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Augmented Reality Market Report

RA05993

Augmented Reality Market by Component (Hardware and Software), Device Type (Head Mounted Display, Handheld Devices, and Others), End-use (Retail, Healthcare, Manufacturing & Construction, Media & Entertainment, Education, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2028

RA05993

Pages: 218

Oct 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Augmented Reality Market

Augmented Reality Market Analysis

The global augmented reality market is anticipated to garner $65,323.4 million in the 2021–2028 timeframe, growing from $8,142.9 million in 2020, at a healthy CAGR 30.9%.

Market Synopsis

The market for augmented reality is primarily driven by technical advancements, acquisitions, and collaborations.

The main restraining factor of augmented reality market is adverse effect of the augmented reality on human health.

According to the regional analysis of the market, the Asia-Pacific augmented reality market is anticipated to grow at a CAGR of 31.7%, by generating a revenue of $27,109.2 million during the review period.

Augmented Reality Overview

A live picture of a physical real-world environment whose elements are blended with (or augmented with) virtual computer-generated graphics is known as augmented reality. Augmented reality is the use of information in the form of text, visuals, audio, and other virtual improvements combined with real-world goods (AR). AR is distinguished from virtual reality by its “real world” component. In contrast to a simulation, AR integrates and adds value to the user's engagement with the real world. Individuals' increasing desire for smartphones, smart glasses, and other handheld and wearable devices is propelling the use of mobile AR technologies to create immersive experiences.

COVID-19 Impact on Augmented Reality Market

The pandemic of COVID-19 has had a massive influence on the worldwide corporate sector. Many countries have enacted various sorts of lockdown in recent months, drastically restricting the ways in which corporations can conduct business and, in many cases, causing operations to end. Major infectious disease related pandemics often cause public health, economic, and social difficulties. Two unique technologies, virtual reality (VR) and augmented reality (AR) have been employed in numerous domains for disaster emergency management during the pandemic. The Covid-19 has impacted positively on augmented reality market as the demand for the technology is increasing continuously across the sectors including media & entertainment, education, healthcare, and retails. Additionally, during these times of testing, the AR is a critical tool for healthcare staff. AR solutions for medical training and equipment swaps considerably reduce the possibility of human mistake while also cutting training and onboarding periods. Furthermore, using an AR-enhanced technique, the time-critical process of equipment changeover is accelerated. Moreover With "Try On" and "Try Out" capabilities, augmented reality marketing approach lowers the requirement for things to be handled and touched. Overall, incorporating AR into the retail industry is beneficial for the hygienic concerns that are on customers' minds.

Increasing Adoption of AR Technology in Healthcare Sector to Drive the Market Growth

In the field of medicine, augmented reality holds a lot of potential. Healthcare can be made more affordable and accessible to millions of people with the use of technology. Health awareness, disease outbreaks, prevention, diagnosis, medical equipment upkeep & training, treatment & therapy planning, patient monitoring, lifestyle enhancement, and patient care are all possible applications of the technology.  XRHealth, a virtual clinic, launched a new platform in December 2019, that allows doctors and their patients to communicate directly through virtual reality (VR) and augmented reality (AR).  For instance, in February 2019, Philips unveiled a new augmented reality approach for image-guided minimally invasive therapies, which was developed in collaboration with Microsoft.  In the healthcare industry, augmented reality plays a critical role. It can be used to give a surgeon a virtual image of a patient's body components, allowing them to assess their condition. This can assist the surgeon in doing less invasive procedures. Using augmented reality, surgeons can see joints, muscles, and interior organs without dissecting the body. This allows surgeons to plan where incisions should be made and aids in the use of data collected during medical emergencies. Real-time data about a patient's health is a crucial driver driving AR adoption in the healthcare sector and potentially saving many lives. Apart from virtualizing a patient's health, AR technology also saves time during emergency surgeries, which is a significant benefit of its application in this industry.

To know more about global augmented reality market drivers, get in touch with our analysts here.

Concerns about AR's Security and Privacy might restrain the Market Growth

The AR industry's biggest difficulties are security and privacy concerns. These concerns have occurred as the result of inconsistencies in AR programming, as well as the negligence and oversight of both AR app and device developers and end-users. The main restraining factor of the growth of the market is lack of ability of few AR apps to protect the users’ identity and privacy.

