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Augmented Reality (AR) Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Device Type (Head Mounted Display, Heads-Up Display, Handheld Devices, Stationary AR Systems, Smart Glasses, Others), By Industry (Gaming, Media & Entertainment, Automotive, Retail, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI102553

 

KEY MARKET INSIGHTS

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The global augmented reality (AR) market size was USD 2.82 billion in 2019 and is projected to reach USD 65.22 billion by 2027, exhibiting a CAGR of 48.3% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Augmented Reality (AR) Market

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The increasing demand for the technology for training, maintenance, assistance, and monitoring across industries such as manufacturing, healthcare, logistics, and many more are driving the market growth. Increasing adoption of smartphones and integration of apps is expected to boost market growth in near future. The rising adoption of 5G infrastructure is expected to reduce the latency issues and likely to boost the market.


COVID-19 Impact


Augmented Reality Application in Remote Assistance to Support Fight against COVID-19


The COVID-19 pandemic has severely impacted global industries. It has resulted in restricted traveling, social distancing, fewer on-site staff, lack of training tools, and much more. However, the AR technology is likely to provide support during the crisis and boost its adoption. It can offer remote assistance solutions for various industries. For instance, with AR-enabled assistance, two or more people can use live video sharing. It is different from traditional video sharing, as it is integrated with computer vision technology. The movement of devices is captured and the staff at a remote location can scan and operate the function.  Similarly, the on-site staff can get supervised expertise from the engineer working from home for operations such as rectifying faulty machines and more. For instance, to provide assistance to the on-site worker during the pandemic crises, PTC Inc. is providing AR remote assistance solution Vuforia Chalk for free of cost. It offers business and employee safety for the manufacturing and maintenance work.


Another crucial AR application area is healthcare, where the doctors can wear a mixed reality headset and with its capability the results of the performed test will be shown on screens. This will help in treating the COVID patients without physical contact. Also, for companies are researching and developing AR solutions to reduce the exposure of medical staff and doctors. For instance, Salesforce-backed TechSee is providing AR support for keeping the required systems continuously functioning. With its adoption, the hospital staff is not required to constantly visit the COVID ward. Thus, the market is likely to grow steadily during the pandemic.


LATEST TRENDS


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Increasing Demand for Enhancing Customer Experience to Propel Market Growth


In today’s world, maintaining customer relationships has become the most important factor for growth in business. The decreasing number of loyal customers and fast switching between products and services are demanding innovative customer engagement solutions. Many companies are experimenting with AR to create a long-lasting impression on its customers as it offers a personalized and interactive experience that helps to maintain customer engagement. For instance, H&M has collaborated with HoloMe to enhance online shopping. The company’s Monki brand offers its garments with a 3D effect through smartphones using AR.  According to a white paper by Infosys, the brands offering customized products are witnessing six to ten times higher growth in revenue generation. Thus, the technology can vastly support the marketers to provide a personalized customer experience. 


Additionally, the technology can offer online customer support systems, where the customers can see and interact with agents as visiting a store. For instance, a coffee processing company, Nespresso, integrated AR capabilities in its coffee machine to provide step-by-step instruction to the users. This is expected to provide a seamless AR experience to the customers. Thus, the adoption of augmented reality technology is increasingly catering to deliver better customer experiences.


DRIVING FACTORS


Mobile Augmented Reality to Drive the Market


The technological advancements in devices have raised the potential to provide immersive experiences. Smart glasses, smartphones, and other such handheld devices can offer mobile AR technology, wherever the user requires it. Mobile devices help in exploring the things with an interactive experience. For instance, the furniture store, IKEA, offers the solutions where the user can check and arrange the selected furniture in their room with a 3D effect using a smartphone. This provides a unique experience for the user and helps to make more informed decisions. Further, the mobile devices provide critical information directly on the device screen, helping workers to perform hands-free across industries such as manufacturing, automotive, and logistics. For instance, DHL Group deployed smart glasses for its workers in warehouses across the globe. The smart glasses help the worker and reduce the time required to locate, scan, sort, and move inventory. This is likely to drive the AR market growth in the coming years.


Increasing Adoption of AR Technology across Healthcare Industry to Propel Market Growth


The healthcare industry is witnessing rising adoption of immersive technologies to support the healthcare workers. The technology provides a real and virtual environment that helps in performing tasks efficiently. The rising availability, accessibility, and affordability of devices are boosting its adoption across the industry and patients.  For instance, earlier with the limited information, conducting complex surgeries was exhausting. With the adoption of AR, the surgeon now receives real-time information on patient anatomy accurately. Also, the technology provides details of other organs that can get affected during the surgery. Thus, it ensures the success rate of the operation.


