Augmented reality market size will reach USD 332.60 billion in 2028
VANCOUVER, BC, April 21, 2022 /PRNewswire/ — The size of the global augmented reality market was $15.72 and the total addressable market value is expected to reach $332.60 billion in 2028, registering a CAGR of 46.4% over the forecast period, according to the latest study by Emergen Research.
Augmented reality is an enhanced version of the real world, which is achieved using digital visuals, sound, or other sensory stimuli that can be delivered using technology. Augmented reality improves understanding of certain features of the physical world and derives intelligent and accessible information from them that can be applied to real-world applications. Augmented reality is a growing trend among companies involved in commercial and mobile computing applications. Expanding the functionality and usages of smartphones and the integration of applications with AR are key factors that are expected to drive the market revenue growth.
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Various industries are unveiling a new generation of AR solutions and applications as devices become more advanced and powerful, and networks continue to expand in capacity. 5G connectivity and advanced computing have made the technology more feasible and opened up access to a number of potential new users.
Augmented reality provides remote assistance in various industries. Schools are embracing remote online learning to keep students connected, motivated and engaged. It offers new ways to learn, and students Japan already use augmented card games to learn to code.
Augmented reality is redefining the video game industry. It creates immersive experiences that allow users to feel they are personally interacting with their digital environment. Augmented reality games can be played on tablets, smartphones and portable game 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 Epsonand Samsung Electronics Co. Ltd.
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Head-mounted displays have grown in popularity after the boom in AR and VR technologies which have rapidly gained popularity in recent years. They are used when piloting combat aircraft and serve to provide situational awareness at the time, and the pilot-fighter can control weapons based on the pointing direction of the head. Head-mounted displays are also used by ground guards and special forces special fighters from different countries.
North America accounted for the largest share of revenue in 2020 due to the early adoption and deployment of advanced technologies. The growing popularity of AR in the countries in the region will also support the growth of the market. In November 2020, the US Army has completed its first test of general-purpose goggles in the ruggedized military version that soldiers may use in the future. The scopes use the heads-up display to show weapon sight, friendly and enemy positions, compass headings, and also offer night vision and thermal sights in one package.
Augmented reality technology enriches the real world with information and digital media, such as videos and 3D models, overlaying the real-time camera view of tablets, smartphones, PCs or smart glasses. ‘user. Augmented reality browsers also enrich the camera display with contextual information. For example, users can point their smartphone at a building to view its estimated value or history.
Asia Pacific the market revenue is expected to register a rapid growth rate over the forecast period owing to the availability of high-speed 5G network. The growing demand for AR technology from China, Japanand India is expected to propel the market growth in the region.
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Emergen Research has segmented the Global Augmented Reality (AR) Market on the basis of supply, device type, application and region:
Supply Outlook (Revenue, USD Billion; 2018-2028)
Device Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
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