Growing Adoption of the Augmented Reality in Retail, Healthcare, and Other Top Industries to Create Growth Opportunities

User experience is evolving, and expectations are rising, as augmented and virtual reality (VR) and 5G mobile networks emerge. We can see how new and current technologies can thoroughly permeate our daily lives and impact our ideas by looking at examples like Snapchat filters and the game Pokémon Go getting viral. In retail, augmented reality serves as a link between the online and offline worlds, allowing customers to be more involved in the purchasing process. It creates a new and enhanced connection between consumers and brands by increasing the brand awareness and presence. For instance, in May 2020, Kohl's, a department store chain based in the United States, teamed with Snapchat to launch Kohl's AR Virtual Closet. Snapchat users can shop for clothes from home using the augmented reality virtual wardrobe, and make purchases without ever leaving the app. For the many people who work from home, Kohl's virtual closet turned to athleisure gear with COVID. In addition, in February 2020, Burberry released a new augmented reality shopping app.  The use of the AR technologies among all the sector of retail industry including apparel, furniture, automotive, and consumer electronic is booming and creating growth options for the market.

To know more about global augmented reality market opportunities, get in touch with our analysts here.

Augmented Reality Market
By Component

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Based on component the market has been divided into Hardware and software. Hardware sub-segment accounted for the highest revenue share in 2020, and Hardware sub-segment is predicted to show the fastest growth during the forecast period. Get Exclusive PDF Sample

Enterprise size: Research Dive Analysis

The hardware sub-segment is anticipated to have a dominant as well as fastest growing market share and generate a revenue of $38,136.1 million by 2028, growing from $4,713.3 million in 2020, with CAGR of 31.2%. Because of the growing acceptance of augmented reality technology around the world, the hardware component of the market is expected to develop faster than the software segment. According to a report by GizmoChina, in September 2020, Facebook the tech giant from the United States was making strides in the development of hardware devices, particularly those with augmented reality capabilities. In collaboration with EssilorLuxottica, the social media giant facebook is developing Ray-Ban smart spectacles. The glasses may serve as a prototype for true augmented reality (AR) spectacles.

Augmented Reality Market
By Device Type

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Based on device type, the analysis has been divided into head mounted display, Handheld Devices, and others. Out of these, Handheld Devices sub-segment is predicted to be the most dominant and head mounted display is anticipated to show the fastest growth during the forecast period.

Enterprise size: Research Dive Analysis

The handheld devices sub-segment of the global augmented reality market is anticipated to have a dominant market share and surpass $24869.2 million by 2028, with an increase from $3222.7 million in 2020. Rise in the demand for mobile augmented reality in the retail sector to improve customers' shopping experiences is considered as the factor of the growth. The adoption of AR in social apps such as Snapchat (filters), Facebook, and Instagram will drive demand for more rich content in mobile AR for social media. Various marketing campaigns using social media platforms are proving to be valuable in increasing sales for brands and marketers through the use of mobile AR apps. It would provide a huge opportunity for developers who create different platforms for marketers to sell their products. In addition, increasing disposable income of the consumer in the developing region such as Asia-Pacific and growing adoption of the AR apps & devices such as smartphones, laptops, and other devices are some key factors of the growth.

The head mounted display of the global augmented reality market is anticipated to have the fastest growth and surpass $24490.8 million by 2028, with an increase from $2889.4 million in 2020, with highest CAGR of 32%. The demand for head mounted display is high in consumer applications, applications including, aerospace & defense, healthcare, enterprises (manufacturing), automotive, energy, and others. There has been a considerable growth in investments in the development of head mounted display, as well as their use in a variety of applications around the world. The head mounted display sector has seen massive investment, with investors eager to be back in businesses that have shown the value of their innovations and products in recent years.

Augmented Reality Market
By End Use

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Based on end use, the analysis has been divided retail, healthcare, manufacturing & construction, media & entertainment, education, and others. Among these, Media and Entertainment sub-segment is predicted to be the most dominant sub-segment and healthcare sub-segment is anticipated to have the fastest growth during the forecast period.

Enterprise size: Research Dive Analysis

The media & entertainment sub-segment of the global augmented reality market is anticipated to have a dominant market share and surpass $16,635.0 million by 2028, with an increase from $2056.9 million in 2020. Every aspect of lives appears to change at a rapid rate since the emergence of user-focused technology. Remarkably, AR and VR have brought in a gaming industry. There are rapidly growing opportunities in the augmented reality gaming market. In March 2019, a report by Ericsson Consumer Lab survey suggested that 67% of the gamers will increase their AR usage in coming five years, and 45% gamers are using AR smart glasses. Moreover, the increasing popularity of the games, growing adoption of the smart phone, and the growth of mobile gaming are making 26% of the media consumption per hour. The media & entertainment sub-segment is dominating going to be a key factor of the augmented reality market growth.

