Augmented Reality Market Size Worth $597.54 Billion By 2030

Augmented Reality Market Growth & Trends

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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Augmented Reality Market Report Highlights

• 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.

Augmented Reality Market Segmentation

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)

• Hardware

• Software

Augmented Reality Display Outlook (Revenue, USD Million, 2018 - 2030)

• Head-Mounted Display & Smart Glass

• Head-Up Display

• Handheld Devices

Augmented Reality Application Outlook (Revenue, USD Million, 2018-2030)

• Aerospace & Defense

• Automotive

• Education

• E-commerce & Retail

• Gaming & Entertainment

• Healthcare

• Industrial & Manufacturing

• Others

Augmented Reality Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

List of key players in the Augmented Reality Market

• Microsoft

• Google LLC

• Apple, Inc.

• Sony Corporation

• Blippar Limited

• Infinity Augmented Reality Limited

• Niantic, Inc.

• Zappar Limited.

• Magic Leap, Incorporated

• Wikitude GmbH