The augmented reality market was valued at $24.2 billion in 2021, and is estimated to reach $411.4 billion by 2031, growing at a CAGR of 33.2% from 2022 to 2031.
Augmented reality (AR) technology is an interactive experience that enhances the users experience in the real world with computer generated perceptual information. Using applications and software & hardware like AR glasses, the AR technology overlays digital content to real life environment to enrich user experience and turn one’s immediate surroundings in an interactive learning environment which is valuable in manufacturing and industry processes.
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Technological advancements like iOS 16, the recent software update of iPhone has introduced the new Apple Room-Plan API which uses the LiDAR scanner in recent iPhone Pro models to create a 3D room plan. LiDAR is a technology that emits lasers and calculates the time it takes for the light to return to the sensor in order to precisely measure the distance between the device and the objects. According to Apple, the API can be useful for real estate, architecture, and interior design apps, since it is precise and easy to use.
Growing augmented reality security and privacy concerns will present a significant technical challenge to the market. The high cost associated with research and development for cutting-edge technical solutions and lack of skilled or trained professionals or technological expertise, particularly in developing and underdeveloped economies will further restrain market expansion. The health dangers associated with technology are extremely high. Wearers of AR devices are generally lost in virtual content, which causes behavioral changes, hearing loss, and eye and/or hearing impairment. All these factors are anticipated to hamper augmented reality market growth in the forecast time frame.
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The global augmented reality market has grown at an unbelievable rate as a result of the growing demands for 3D imaging in the healthcare industry. Rising digitization, especially in developing countries, coupled with a stronger focus on technology, and the development of the internet of things will generate more lucrative market growth opportunities. In addition to these, rising popularity of e-commerce will also contribute to market growth.
Automotive firms are also rapidly adopting augmented reality technology into their vehicles in order to improve customer experience and differentiate themselves from their market competition. AR technology not only gives customers a more immersive experience, but it also aids producers in exploring new production and design options. These factors are anticipated to propel the market in the future.
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Some of the leading augmented reality market players are Google LLC, Microsoft, DAQRI, Niantic Inc, Ptc Inc., Apple Inc, Magic Leap Inc, Seiko Epson Corporation, TreeView, and CXR.
The report offers a comprehensive analysis of the global augmented reality market forecast is presented by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the AR market.
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