Augmented Reality Market Size, Share & Trends 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, 2024 - 2030

  • Report ID: 978-1-68038-820-6
  • Number of Pages: 170
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the augmented reality market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for augmented reality market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of augmented reality market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Augmented Reality Market Categorization:

The augmented reality market was categorized into four segments, namely component (Hardware, Software), display (Head-Mounted Display, Smart Glass, Head-Up Display), application (Aerospace & Defense, Automotive, Education, E-commerce & Retail, Gaming & Entertainment, Healthcare, Industrial & Manufacturing), and regions (North America, Europe, Asia Pacific, South America, Middle East & Africa).

Segment Market Methodology:

The augmented reality market was segmented into component, display, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The augmented reality market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fiveteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; China; Japan; India; South Korea; Brazil; Argentina; UAE; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Augmented reality market companies & financials:

The augmented reality market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Vuzix Corporation - Vuzix Corporation manufactures and sells computer displays, wearable display technology, and AR-VR. The company offers products such as Vuzix Blade, Vuzix M Series, Vuzix Labs Smart Swim, and other accessories. The company provides smart glass for various industries, such as manufacturing, warehouse logistics, telemedicine, and field services. Vuzix Corporation offers smart wearable products to develop and deploy AR applications. AR smart glass enables the user to see the graphics & images, and other real-world information. The company has adopted a strategy to sustain its market position, gain a worldwide presence, and innovation in AR smart glasses.

  • Meta Platforms, Inc. - Meta Platforms, Inc., formerly Facebook, Inc., is a global technology company based in California, U.S. The company owns renowned brands such as Instagram, Facebook, and WhatsApp. Meta is among the world's most valuable businesses and is regarded as one of the Big Five American IT companies, along with Apple, Alphabet, Microsoft, and Amazon. It has also acquired Kustomer, Presize, Mapillary, Giphy, and Oculus and has a 9.99% stake in Jio Platforms. Meta was founded in 2004 in Massachusetts, U.S. and now is headquartered in California with 71,970 employees. In 2021, the parent organization of Facebook revised its name to Meta Platforms, Inc., to center its focus on creating the metaverse. The metaverse directs to the integrated ecosystem that connects the company's services and products.

  • RealWear, Inc. - RealWear, Inc., a global wearable technology company based in Vancouver, Washington. The company was founded in 2016 and has provided wearable technology and services equipped with AR & VR to over 40 fortune 100 companies, such as Microsoft Corporation. The company provides solutions such as remote expert guidance, document navigation, visual assistance, digital workflow, and industrial IoT data in several industries, such as oil & gas, automotive, energy & utilities, manufacturing, audit and inspection, and field services, to name some.

  • Alphabet Inc. (Google LLC) - Alphabet Inc., an internet and computer software solution provider headquartered in the U.S. The multinational company specializes in internet-related services and products such as Google Cloud Platform & G Suite (Gmail, Drive, Docs, and Calendar), Google Play, and YouTube. Search and others. The company's most prominent technologies and services include cloud computing, search, online advertisement technologies, and Industrial IoT and software services. The company was established in 1998 and is a wholly owned subsidiary of Alphabet, Inc. Google operates its business from 70 offices in over 40 countries across the globe. The company provides several products and services, including Application Programming Interfaces (APIs), enterprise products, productivity tools, search engines, social networking, mobile devices, and advertisement services.

  • Nreal Technology Limited - Nreal Technology Limited, a Chinese company developing mixed reality products and services. The company was formed in 2017 and has a presence in China, Japan, and South Korea. Nreal Technology was recognized for launching the first AR glasses for consumers in 2019, which connected to the mobile content ecosystem and featured revolutionary design. The company has established a partnership with over ten carriers worldwide and has raised over USD 240 million from reputed investors, such as Alibaba, China Growth Capital, etc. The company has several initiatives, such as Meson x Nreal- MR shopping experience, LG U+ x Nrealcommercialization in South Korea, and xcommons x Nreal-fashion & digital integration with AR. Global conglomerates such as Verizon, Vodafone, Sony, Oppo, Microsoft, One Plus, Intel, and NVIDIA, among others, are Nreal's international partners.

  • Magic Leap, Inc. - Magic Leap, Inc., a wearable augmented reality platform pioneer that amplifies enterprise productivity. The company launched Magic Leap One, a head-mounted VR display, which places 3D computer-generated imagery over real-world things by involving technologies suited to computer vision and applications in augmented reality. Magic Leap was founded in 2010 and had an extended list of investors, including Alibaba Group, Google, and recently AT&T, which made Magic leap available in the U.S.

  • Lenovo Group - Lenovo Group, a Chinese company majoring business in technology and innovation. The company has been known for its gadgets and PCs since its inception. The company has a global footprint in over 60 countries serving customers in more than 160 countries. The company works in several segments, such as PC & Tablets, phones, servers & storage, smart devices, and services & solutions. Lenovo is also investing in local domestic manufacturing, R&D, and other high-value operations in addition to sales and distribution in each of the major markets.

  • Tilt Five, Inc. - Tilt Five, Inc., an American AR video game hardware and software making company. The company was founded in 2017 and has provided wearable technology and games equipped with AR & VR since inception. Tilt Five, Inc. brings about a cutting-edge gaming experience with augmented reality and delivers it to AR developers and gamers worldwide. The platform brings games in a 3D stereoscopic hologram for enhanced experience. Tilt Five, Inc. has partnered with big players in the market such as- UploadVR, Twitter, Youtube, Figmin XR among others.

  • Snap, Inc. - Snap, Inc., an American social media and camera company founded in 2011 in Santa Monica, California. The organization maintains and develops technology services and products, namely Bitmoji, Snapchat, and Spectacles. The corporation was named Snapchat Inc. initially, but it rebranded to Snap, Inc. in 2016, to fit the Spectacles product under the company name. Spectacles are smart glasses to record videos for Snapchat. The phrase "spectacles" is usually used to address eyeglasses and sunglasses. The spectacles by Snap, Inc. have an inbuilt camera lens that can sync with a smartphone and record short video segments to upload to the user's online account.

  • Apple, Inc. - Apple, Inc. is an American technology company focused on procuring software, electronics, and online services. The company was founded in April 1976 in Cupertino, California, USA. It is one of the Big 5 American information technology companies and is available worldwide in all countries. The company offers a wide range of products and services such as phones, desktops, iPads, iPods, clothing, home and utilities, Mac, iOS, Air pods, battery chargers, Electronics accessories, mac OS, software, iTunes, Cloud, location opening, apple music, apple books., etc. The company also serves into immersive technology, i.e., augmented reality (AR). Apple, Inc. offers several AR enabled application on their app store to experience the technology.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Augmented Reality Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Augmented Reality Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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