SAN FRANCISCO, Feb. 15, 2021 /PRNewswire/ -- The global augmented reality market size is estimated to reach USD 340.16 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 43.8% from 2021 to 2028. Continued innovations in the Augmented Reality (AR) realm, which have triggered the adoption of the technology in several industries and industry verticals, is fueling market growth. People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience. The introduction of Website-based AR (WebAR), a digital technology that allows users to directly access AR on the internet without having to download any application, is expected to create substantial opportunities for the market growth.
Key suggestions from the report:
Smartphone proliferation and widescale adoption of AR in mobile games are expected to drive the growth of the market
The handheld devices display segment is anticipated to exhibit the highest CAGR of over 45.0% from 2021 to 2028
The industrial and manufacturing application segment accounted for the highest revenue share in 2020
The Asia Pacific regional market is expected to register the highest CAGR over the forecast period
E-commerce sales are on the rise as brick and mortar retail stores remain temporarily shut, in various parts of the world in the wake of the COVID-19 pandemic. Hence, several businesses are launching new products online and adopting AR technology to provide an immersive experience to buyers. AR and 3D visualization are allowing consumers to experience products virtually in real time before making a buying decision.
The adoption of AR technology in the education industry is also gaining traction owing to the potential of the technology to help students in experiencing a more detailed and live explanation of informative concepts. The adoption of augmented reality in the education industry is poised for significant growth over the forecast period as several educational institutions are shifting their courses and lectures to virtual event platforms in the wake of the COVID-19 pandemic.
Grand View Research has segmented the global augmented reality market on the basis of component, display, application, and region:
Augmented Reality Component Outlook (Revenue, USD Million, 2016 - 2028)
Augmented Reality Display Outlook (Revenue, USD Million, 2016 - 2028)
HMD & Smart Glass
Augmented Reality Application Outlook (Revenue, USD Million, 2016 - 2028)
Aerospace & Defense
E-commerce & Retail
Gaming & Entertainment
Industrial & Manufacturing
Augmented Reality Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Augmented Reality Headsets Market– The global augmented reality headsets market size was valued at USD 1.64 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 73.8% from 2019 to 2025.
Gaming Market– The global gaming market size was valued at USD 97.80 billion in 2016 and is expected to witness remarkable growth over the next eight years. Technological proliferation and innovation in both hardware and software are expected to be key factors driving the market.
Gain access toGrand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.