The global augmented reality market is estimated to witness prominent growth in forecast period, owing to the increasing adoption of AR technology in the healthcare sector. The Asia-Pacific region is anticipated to witness lucrative growth by 2028.
NEW YORK, Nov. 9, 2021 /PRNewswire/ -- Research Dive in its recent report estimates that the Global Augmented Reality Market will generate $65,323.4 million and exhibit a CAGR of 30.9% from 2021 to 2028.
Healthcare can be made more accessible and affordable to millions of people across the globe with the use of AR technology, which is resulting in the rising adoption of AR in the healthcare sector. Besides, AR saves time during emergency surgeries and is used to give a surgeon a virtual image of the body components of patients allowing them to assess their condition. All these benefits and factors are predicted to upsurge the growth of the global augmented reality market during the forecast period. Moreover, the growing usage of the AR technologies among all the sectors of retail industry including furniture, apparel, consumer electronics, and automotive is likely to create huge growth opportunities for the market by 2028. However, the lack of ability of few AR apps to protect the identity and privacy of users are factors expected to hamper the market growth during the estimated timeframe.
Impact of COVID-19 Pandemic on the Augmented Reality Market
The COVID-19 pandemic has favorably impacted the global augmented reality market growth. The increase in the augmented reality market size and share is mainly due to the growing implementation of AR in the healthcare sector during the pandemic period, which is resulting in a bump up in the market demand. For instance, in November 2020, the World Health Organization (WHO) Academy released its first AR course for health workers on how to properly utilize COVID-19 personal protection equipment (PPE).
The research report segments the global augmented reality market into component, device type, end-use, and region.
Based on component, the hardware sub-segment is expected to witness fastest growth and garner a revenue of $38,136.1 million by 2028. This is mainly due to the increasing acceptance of augmented reality technology around the world, which is leading to the hardware component developing faster than the software sub-segment.
Based on device type, the handheld sub-segment is expected to hold dominating market share and garner a revenue of $24,869.2 million by 2028. This is mainly due to the growing demand for mobile AR in the retail sector to improve the shopping experience of customers. In addition, the rising adoption of AR in social apps such as Facebook, Snapchat (filters), and Instagram will drive the demand for rich content in mobile AR for social media, which will boost the sub-segment's growth during the forecast period.
Based on end-use, the healthcare sub-segment is projected to grow at a significant rate and generate a revenue of $9,852.2 million by 2028. This growth is majorly due to the increasing adoption of the AR based solutions in the healthcare industry as AR/MR models offer hands-free solutions and AI based diagnostic tools. In addition, AR is widely used in healthcare areas, such as patient & doctor education, disease simulation, and surgical visualization to improve patient treatments and outcomes. These factors are predicted drive the sub-segment's market growth by 2028.
Based on region, the Asia-Pacific augmented reality market is expected to surpass $27,109.2 million and witness dominant growth during the forecast period. The rapid growth in the manufacturing sector in China and Japan, and the booming gaming industry in the Asia-Pacific region are the major factors projected to accelerate the regional market growth in the coming years. Besides, the increased investments in commercial AR applications is likely to contribute to the regional market growth by 2028.
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in April 2021, PTC, an American computer software and services company, opened a new R&D facility at Technion, the Israel Institute of Technology. The facility has been opened by PTC for research in Industrial IoT, Simulation, Augmented Reality (AR), and Generative Design technologies.
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