Similarly, the technology offers the capability of interactive and engaging medical learning experiences. For instance, in the year 2017, LV Prasad Eye Institute collaborated with Microsoft HoloLens to develop a learning app Holo Eye Anatomy. The app helps medical students to learn eye anatomy with a 3D effect using Microsoft’s ARHoloLens. Thus, the increasing application across the healthcare industry is likely to drive the augmented reality market growth.


RESTRAINING FACTORS


Long Term Impacts of Augmented Reality on Mental Health May Impede Growth


The users of the technology are facing issues owing to the excessive usage of smart devices. According to a research at Stanford University, users react to the immersive environment same as the physical environment, which affects their psychology and behavior. As per the study, it can even cause an extreme case of post-traumatic stress disorder for some users. Similarly, wearing the devices can affect the user’s ability for social interaction. This might lead to loneliness and depression. Thus, the rising concerns regarding impact of excessive usage of AR on users is likely to hamper the market growth.


SEGMENTATION


By Component Analysis


Hardware Segment to Dominate the Market


Based on components, the market is categorized into hardware and software. The hardware segment is expected to lead the market. The increasing demand and application of AR devices across industries are boosting the hardware segment growth. Companies such as Apple Inc., Google LLC, and Microsoft Corporation are investing in the development of advanced AR products.


The software segment is likely to witness rapid and driving the growth during the forecast period owing to the rising demand for apps. Rising adoption of smartphones is boosting this segment. The companies are focusing on integrating AR software with tablets, smartphones, and computers to offer real-time interactive solutions. 


By Devices Type Analysis


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Increasing Adoption of Head Mounted Devices to Propel Market Growth


Based on devices type, the market is categorized into the heads-up display, handheld devices, stationary AR systems, smart glasses, and others. The heads-up display is expected to gain maximum market share during the forecast period. The adoption of the heads-up display is increasing in the automotive industry. The increasing implementation of advanced driver assistance systems (ADAS) in cars is boosting the growth of this segment. Also, increasing adoption of smartphones is boosting the demand for handheld devices. The vast presence of AR-based mobile games is also fueling the market growth.


Similarly, the smart glasses segment is expected to gain traction owing to its increasing application across industries such as manufacturing, logistics, and operations. It offers hands-on experiences and guidance to the workers. According to the 2019 report of Deloitte, 93% of large industries are considering to implement smart glasses. For instance, in 2017 to boost productivity, General Electric adopted smart glasses for its factories. The company witnessed a 34% jump in productivity at its plant after the adoption of smart glasses. Similarly, various companies are investing in the research and development of smart glasses. This is likely to boost the AR industry in near future, as per the augmented reality market forecast.


By Industry Analysis


The Gaming and Media & Entertainment Industry to Lead the Market


The industries covered in the market are gaming, media & entertainment, automotive, retail, healthcare, education, manufacturing, and others. Augmented reality plays an important role in boosting the gaming industry. The technology offers immersive and interactive experience that is likely to raise its adoption in the gaming industry. With the success of Pokemon Go, the gaming companies are extensively expanding the technology for its other games and applications.


Similarly, the technology is offering vast scope in the media and entertainment industry for providing real-time experiences. For instance, in the year 2017, MTV offered augmented experience to its customers for live performances. The viewers were able to take pictures of them with their favorite artists through the technology.


Additionally, AR offers a promising role in the retail industry. It can offer the customers details of any product and services through smartphones with 3D effect. For instance, in 2016, Visa Europe and Blippar adopted real-time AR capabilities to sell the fashion-show garments. This is likely to boost the demand for AR in the retail industry.


Healthcare is also witnessing the increasing demand for AR, as it aids surgeries and patient treatment. Also, the increasing demand for assistance and monitoring is boosting the adoption of the technology in the industry, according to the augmented reality market analysis.


REGIONAL INSIGHTS


North America Augmented Reality Market Size, 2019 (USD Billion)

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North America is expected to gain maximum revenue share during the forecast period. Increasing investment in immersive technologies is boosting the demand in the region. According to Deloitte's report in 2019, the US dominates the top featured AR start-up list. Similarly, the US government is keen on boosting the adoption of immersive technology, which will strengthen the region’s hold on the augmented reality market share. For instance, in 2019 US Defense Advanced Research Projects Agency has shown interest in IMT Atlantique and contacted the company for developing similar smart contactless lenses for the US military.


