Augmented Reality (AR) Market Size is set to Grow by USD 157.21 Billion at a CAGR of 28.71% from 2022 to 2027, Historic market size valued at USD 18.06 Billion between 2017 and 2021

NEW YORK, March 3, 2023 /PRNewswire/ -- The augmented reality (AR) market is projected to increase at a CAGR of 28.71% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests statistics about the market size that will grow by USD 157.21 billion. For exclusive market statistics and other relevant market information, historic (2017 to 2021) and forecast market size (2023 to 2027) buy the report.

The growing value of investments in AR technology, increasing demand from the various application segments, and the rising adoption rate of AR-enabled smart glasses are projected as the prominent factors leading to the augmented reality (AR) market growth. For more such market analysis updates, historic (2017 to 2021) and forecast market size (2023 to 2027) request the sample report.

What`s New for 2023?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial

New Business Opportunities - Market Segments and Key Regions Analysis

There are various segments such as enterprise, retail, media and entertainment, healthcare, and others classified in the augmented reality (AR) market as per Technavio's analysts.

Among all, the enterprise segment is projected as the most significant one in terms of market share growth during the forecast period - 2022 to 2027. The segment first witnessed a gradual rise in the market share of USD 5.27 billion in 2017 and continued to grow significantly by 2021.

Considering the geographical regions for market share growth, North America is projected at the top of the list. 37% of the total market share growth will be originated from North America by 2027. Technavio further suggests, the US and Canada have played a major role in the development of AR technologies that people popularly use in their daily lives.

The market growth in these countries, especially France and Germany, was witnessed due to the governments' collaborative schemes to develop different policies at the national level.

Furthermore, the growing adoption rate of AR in several industries and growth in expenditure on technology is predicted to boost the AR industry growth in the region during the forecast period 2022 to 2027.

To find more detailed segment analysis and geographical business distribution,  historic (2017 to 2021) and forecast market size (2023 to 2027), download the sample of the report.

Major Market Vendors

Technavio also includes a detailed analysis of the market's competitive landscape and offers key information on the vendors, such as:

• Alphabet Inc.
• Qualcomm Inc.
• Facebook Inc.
• Microsoft Corp.
• Marxent Labs LLC
• Dynabook Inc.
• Maxst Co. Ltd.
• Inglobe Technologies Srl
• Optinvent
• PTC Inc.

Key Market Driver, Trend, and Challenge

• The growing value of investments in AR technology is significantly driving market growth.
• Technavio also suggests the growing rate of integration of AR into mobile devices will emerge as a primary market trend for growth in the augmented reality (AR) market growth during 2022 to 2027.
• As an emerging market challenge, privacy issues raised in AR technology may slow down the market growth as per Technavio's report.
• For more details on market dynamics, request the sample report.

Major Data Covered in this Augmented Reality (AR) Market Report

• Projected CAGR of the market during 2023-2027
• Detailed statistical information on the major market drivers of the augmented reality (AR) market during 2023-2027
• Market size analysis of the augmented reality (AR) market size and its association with the parent market
• Relevant predictions about upcoming market trends and detailed consumer behavior analysis
• Market share growth analysis across North America, APAC, Europe, South America, and the Middle East and Africa
• Detailed market's competitive landscape and key information about market vendors
• Comprehensive analysis of various market challenges

Related Reports

• The augmented reality and virtual reality market is projected to increase at a CAGR of 52.37% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests the statistics about the market size growth that will grow by USD 364557.67 million.
• The virtual reality (VR) market is projected to increase at a CAGR of 28.39% during the forecast period – 2022 to 2027 by Technavio data analysts and research experts. This market research report also suggests the statistics about the market size growth that will grow by USD 17,853.41 million.

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio