Global Augmented Reality Market is projected to reach US$ 85.47 Billion by 2026 US$ 12.56 Billion in 2020, growing at a CAGR of 37.66% during 2020-2026
Augmented Reality (AR) is an improved variant of the actual physical world through digital visual components, sound, or other sensory stimuli delivered via technology. The augmented reality's goals are to highlight the physical world's specific features, it increases understanding of those features, and derive intelligent and accessible insight applied to real-world applications.
The Augmented Reality market in North America is expected to strengthen significantly over the forecast period owing to many vendors making considerable market innovation investments.
Globally, the United States is among the highly innovative augmented reality market; most of the companies advancing in augmented reality technology are based in the United States. Microsoft's augmented reality product, Hololens, was first released in the United States and Canada, and it experienced a positive response from purchasers in the country.
Globally high technology exposure and ease of intelligent devices act as the growth driver for the global augmented reality market. Also, amidst the COVID-19 crisis, physical lockdowns across the significant regions are another factor for the augmented reality market's growth globally.
Augmented reality's global sales continue to expand and become more pervasive among various e-commerce, hardware market, ad spend market, apps market, games market, and enterprises. The marketers and technology firms have believed that augmented reality is little more than a marketing intermediary serving and will benefit the long-term segments using AR technology as a revolutionising conception.
The AR technology is benefiting both the enterprise market and the consumer market. The enterprises globally are getting internal and wider geographically spread teams to communicate, collaborate, and find a path forward using AR technology. However, the consumers are beginning to derive tangible benefits from this functionality and expect it as part of their purchasing process.
The key companies covered in this report are Kopin Corporation, Seiko Epson Corporation, Vuzix, Sony Corporation, Lenovo Group Limited and Samsung Electronics Co. Ltd. The augmented reality market is gaining competitiveness.
The companies are strengthening their market presence by securing new contracts and by tapping new markets.