAGR of over 37.5% during the forecast period, driven by major AR technology users and suppliers in countries like China, South Korea, India, and Japan. In response to regional demand, companies such as Xiaomi have launched innovative smart glasses, like the Xiaomi Wireless AR Glass, which features advanced display capabilities and wireless connectivity.
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Key Players:
The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).
Key Questions Answered in the Report:
• What are the high-growth market segments in terms of offering, type, application, and end-use industry?
• What is the historical market size for the global augmented reality market?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented reality market?
• Who are the major players in the global augmented reality market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global augmented reality market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the emerging players in the global augmented reality market, and how do they compete with other players?
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