The healthcare sub-segment of the global augmented reality market is anticipated to have the fastest growth and surpass $9,852.2 million by 2028, with an increase from $ 1,129.1 million in 2020, with the CAGR 32.5%. The adoption of the AR based solution in the healthcare industry is increasing, AR/MR model offers hands free solutions and AI based diagnostic tools. For instance, in January 2020, Augmedics, the first augmented reality surgery guidance system, the xvision spine system, announced that its breakthrough xvision Spine system (XVS), the first AR guiding system to be used in surgery, received FDA 510(k) clearance and will be available in the United States. xvision Spine allows doctors to see a patient's 3D spinal anatomy just like x-ray vision during surgery, and properly navigate tools and instead of looking at a remote screen, implant while looking directly at the patient. To improve patient treatments and outcomes, AR is used in healthcare areas such as patient and doctor education, surgical visualization, and disease simulation.

Augmented Reality Market
By Region

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The augmented reality market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Enterprise size: Research Dive Analysis

The Market for Augmented Reality in Asia-Pacific to be the Most Dominant and the Most Lucrative

The Asia-Pacific augmented reality market accounted $3,257.2 million in 2020 and is projected to register a revenue of $27,109.2 million by 2028. The booming manufacturing sector in China and Japan is expected to drive the augmented reality market in APAC to new heights. This region's gaming industry has also seen tremendous expansion, contributing to APAC's rising need for augmented reality technologies. Additionally, increased investments in commercial augmented reality applications are likely to contribute to the market's growth in APAC. Furthermore, Japan's burgeoning healthcare and automotive industries are expected to fuel demand for AR technology in the region.

Competitive Scenario in the Global Augmented Reality Market

Product advancements, innovations, and business expansion are common strategies followed by major market players.

Competitive Scenario in the Global Augmented Reality Market

Enterprise size: Research Dive Analysis

Some of the leading augmented reality market players are Google LLC, Microsoft, DAQRI, Niantic, Ptc Inc., Apple, Magic Leap, Seiko Epson, TreeView, and CXR

Porter’s Five Forces Analysis for the Global Augmented Reality Market:

  • Bargaining Power of Suppliers: There are many suppliers in the augmented reality market. Also, there is high demand for augmented reality from various countries in order to reduce the transaction complexity.
    Thus, the bargaining power suppliers is low.
  • Bargaining Power of Buyers: Buyers have high bargaining power owing to the high adoption of the advanced technologies in the transaction and payment processing.
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: The companies entering augmented reality market have to deal with the advanced options available from all the major players. 
    Thus, the threat of the new entrants is low.
  • Threat of Substitutes:  Due to the entry of businesses with technologically enhanced platforms and lower cost solutions, the threat of substitutes is considerable.
    Thus, the threat of substitutes is high.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is low mainly because the high number of players operating in augmented reality industry.
    Therefore, competitive rivalry in the market is low.

Aspect

Particulars

  Historical Market Estimations

  2019-2021

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Components

  • Hardware
  • Software

  Segmentation by Device Type

  • Head mounted display
  • Handheld devices
  • Others

  Segmentation by End-use

  • Retail
  • Healthcare
  • Manufacturing and construction
  • Media and entertainment
  • Education
  • Others   

  Key Companies Profiled

  • Google LLC
  • Microsoft
  • DAQRI
  •  Niantic
  •  Ptc Inc.
  • Apple
  •  Magic Leap
  • Seiko Epson
  •  TreeView
  • CXR

Frequently Asked Questions
 

A. The size of the global augmented reality market was over $8,142.9 million in 2020 and is projected to reach $ 65,323.4 million by 2028.

A. Google LLC, Microsoft, Apple, and Magic Leap are some of the major companies operating in the global augmented reality market.

A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. The growth rate of the Asia-Pacific augmented reality market is 31.7%.

A. Product innovations, technological advancements, and business expansions are the key strategies opted by the operating companies in this market.

A. Google LLC, Microsoft, and Apple, these companies are investing more on R&D practices.

A. The global augmented reality market size was estimated at $8,142.9 million in 2020 and is expected to reach $65,323.4 million by2028.

A. The global AR market size was valued at $ 8,142.9 million in 2020. It is expected to expand at CAGR of 30.9% from 2021 to 2028.

