Augmented Reality Market to Hit $597.54 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 8, 2023 /PRNewswire/ -- The global augmented reality market size is expected to reach USD 597.54 billion by 2030, registering a CAGR of 39.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be credited to the increasing adoption of augmented reality (AR) technology across several industry verticals, such as automotive, healthcare, education, construction, and logistics among others. The augmented reality interfaces enhance the work environment as well as optimize operational efficiency while offering significant benefits in terms of efficiency, productivity, and safety.
Key Industry Insights & Findings from the report:
In terms of component, software segment is expected to register a CAGR of around 41.0% during the forecast period owing to the rising adoption of AR devices across various applications, including manufacturing, healthcare, education, retail & e-commerce, among others.
In terms of display, smart glass segment is expected to register a notable growth rate of 49.1% by 2030 with the increasing adoption of smart glasses beyond personal uses of entertainment to industrial applications such as architectural planning, manufacturing processes, healthcare, and more.
In terms of application, industrial & manufacturing segment accounted for the revenue share of around 24.0% in 2022 as AR finds important application in businesses to ensure efficient operations by keeping all processes operational, spotting anomalies, and reducing production downtime.
Asia Pacific augmented reality industry is estimated to witness a significant CAGR from 2023 to 2030 with the rapid expansion of manufacturing, logistic & transportation, automotive, and gaming & entertainment industries, especially in Japan and China.
Read 170 page full market research report, "Augmented Reality Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Display (Head-Mounted Display, Smart Glass, Head-Up Display, Handheld Devices), By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Augmented Reality Market Growth & Trends
AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. Several market players are focused on introducing new and more innovative offerings to attract customers and gain a competitive edge in the industry. For instance, in 2023, Google LLC announced the launch of its latest Immersive Stream for XR service for its Google Cloud customers. This new offering is said to eliminate the need for any powerful hardware or a special application to immerse oneself in the augmented reality or 3D world. The users can simply scan a QR code or click a link to get into extended reality (XR).
The growth of augmented reality industry is being influenced by the aggressive adoption of AR technology solutions by various industry incumbents, especially in the wake of the COVID-19 outbreak. For instance, AR technology is being widely adopted across educational institutions to enhance the learning experience for students.
The market is also benefiting from the retail domain as AR provides an immersive experience to shoppers and helps them make informed buying decisions. In November 2022, Snap, Inc. partnered with Amazon.com, Inc. to initiate AR-enabled digital try-on styles for the brands and customers online. This fashion partnership is anticipated to create an AR shopping experience seamless.
AR technology is gaining massive traction in niche markets. Several mobile device vendors are introducing AR-compatible mobile devices. As such, the market for augmented reality is poised for significant growth during the forecast period as AR technology continues to evolve and more real-life use cases are introduced.
Augmented Reality Market Segmentation
Grand View Research has segmented the global augmented reality market based on the component, display, application, and region:
Augmented Reality Market - Component Outlook (Revenue, USD Million, 2018 - 2030)
Hardware
Software
Augmented Reality Market - Display Outlook (Revenue, USD Million, 2018 - 2030)
Head-Mounted Display (HMD)
Smart Glass
Head-Up Display (HUD)
Handheld Devices
Augmented Reality Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
Aerospace & Defense
Automotive
Education
E-commerce & Retail
Gaming & Entertainment
Healthcare
Industrial & Manufacturing
Others
Augmented Reality Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
Europe
Asia Pacific
South America
Middle East & Africa
List of Key Players in the Augmented Reality Market
Apple, Inc.
Blippar Limited
Google LLC
Lenovo Group
Magic Leap, Incorporated
Meta
Microsoft Corporation
PTC Inc.
Snap, Inc.
Sony Corporation
Team Viewer AG
Vuzix Corporation
Wikitude GmbH
Xiaomi Corporation
Zappar Limited.
Check out more related studies published by Grand View Research:
Augmented Reality & Virtual Reality In Manufacturing Market - The global augmented reality & virtual reality in manufacturing market size is anticipated to reach USD 62.71 billion by 2030, expanding at a CAGR of 29.3% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The market is expected to witness substantial growth over the next eight years as more manufacturing industries have incorporated Augmented Reality (AR) and virtual reality (VR) in their production processes. AR and VR technologies in manufacturing are used for training the workforce, safety testing, error detection, and quality assurance, among others. The advancements in 3D technology and the combination of Artificial Intelligence (AI) with VR offer growth prospects to the market, especially in the automation and manufacturing businesses. Therefore, all these factors positively impact the growth of the market.
Metaverse Market - The global metaverse market size is predicted to attain USD 936.57 billion by 2030, according to a new report by Grand View Research, Inc.. The market is expected to witness a CAGR of 41.6% from 2023 to 2030, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.
Augmented Reality Headsets Market - The global augmented reality headsets market size is expected to reach USD 78.47 billion by 2025, registering a CAGR of 73.8% from 2019 to 2025, according to the new study conducted by Grand View Research, Inc. The rising trend for immersive experience is driving the adoption of AR headsets among enterprises and consumers. Moreover, the convergence of IoT, wearable devices, and augmented reality technology is expected to induce market growth. Furthermore, growing popularity of operating, navigating, and maintaining inventories using headsets across industries is driving the demand.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
