Market Analysis
The augmented reality market will touch USD 461.25 billion at a favorable 41.50% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Augmented Reality (AR) is a technology that allows users to interact with digital content in a real-world environment. This content can span multiple sensory elements, such as visual, auditory, tactile, and haptic feedback, and can be used to enhance one's experience of the real world. AR is used in a wide range of industries, from gaming and entertainment to education and healthcare, and is becoming increasingly popular due to its ability to provide immersive experiences and valuable insights. Common applications of AR include navigation, product visualization, and data visualization.
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Drivers
Growing Adoption in Healthcare Sector to Boost Market Growth
The increasing adoption of augmented reality in the healthcare sector will boost market growth over the forecast period. Augmented reality plays a crucial part in the healthcare sector. This technology offers a virtual view of patients through which a surgeon can view the condition of his/her body parts. It helps surgeons in conducting minimally invasive surgeries. Augmented reality technology is also helping surgeons to visualize muscles, joints, and internal organs sans slicing the body which allows surgeons in determining where to create incisions and assists to use the data collected at the time of medical emergencies.
Opportunities
Use of AR-based Apps in Businesses to offer Robust Opportunities
The use of augmented reality based apps in businesses to track, identify, and resolve technical issues and also for tasks like repairing, manufacturing, assembling, and retrofitting production lines will offer robust opportunities for the market over the forecast period.
Restraints
Security Issues to act as Market Restraint
Security privacy issues related to augmented reality will act as market restraint over the forecast period.
Challenges
Long Terms Impacts on Mental Health to act as Market Challenge
The long term impacts of AR on mental health may act as a market challenge over the forecast period.
COVID-19 Analysis
Luckily augmented reality has proved beneficial during the COVID-19 pandemic as this technology has given an edge to physicians to traverse the scale of the deadly virus and test on it sans actually doing any tests on the patient. As this virus can be transferred easily, physicians have augmented a touch-free approach where people are restrained to touch public surfaces and frequently wash hands. AR helps doctors in treating patients resting on their symptoms to zoom into the virus scans of various patients through zooming it. AR in combination with AI documented and made inventory of the patients across the globe assisting the government in tracking and isolating infected people.
Market Segmentation
The global augmented reality market has been bifurcated based on end users, types, component, applications, and technologies.
By technology, the augmented reality market is segmented into monitor based technology and eye based technology.
By applications, the consumer electronics segment will lead the market over the forecast period.
By component, the hardware segment will dominate the market over the forecast period.
By types, the augmented reality market is segmented into mounted display, handheld devices, and head-up display.
By end users, the consumers segment will spearhead the market over the forecast period.
Regional Analysis
APAC to Lead Augmented Reality Market
The APAC region will lead the augmented reality market over the forecast period. The flourishing enterprises sector in Japan and China, the booming gaming industry, rising investments in commercial applications, thriving automotive and healthcare sectors in Japan, massive customer base in China and Japan, aggressive adoption of online platforms for various purposes, continued rollout of high-speed 5G networks, and increasing adoption in India for conducting medical procedures and operating machinery are adding to the global augmented reality market growth in the region.
Key Players
Key players profiled in the global augmented reality market report include Inglobe Technologies, Magic Leap, Scope AR Microsoft Corporation.
Industry Updates
Facebook will soon collect data in Singapore for creating augmented reality glasses. Data collection will be done through glasses every Facebook employee will wear.
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