A. The global AR and VR market size is expected to reach USD 44 billion in 2025.

A. The size of AR and VR Market in 2017 was estimated around USD 12 billion.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Component trends
2.3.By Device type trends
2.4.By End Use trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Device type landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.By Component
3.8.2.By  Device Type
3.8.3.By End Use

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution channel analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Augmented Reality Market, by Component

4.1.Software

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Hardware

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

5.Augmented Reality Market, by Device Type

5.1.Head Mounted Display

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2. Handheld Devices

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Others

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

6.Augmented Reality Market, by End Use

6.1. Retail

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028

6.2.Healthcare

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028

6.3.Manufacturing and Construction

6.3.1.Market size and forecast, by region, 2020-2028
6.3.2.Comparative market share analysis, 2020 & 2028

6.4. Media and Entertainment

6.4.1.Market size and forecast, by region, 2020-2028
6.4.2.Comparative market share analysis, 2020 & 2028

6.5.Education

6.5.1.Market size and forecast, by region, 2020-2028
6.5.2.Comparative market share analysis, 2020 & 2028

6.6.Others

6.6.1.Market size and forecast, by region, 2020-2028
6.6.2.Comparative market share analysis, 2020 & 2028

7.Augmented Reality Market, by Regions

7.1.North America

7.1.1.Market size and forecast, by Component, 2020-2028
7.1.2.Market size and forecast, by Device Type, 2020-2028
7.1.3.Market size and forecast, by End Use, 2020-2028
7.1.4.Market size and forecast, by country, 2020-2028

7.1.5.U.S.

7.1.5.1.Market size and forecast, by Component, 2020-2028
7.1.5.2.Market size and forecast, by Device Type, 2020-2028
7.1.5.3.Market size and forecast, by End Use, 2020-2028
7.1.5.4.Market size and forecast, by End Use, 2020-2028

7.1.6.Canada

7.1.6.1.Market size and forecast, by Component, 2020-2028
7.1.6.2.Market size and forecast, by Device Type, 2020-2028
7.1.6.3.Market size and forecast, by End Use, 2020-2028

7.1.7.Mexico

7.1.7.1.Market size and forecast, by Component, 2020-2028
7.1.7.2.Market size and forecast, by Device Type, 2020-2028
7.1.7.3.Market size and forecast, by End Use, 2020-2028

7.2.Europe

7.2.1.Market size and forecast, by Component, 2020-2028
7.2.2.Market size and forecast, by Device Type, 2020-2028
7.2.3.Market size and forecast, by End Use, 2020-2028
7.2.4.Market size and forecast, by country, 2020-2028

7.2.5.Germany 

7.2.5.1.Market size and forecast, by Component, 2020-2028
7.2.5.2.Market size and forecast, by Device Type, 2020-2028
7.2.5.3.Market size and forecast, by End Use, 2020-2028

7.2.6.UK

7.2.6.1.Market size and forecast, by Component, 2020-2028
7.2.6.2.Market size and forecast, by Device Type, 2020-2028
7.2.6.3.Market size and forecast, by End Use, 2020-2028

7.2.7.France

7.2.7.1.Market size and forecast, by Component, 2020-2028
7.2.7.2.Market size and forecast, by Device Type, 2020-2028
7.2.7.3.Market size and forecast, by End Use, 2020-2028

7.2.8.Rest of Europe

7.2.8.1.Market size and forecast, by Component, 2020-2028
7.2.8.2.Market size and forecast, by Device Type, 2020-2028
7.2.8.3.Market size and forecast, by End Use, 2020-2028

7.3.Asia Pacific

7.3.1.Market size and forecast, by Component, 2020-2028
7.3.2.Market size and forecast, by Device Type, 2020-2028
7.3.3.Market size and forecast, by End Use, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028

7.3.5.China

7.3.5.1.Market size and forecast, by Component, 2020-2028
7.3.5.2.Market size and forecast, by Device Type, 2020-2028
7.3.5.3.Market size and forecast, by End Use, 2020-2028

7.3.6.Japan

7.3.6.1.Market size and forecast, by Component, 2020-2028
7.3.6.2.Market size and forecast, by Device Type, 2020-2028
7.3.6.3.Market size and forecast, by End Use, 2020-2028

7.3.7.South Korea

7.3.7.1.Market size and forecast, by Component, 2020-2028
7.3.7.2.Market size and forecast, by Device Type, 2020-2028
7.3.7.3.Market size and forecast, by End Use, 2020-2028

7.3.8.Rest of Asia Pacific

7.3.8.1.Market size and forecast, by Component, 2020-2028
7.3.8.2.Market size and forecast, by Device Type, 2020-2028
7.3.8.3.Market size and forecast, by End Use, 2020-2028

