VANCOUVER, BC, April 21, 2022 /PRNewswire/ — The global Augmented Reality market size was USD 15.72 and total addressable market value is expected to reach USD 332.60 Billion in 2028 registering a CAGR of 46.4% over the forecast period, according to latest study by Emergen Research.
Augmented reality is an enhanced version of the real-world, which is achieved with the help of digital visual elements, sounds, or other sensory stimuli that can be delivered using technologies. Augmented reality increases the understanding of certain features of the physical world and derives smart and accessible insights that can be applied to real-world applications. Augmented reality is a growing trend among companies involved in business and mobile computing applications. Expanding features and uses of smartphones and integration of apps with AR are key factors projected to drive market revenue growth.
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Various industries are unveiling new generation of AR solutions and applications as devices are becoming increasingly advanced and powerful, and networks are continuing to expand in terms of capacity. 5G connectivity and edge computing have made the technology more feasible, and opened up access to a number of new potential users.
Augmented reality is providing remote assistance in various industries. Schools are adopting remote e-learning to keep students connected, motivated and engaged. It provides new ways to learn, and students in Japan are already using augmented card games to learn to code.
Augmented reality is redefining the gaming industry. It creates immersive experiences which allow users to feel that they are interacting personally with their digital environment. Augmented reality games can be played on tablets, smartphones, and portable gaming systems.
Some major companies in the global market include Microsoft Corporation, Google Inc., Apple Inc., Zappar Ltd., Sony Corporation, Infinity Augmented Reality Ltd., Wikitude GmbH, Magic Leap, Inc., Seiko Epson, and Samsung Electronics Co. Ltd.
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Some Key Highlights From the Report
- Head-mounted displays have gained traction after boom of AR and VR technologies gained rapid traction in recent years. They are used in while flying combat aircraft and serve to provide situational awareness of that moment, and combatant-pilot can control weapons according to head pointing direction. Head-mounted displays are also used by terrestrial guardians and special combatants of special forces of different countries.
- North America accounted for largest revenue share in 2020 due to early adoption and deployment of advanced technologies. Increasing popularity of AR in countries in the region will also support growth of the market. In November 2020, the U.S. Army finished its first test of do-it-all goggles in the ruggedized military version that soldiers could use in future. The goggles use head-up display to show weapon’s sights view, friendly and enemy positions, compass headings, and also deliver night vision and thermal sights in one package.
- Augmented Reality technology enriches the real world with digital information and media, such as videos and 3D models, overlaying the camera view of user’s tablet, smartphones, PCs, or connected glasses in real-time. Augmented reality browsers also enrich camera display with contextual information. For example, users can point their smartphone at a building to display its estimated value or history.
- Asia Pacific market revenue is expected to register a rapid growth rate during the forecast period due to availability of high-speed 5G network. Increasing demand for AR technology from China, Japan, and India is expected to propel growth of the market in the region.
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Emergen Research has segmented the global Augmented Reality (AR) market on the basis of offering, device type, application, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Sensors
- Cameras
- Display & Projectors
- Semiconductor Component
- Position/Room Tracker
- Others
- Software
- Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Head-mounted Displays
- Head-up Displays
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare
- Automotive
- Consumer
- Enterprise
- Aerospace & Defense
- Energy
- Commercial
- Others
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Europe
- Germany
- France
- U.K.
- BENELUX
- Spain
- Norway
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest Of MEA
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