Augmented Reality Market share, growth development by $88.4 billion by 2026
According to a research report “Augmented Reality Market with COVID-19 Impact Analysis, by Device Type (Head-mounted Display, Head-up Display), Offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography – Global Forecast to 2026″ published by MarketsandMarkets, the augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026. The key variables driving the development of the increased reality market remember flooding interest for AR gadgets and applications for medical services, developing interest for AR in retail and web based business areas because of COVID-19, rising interests in the AR market, expanding interest for AR gadgets and innovation in the worldwide auto industry, and others.
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Hardware segment to account for the largest share of augmented reality market during the forecast period
Based on offering, the expanded reality market has been fragmented into equipment and programming. The equipment portion of the expanded reality market is projected to observe a higher development rate than the product fragment inferable from the rising reception of increased reality equipment universally.
Consumer application to account for the largest share of augmented reality market during the forecast period
On the basis of application, the augmented reality market has been segmented into consumer, commercial, aerospace & defense, healthcare, enterprises (manufacturing), automotive, energy, and others. The purchaser application section is projected to represent the biggest size of the expanded reality market from 2021 to 2026. The purchaser section of the market contains gaming and amusement applications wherein AR innovation is utilized to make 3D visual items in reality. The thriving gaming and sports and amusement areas fuel the utilization of AR innovation in buyer applications. The interest for HMD is high in purchaser applications. They are used in smart glasses in sports (such as ski driving and fighting games).
APAC to account for the largest share of augmented reality market during the forecast period
The flourishing enterprises (manufacturing) sector in China and Japan is projected to fuel the growth of the augmented reality market in APAC. The gaming industry in this region has also witnessed significant growth, thereby contributing to the increased demand for augmented reality technology in APAC. Additionally, rising investments in commercial applications of augmented reality are also expected to contribute to the growth of the market in APAC. Moreover, the thriving healthcare and automotive sectors in Japan are also projected to drive the demand for AR technology in the region.
The novel Covid has impacted the worldwide economy generally. The economies in APAC, including Japan, China, South Korea, India, and Australia, have a significant contribution toward the global economy as they are home to various manufacturing and assembly plants in the world. China, which is known as the manufacturing hub of the world, faced a serious economic crisis owing to the spread of the virus and brought all economic activities to a standstill for weeks. The other countries, such as India, Australia, South Korea, and Japan, have also witnessed a downfall in the economic activities across various sectors.
Some of the key companies operating in the market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), Apple (US), and so on.
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