7.4.LAMEA

7.4.1.Market size and forecast, by Component, 2020-2028
7.4.2.Market size and forecast, by Device Type, 2020-2028
7.4.3.Market size and forecast, by End Use, 2020-2028
7.4.4.Market size and forecast, by country, 2020-2028

7.4.5.Latin America  

7.4.5.1.Market size and forecast, by Component, 2020-2028
7.4.5.2.Market size and forecast, by Device Type, 2020-2028
7.4.5.3.Market size and forecast, by End Use, 2020-2028

7.4.6.Middle East and Africa

7.4.6.1.Market size and forecast, by Component, 2020-2028
7.4.6.2.Market size and forecast, by Device Type, 2020-2028
7.4.6.3.Market size and forecast, by End Use, 2020-2028

8.Company profiles

8.1.Google LLC.

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2. Microsoft

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3.DAQRI

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.Niantic

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5. Ptc Inc.

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6.Apple

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.Magic Leap

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.Seiko Epson.

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9. TreeView.

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.CXR.

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis

Augmented reality or AR is a technology, which uses the environment of the existing user and overlays the virtual or digital content or information over it to provide immersive digital experience in real-time environment. The applications of AR are developed on special 3D programs, which allow developers to integrate digital or related content with the real world in real time.

The increasing applications of AR technology for better security purpose in airports, automobiles, offices, personal gadgets, and others has led to substantial growth of the augmented reality market.  Besides, the increasing penetration of smartphones & connected devices in several application sectors and the continuous development in the gaming industry are also driving the augmented reality market growth.

COVID-19 Impact on Augmented Reality Market

The outbreak of COVID-19 across the globe has progressively impacted the global augmented reality market growth. This is majorly because the demand for the technology is increasing continuously across various sectors across the globe including media & entertainment, healthcare, education, and retails. In addition, AR has become a critical tool for healthcare staff during the unprecedented times. AR solutions for medical equipment and training considerably reduces the possibility of human mistake, while also cuts training and onboarding periods.

Additionally, the coronavirus pandemic has had a massive influence on the corporate sector across the globe. In these trying times two unique technologies, augmented reality (AR) and virtual reality (VR) have been employed in numerous domains for disaster emergency management. All these factors have positively impacted the global augmented reality market during the pandemic period.

Augmented Reality Market Trends and Developments

The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global augmented reality market growth in the upcoming years.

For instance, in September 2020, Epson America, Inc., a division of Seiko Epson Corporation of Japan, entered into a partnership with the US-based specialist in AR software architecture & system integration, 3D HoloGroup to sell Epson’s AR glasses.

In January 2021, Magic Leap, an augmented reality platform for enterprises, entered into a multi-year, multi-phased agreement and partnership with Google Cloud, a suite of cloud computing services, to deliver Magic Leap’s enterprise solutions on the Google Cloud marketplace. The aim of the company is to explore potential new cloud-based, three-dimensional computing solutions running on Google Cloud. Working with Google Cloud, Magic Leap will explore the optimization of its AR Cloud leveraging Google Cloud’s network, the 5G network edge compute services, and content delivery services.

In March 2021, Blippar, the leading Augmented Reality (AR) technology company, closed a US$ 5 million Pre-Series A Funding Round, co-led by 4J Studios, Chroma Ventures, and West Coast Capital. This new investment reinforces the position of the company in the AR market and will be used for R&D activities, and to accelerate its growth in the US, Asian, and European markets.

Forecast Analysis of Global Market

The global augmented reality market is projected to witness an exponential growth during the forecast period, owing to the technological advancements and the rising adoption of AR technology in retail and other industries are projected to open up new growth opportunities for the market by 2028. Conversely, the AR security and privacy concerns among consumers are expected to hamper the market growth in the projected timeframe.

The growing adoption of AR technology in the healthcare sector due to its various applications such as disease outbreaks, health awareness, prevention, diagnosis, medical equipment training & upkeep, treatment & therapy planning, lifestyle enhancement, patient monitoring, and patient care are the significant factors and augmented reality market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global augmented reality market is expected to garner $65,323.4 million during the forecast period (2021-2028). Regionally, the Asia-Pacific region is estimated to observe the rapid growth by 2028, owing to the booming manufacturing sector in Japan and China and the tremendous expansion of gaming industry in the region.

The key players functioning in the global market include Google LLC, DAQRI, Microsoft, Niantic, PTC Inc., Magic Leap, Apple, Seiko Epson, CXR, and TreeView.

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