The major goal of augmented reality is to highlight various features of physical world and help to understand these features by driving smart accessible insights which are connected to real world applications. Such insights help companies in decision making and consumer spending, among others. Unlike virtual reality, which is capable of creating its specific cyber environment The augmented reality also enhances user experiences by implicating auditory, visual and other sensual information of real world in actual form. Furthermore, the augmented reality is used in advertising and marketing companies for various promotional activities and showcasing features of different products to the consumers. In retail sector, the augmented reality helps in new product launch, profile raising of products and services and for collecting unique consumer data.
Apart from this, the augmented reality is also used in industrial and manufacturing sector for delivering work instructions to employees. It is also used in industries for tracking, identifying and resolving technical issues in various business processes. Apart from technical issues, AR is also used to resolve issues in various manufacturing tasks such as assembling, retrofitting and production lines, among others. The augmented reality is available in different displays such as HUD (head-up display), HMD (head-mounted display) and handheld devices such as tablets, and mobiles phones. It is also used/beneficial in various end-use industries which include, gaming and entertainment, industrial products, automotive, education, aerospace and defense, electronics and high tech and healthcare, among others, in which, industrial segment dominates the market. Furthermore, rising remote assistance in workflow management in various enterprises propel the demand of the market. Some of the key players in the global augmented reality market are Google LLC, Apple Inc., Microsoft Corporation, PTC Inc., RE'FLEKT GmbH, Niantic, Inc., Zappar Ltd., Blippar Ltd., Epson America, Inc. and Wikitude GmbH.
Global Augmented Reality Market, By AR Display
Based on AR display, augmented reality market is segmented into the following:
- HUD (Head-up Display)
- HMD (Head-mounted Display)
- Handheld Devices
In 2020, the HMD (head-mounted display) segment led the overall augmented reality market in terms of market value accounting for over 48% of the global market. The HMD usually provides digital information about real life objects in superimposed form. The AR head-mounted displays are extensively used in industrial, gaming and entertainment, education, and aerospace and defense, as it provides real-life experiences, which is very appealing and trending. Apart from this, the AR head-mounted displays are also used in supply chain and inventory management segment, where AR provides detailed information about the products. Moreover, its technological features and availability of lightweight smart glasses is driving the growth of the HMD segment. In addition, handheld devices segment is expected to witness high growth during the forecast period, as these devices are widely deployed in industrial, healthcare, retail, e-commerce and other sectors.
Global Augmented Reality Market, By End-use Industry
Based on end-use industry, the augmented reality market is segmented into the following:
- Gaming and Entertainment
- Industrial Products
- Aerospace and Defence
- Electronics and High Tech
In 2020, the industrial segment led the overall augmented reality market in terms of market value. Augmented reality provides an extraordinary and interactive experience in industrial sector, as it offers virtual view on the head-mounted display and handheld devices about the components and on-going processes. It also helps in detection of the problems and keeps the process going, which reduces its manufacturing downtime. Apart from this, the AR technology is also used extensively in gaming and entertainment industry where head-mounted display has highest demand in this industry, owing to its benefit of providing real-life experience to users. Moreover, healthcare segment is expected to witness high growth during the forecast period, due to rising adoption of augmented reality technology in medical training, education, surgical and vein visualization. Most of the hospitals are also adopting augmented reality technology for medical training.
Global Augmented Reality Market, By Geography
Based on geography, the augmented reality market is segmented into following:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
In 2020, North America held the largest share in augmented reality market because of presence of majority of key players of the market and rise in adoption and deployment of AR technology. Due to the onset of COVID-19 pandemic, the manufacturers and marketers are providing AR technology for extended shopping experience for the consumers. Apart from this, the hospitals in this region are also using AR technology for medical training and surgery visualization. Moreover, the statistics show that the US federal government has budgeted US$ 92.2 Bn for federal IT spending and business products or services will reach to 1.94 Tn in late 2021 if it gets fully recovered from COVID-19 pandemic crisis. In addition, Canada region shows highest growth in start-up companies for new AR technology in North America region. Furthermore, Asia pacific is expected to show highest share during forecast period as the countries in this region shows high demand for devices in industrial, commercial and e-commerce sector.