Augmented Reality Market worth $88.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 31.5%

 

Recent Developments in the Global Augmented Reality Market:

#1 Microsoft launched its new app called Microsoft Mesh that gives users across AR/VR meeting space to interact with other users and 3D content, handling all the technical hard parts of sharing spatial multiplayer experiences over the web.

#2 Microsoft won a contract from the US Army to supply HoloLens technology. The deal is worth about USD 22 billion, lasting for 10 years when Microsoft will provide the military with 120,000 AR headsets.

Projected Surge in Revenue Generation:

Augmented Reality Market with COVID-19 Impact Analysis, by Device Type (Head-mounted Display, Head-up Display), offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography - Global Forecast to 2026 published by MarketsandMarkets, the augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026.

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Major Growth Boosting Factors:

Hardware segment to account for the largest share of augmented reality market during the forecast period

On the basis of offering, the augmented reality market has been segmented into hardware and software. The hardware segment of the augmented reality market is projected to witness a higher growth rate than the software segment, owing to the increasing adoption of augmented reality hardware globally.

Consumer application to account for the largest share of augmented reality market during the forecast period

On the basis of application, the augmented reality market has been segmented into consumer, commercial, aerospace & defense, healthcare, enterprises (manufacturing), automotive, energy, and others. The consumer application segment is projected to account for the largest size of the augmented reality market from 2021 to 2026.

Geographic Analysis

• North America
• Europe
• APAC
• RoW

APAC to account for the largest share of augmented reality market during the forecast period

The flourishing enterprises (manufacturing) sector in China and Japan is projected to fuel the growth of the augmented reality market in APAC. The gaming industry in this region has also witnessed significant growth, thereby contributing to the increased demand for augmented reality technology in APAC. Additionally, rising investments in commercial applications of augmented reality are also expected to contribute to the growth of the market in APAC. Moreover, the thriving healthcare and automotive sectors in Japan are also projected to drive the demand for AR technology in the region.

Some key companies operating in the market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), Apple (US), and so on.

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