Asia Pacific is expected to show rapid growth during the forecast period. The booming automotive, manufacturing, logistic, and gaming industries are likely to fuel the regional market growth. China is expected to dominate the market owing to the presence of low-cost hardware manufacturers. India is also anticipated to offer growth opportunities for the market owing to increasing demand from the consumers.


Europe has vast potential to boost the market. According to the Ecorys VR Report, the European production value for AR/VR is expected to reach USD 40 billion by 2020. The UK is expected to lead the market owing to the increasing AR/VR companies in the country.


Latin America is expected to grow steadily owing to the collaborations and partnerships with the US-based companies.


The Middle East & Africa region is likely to gain traction. The implementation of the technology across learning, travel & tourism, healthcare, and other industries is expected to boost the market.


KEY INDUSTRY PLAYERS


VR Companies Are Converging on the AR Technology and Smart Glasses


The companies in the global market are receiving huge funds and investments across the globe. Companies such as Facebook and Google are acquiring start-ups in the market to gain expertise. Similarly, companies such as Microsoft Corporation, Vuzix Corporation, and Qualcomm Technologies, Inc., among others, are collaborating with different industries to expand their businesses. Apple is aiming to develop smart glasses similar to Google LLC. The company offers the augmented reality apps such as ARKit for developers to build augmented solutions.


June 2020 – Apple Inc. announced new updates in its ARKit 4. The company updated the app with LiDAR Scanner depth API, location anchors, and expanded face tracking support using AR capabilities. The users can experience the videos and pictures with the immersive environment.


March 2020 – Apple Inc. announced partnership with Dent Reality. The partnership aims to offer AR-based indoor apps and navigation solutions. It is the only official partner of Apple in Indoor Maps documentation.


List of Key Companies Profiled:



  • Google LLC (Alphabet, Inc.) (California, United States)

  • Microsoft Corporation (Washington, United States)


  • Samsung Electronics Co. Ltd. (Suwon-si, South Korea)

  • Upskills.io (Virginia, United States)

  • Vuzix Corporation (Rochester, United States)


  • . (Massachusetts, United States)

  • Qualcomm Technologies, Inc. (California, United States)

  • Sixense Entertainment Inc. (California, United States)

  • Magic Leap, Inc. (Florida, United States)

  • RealWear, Inc. (Washington, United States)

  • Daqri LLC (California, USA)


KEY INDUSTRY DEVELOPMENTS:



  • June 2020 – Microsoft Corporation collaborated with the UK-based company Dimension. The partnership aims to provide mixed reality immersive experience using extended reality content, digital humans, augmented and virtual reality technology, and Microsoft HoloLens.

  • February 2020 – Qualcomm Technologies, Inc. announced the development of extended reality headset based on Qualcomm Snapdragon XR2 Platform. It will support the customer and enterprises with premium quality augmented, virtual, and mixed reality devices.


REPORT COVERAGE


The augmented reality market report highlights leading regions across the real world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies that are being deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader to gain in-depth knowledge about the market.


An Infographic Representation of Augmented Reality (AR) Market

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REPORT SCOPE & SEGMENTATION











































 ATTRIBUTE



  DETAILS



Study Period



  2016–2027



Base Year



  2019



Forecast Period



  2020–2027



Historical Period



  2016– 2018



Unit



  Value (USD Billion)



Segmentation



By Component



  • Hardware

  • Software



By Device Type



  • Head Mounted Display

  • Heads-up Display

  • Hand-Held Devices

  • Stationary AR systems

  • Smart Glasses

  • Others



By Industry



  • Gaming

  • Media & Entertainment

  • Automotive

  • Retail

  • Healthcare

  • Education

  • Manufacturing

  • Others



By Region



  • North America (the US and Canada)

  • Europe (the UK, Germany, France, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)

  • The Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)



Frequently Asked Questions

The global augmented reality market is projected to reach USD 65.22 billion by 2027.

In 2019, the market was valued at USD 2.82 billion.

The market is projected to grow at a CAGR of 48.3%.

The hardware segment is likely to lead the market.

Mobile augmented reality is driving the market growth.

Microsoft Corporation, Apple, Inc., Samsung Electronics Co. Ltd., Upskills.io, Vuzix Corporation, Facebook, Inc. and Google LLC are the top players in the market.

North America region is expected to hold the highest market share.

Smart glasses are expected to grow with the highest CAGR.

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Augmented Reality (AR) Market Size, Share and Global Industry Trend Forecast till 2026
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