Overview and Scope
Augmented reality (AR) is a digitally augmented representation of the real physical environment created by using digital visual components, music, or other sensory stimulation given via technology.
Sizing and Forecast
The augmented reality services market size has grown exponentially in recent years. It will grow from <b>$134.26 billion in 2023 to $194.44 billion in 2024 at a compound annual growth rate (CAGR) of 44.8%. </b> The growth in the historic period can be attributed to gaming and entertainment adoption, increased consumer awareness, corporate training and simulation, cost reduction and accessibility, content development.
The augmented reality services market size is expected to see exponential growth in the next few years. It will grow to <b>$980.26 billion in 2028 at a compound annual growth rate (CAGR) of 49.8%. </b> The growth in the forecast period can be attributed to integration with 5g technology, enterprise adoption, healthcare and therapeutic expansion, smart cities and iot integration, education and remote learning. Major trends in the forecast period include retail and e-commerce integration, spatial computing and interaction, ar in social media and communication, art and design applications, immersive experiences in tourism.
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Segmentation & Regional Insights
The augmented reality services market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Applications: Training, Annual reports and augmented brochures, Architectural projects/New construction, Games, Trade show environments
3) By End Use: Commercial, Healthcare, Automotive, Other End-Uses
<b>Asia-Pacifica</b> was the largest region in the augmented reality services market in 2023. <b>North America</b> was the second largest region in the augmented reality services market. The regions covered in the augmented reality services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The COVID-19 outbreak is enforcing companies to shift towards more advanced and virtual solutions to continue their businesses, which is predicted to act as a major driver for the growth of the augmented reality services market in the short-term. Increasing demand for augmented reality in various end-use industries post COVID-19 outbreak is expected to generate a higher demand for augmented reality services. For instance, according to Analytics Insights magazine published in April 2020, the demand for AR, VR, and other new-age technologies is escalating due to COVID-19. AR companies including Imaginate and Queppelin are recording a surge in AR, MR, and VR technology. The demand for AR services is also supported by the rising push for learning and development for remote demonstrations and training for employees and consumers.
Key Industry Players
Major companies operating in the augmented reality services market include <b>Groove Jones LLC, Quy Technology Pvt. Ltd., Craftars Sp. z o.o., Wear Mobile Ltd., Next/Now Inc., Apple Inc., Microsoft Corporation, Niantic Inc., Zappar Limited, Blippar Ltd., Lucyd Ltd., Magic Leap Inc., Echo Interaction Group Inc., Notion theory LLC, Mobilab Sp. z o.o., AVRspot Inc., Transition Technologies PSC Sp. z o.o., Innovecs LLC, INDE Appshaker Ltd., Augment Inc., Metagram Inc., VironIT Inc., Scanta Inc., VR Vision Inc., 8ninths Inc., Yeppar Inc., Mutual Mobile Inc., Intellectsoft Inc., Zco Corporation, CitrusBits Inc., Oodles Technologies Pvt. Ltd., Infotrum LLC, Sumeru Inc., NewGenApps Pvt. Ltd., Chocolate Milk & Donuts LLC, Hedgehog Lab Limited, Dyfuzja Sp. z o.o., NARSUN Inc., Cortex Inc., HorizonCore Infosoft Pvt. Ltd., The Intellify Inc., Gramercy Tech LLC, HQSoftware Inc., Program Ace LLC, Xicom Technologies Ltd., Zco Corporation, Fluper Ltd., JPLoft Solution Inc., Credencys Solutions Inc., IndiaNIC Infotech Limited, Chetu Inc., Vakoms LLC, Delta Reality LLC, Setapp Inc.</b>
The augmented reality services market report table of contents includes:
1. Executive Summary
2. Augmented Reality Services Market Characteristics
3. Augmented Reality Services Market Trends And Strategies
4. Augmented Reality Services market analysis
5.Augmented Reality Services Market Size And Growth
6.Augmented Reality Services Segmentation
7.Augmented Reality Services Regional And Country Analysis
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27.Augmented Reality Services Competitive Landscape And Company Profiles
28.Augmented Reality Services Key Mergers And Acquisitions
29.Augmented Reality Services Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Groove Jones LLC
- Quy Technology Pvt. Ltd.
- Craftars Sp. z o.o.
- Wear Mobile Ltd.
- Next/Now Inc.
- Apple Inc.
- Microsoft Corporation
- Niantic Inc.
- Zappar Limited
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