BANGALORE, India, July 20, 2020 /PRNewswire/ -- AR technology is still at its early stage with tremendous growth potential. This has, in turn, drawn significant investments leading to the development of the industry. It is anticipated that the growing scope of applications across different industries, such as medical, retail, and automotive, will drive the demand over the forecast period.
The global Augmented Reality Market size is projected to reach USD 3664.5 Million by 2026, from USD 849 Million in 2019, at a CAGR of 27.6% during 2020-2026.
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The use of AR technology in the gaming industry will increase the growth of the AR market size during the forecast period. AR implementation in gaming applications will enable users to search the physical environment and enhance the experience through the incorporation of visual & audio content.
In the healthcare sector, AR can be used to provide a simulated view of a patient, where a surgeon can see the state of the patient's body parts. This may help the surgeon undertake minimally invasive surgery. The use of AR modeling and 3D visualization is expected to be of great assistance to the healthcare industry. Using AR, the healthcare industry can improve medical students' learning experience, train doctors, manage the pharmacy, and provide care and support for patients after leaving the hospital. This integration of AR in the medical industry is expected to increase the AR market size during the forecast period.
AR provides the retail industry with a wide range of technology solutions that improve the connection between retailers and customers. Emerging trends in the retail segment, such as pop-up stores, are expected to fuel the growth of the AR market size.
Increasing smartphone penetration in developing economies is also expected to boost the growth of the AR market size during the forecast period.
Head-up Displays are expected to grow at the highest CAGR in the AR market during the forecast period. Augmented reality head-up displays are currently in the process of development and are all set to revolutionize the automotive industry. Other companies like Continental, WayRay, and Visteon have already joined the market with their own AR HUD plans.
With growing investment in AR devices and software, China's AR market is expected to grow at a rapid pace during the forecast period. The growth of the smartphone industry is pushing the mobile AR market in China. Local vendors like Renren, Tencent, and Baidu have invested in the technology and are expected to launch numerous mass-consumer apps.
Several companies in the industry are working on developing HMDs (Head Mounted Display) for AR with advanced features. The modern HMDs are capable of employing sensors of six degrees that allow free head movement.
Google (US) is at the forefront of the Augmented Reality market. The company has a good market product portfolio that helps the firm to retain its market-leading position. Due to the aggressive marketing and expansion efforts, Google sales increased significantly between 2016 and 2018.
North America is anticipated to emerge as a leading global Augmented Reality Gaming Market. This growth has been spurred by growth in consumers' disposable income and constant technological innovation. South Korea and China in the Asia Pacific region are expected to witness the highest growth rate
The global AR in Retail market size is projected to reach USD 4612.7 Million by 2026, from USD 1544 Million in 2020, at a CAGR of 20.0% during 2021-2026.
The growth of AR in Retail Market size is driven by growth in demand for online purchasing, simple & convenient shopping, and e-commerce business development. Other factors boosting the market growth include a reduction in storage costs, low inventory requirements, and interactive user experience.
A Mobile Augmented Reality Application (MARA) is a type of mobile application that integrates built-in components into a mobile phone and offers a customized application to provide reality-based services and functions.
The Global Virtual Reality Market Size is growing at a CAGR of 34.5% during the forecasted period 2019 to 2025
North America is expected to hold the largest VR market share during the forecast period.
On the other hand, Asia Asia-Pacific region is estimated to witness the highest growth rate. Countries such as China, India, Japan, and South Korea in the APAC region are witnessing a huge demand for head-mounted displays for the gaming application.
The global AR and VR market size was USD 11.35 Billion in 2017, and the augmented and virtual reality market forecast is projected to reach USD 571.42 Billion by 2025, growing at a CAGR of 63.3% from 2018 to 2025.
The increase in the penetration of smartphones & mobile gaming and the increase in the adoption of augmented & virtual reality solutions in the education sector are expected to drive the Augmented and Virtual Reality Market size.
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