Published on: July 29, 2024
The augmented reality (AR) market is estimated to grow at a CAGR of 28.71% between 2022 and 2027, with the size of the market increasing by USD 157.21 billion. The growth of the market depends on several factors, including the increasing investments in AR technology, the rising demand from various application segments, and the increasing adoption of AR-enabled smart glasses. With advancements in sensory technologies and the integration of AR into education, training, logistics, and healthcare, the market size is expected to increase substantially. Applications range from sensory education and training solutions to logistics technology and healthcare innovations. Sensory modalities encompass somatosensory, visual, auditory, and haptic feedback.
Several trends are shaping the augmented reality market, including the use of somatosensory, visual, auditory, and haptic feedback to enhance sensory experiences and learning outcomes, the adoption of AR in training programs and logistics management, and the integration of AR with 5G networks for real-time data transmission and spatial computing.
Key drivers fueling the growth of the augmented reality market include the demand for immersive educational and training solutions, the need for efficient logistics management systems, and the increasing use of AR in healthcare for therapeutic applications and medical training. Challenges to the market include technical barriers such as data transmission limitations and compatibility issues with existing infrastructure, as well as the difficulty of ensuring user acceptance and addressing privacy concerns.
North America is projected to account for 37% of the global market’s growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America, especially the US, has played a key role in the development of technologies that people use in their daily lives. The capabilities of AR technology have been recognized significantly in Canada as well.
Technavio's augmented reality industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our augmented reality market reports include:
In order to provide you with a comprehensive view of the augmented reality industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the augmented reality market with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the augmented reality market is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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