The global augmented reality market size is anticipated to reach USD 597.54 billion by 2030, expanding at a CAGR of 40.9% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The growth of the market can be attributed to the growing adoption of augmented reality (AR) technology in various end-use industries and industry verticals, including automotive, healthcare, and education, among others. The immersive experience AR technology can potentially offer, and subsequently, the growing real-life use cases of AR technology are expected to contribute to the growth of the market in the forecast period.
AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. As such, apart from automotive, healthcare, and education; AR technology is also finding applications in other industries and industry verticals, such as construction. The development of website-based AR is typically allowing users to experience AR online without having to download any application.
Having realized that AR technology is more interactive; incumbents of various industries and industry verticals are aggressively implementing new, innovative solutions based on AR technology in their products and processes, particularly in the wake of the outbreak of the COVID-19. For instance, educational institutions, which rely significantly on mutual interaction with learners, have adopted AR technology to enhance the learning experience for students. Similarly, retailers have also adopted AR technology to provide an immersive experience to shoppers and help them in making informed buying decisions.
AR technology is finding applications in niche markets as well. Mobile AR is particularly gaining traction as most mobile device vendors are making their mobile devices AR compatible. As such, the augmented reality market is poised for significant growth over the forecast period as AR technology continues to evolve and more real-life use cases are introduced.
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The outbreak has prompted incumbents of several industries and industry verticals to implement innovative AR-based solutions
Mobile AR is poised for exponential growth as all the new mobile devices being introduced in the market are featuring built-in AR support
The industrial and manufacturing segment accounted for the highest revenue share of 24.3% in 2021
The handheld devices segment is expected to grow at the highest CAGR of 42.4% from 2022 to 2030.
Asia Pacific is expected to register the fastest growth in the forecast period.
Grand View Research has segmented the global augmented reality market based on component, display, application, and region:
Augmented Component Outlook (Revenue, USD Million, 2018 - 2030)
Augmented Reality Display Outlook (Revenue, USD Million, 2018 - 2030)
Head-Mounted Display & Smart Glass
Augmented Reality Application Outlook (Revenue, USD Million, 2018-2030)
Aerospace & Defense
E-commerce & Retail
Gaming & Entertainment
Industrial & Manufacturing
Augmented Reality Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa
List of key players in the Augmented Reality Market
Infinity Augmented Reality Limited
Magic Leap, Incorporated
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