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Augmented Reality (AR) is one of the latest technologies which is a blend of various interactive digital elements, such as buzzy haptic feedback, dazzling visual overlays, or other sensory projections that are integrated into the real-world environments. Pokemon Go is the most famous use case of augmented reality. Augmented reality is rapidly growing with its application can now be seen in daily life. AR has been integrated into various mobile applications such as Snapchat lenses, which is yet another popular application of AR. Major industry verticals including healthcare, automotive, entertainment, and gaming are boosting the adoption of augmented reality.
Key players in the market are investing significantly in the development of augmented reality technology. For instance, Google Inc, in January 2019, has launched new addons in its search engine that deploys the Google Lens and Augmented reality. This enables it to superimpose content and information into the real world. The major factors that are driving the growth of the augmented reality market are increasing investments by the major technology leaders in the development of AR products and applications, and growing demand for AR devices in the entertainment and healthcare sector.
AR applications require AR devices, due to which the hardware segment is expected to dominate the market during the forecast period. Companies such as Google Inc, Magic Leap, and Daqri LLC are focusing more on the development of AR devices. However, the health issues associated with the continuous use of AR devices are expected to restrain the market growth during the forecast period.
The global augmented reality market is valued at USD 1.54 Billion in 2020 and is anticipated to grow with a CAGR of 55.0% during the forecast period from 2020 to 2028. The major factors that are contributing to the growth of the market include increasing demand for AR devices from the various industry verticals including healthcare, and media and entertainment, among others. Also, increasing investments in the development of AR technology by the major players are driving the growth of the augmented reality market.
What does this Report Provide?
This report provides a detailed understanding of the global augmented reality demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with a potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global augmented reality market. The major market drivers, challenges, and opportunities for the global augmented reality market have also been covered in the report. This report also includes the market shares of the leading companies operating in the augmented reality market, along with their production capacities and the growth strategies adopted by them.
Market Segmentation:
By Component:
By Type
By Technology
By End-User Industry
By Region:
North America Augmented Reality Market
Europe Augmented Reality Market
Asia Pacific Augmented Reality Market
Middle East & Africa Augmented Reality Market
South America Augmented Reality Market
Major Companies: Qualcomm Technologies Inc, Microsoft Corporation, Blipper Inc., Infinity Augmented Reality Inc., Google Inc., DAQRI, Samsung Electronics Corporation Ltd., Catchoom Technologies, Magic Leap Inc., Sony Corporation, PTC Inc., Wikitude GmbH, Zugara, Inc, Osterhout Design Group, METAIO’s SDK, Facebook, Inc., and Total Immersion, among others.
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