Augmented Reality (AR) Market to grow by USD 157.21 billion from 2022 to 2027, Increasing investments in AR technology to boost the market – Technavio

NEW YORK, Oct. 24, 2023 /PRNewswire/ — The augmented reality (AR) market by application (enterprise, retail, media and entertainment, healthcare, and others), component (hardware and software), and geography (North America, APAC, Europe, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027 report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the augmented reality (AR) market between 2023 and 2027 is USD 157.21 billion. 

The increasing investments in AR technology drive the market during the forecast period. As AR is an emerging technology, there is an increasing investment by many major players and startups in AR technology-related innovations. There is a rise in the adoption of this technology in social media platforms, mobile devices (for virtual conference calls), and automotive devices, as well as in the retail and healthcare industries. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here

Market Challenge – 

Privacy concerns over AR technology are a significant challenge hindering the market growth. There is a significant collection and processing of vast amounts of information about users and their environment by AR. As a result, there are various privacy concerns associated with the AR market. The AR technology has the ability to access the personal data of users and may pose a threat to their privacy. In addition, it can pose a significant threat to user’s privacy if hackers gain access to the user’s device. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.Explain. Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report NowThe market share growth by enterprise segment is significant during the forecast period. The main advantage of AR apps is that they improve operational processes and are increasingly adopted by different enterprises to check inventory and provide information on the available stock. These apps are extensively utilized for various applications including r remote assistance, training, data visualization, marketing, collaboration, inspection, and repairs across various business verticals. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.North America is estimated to account for 37% of market growth by 2027. North America, particularly the US, has played a key role in the development of technologies that people use in their daily lives. The applications of AR technology have been recognized significantly in Canada as well. Hence such factors are driving the market growth in North America during the forecast period. View Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the augmented reality (AR) market:

Alphabet Inc., Atheer Inc, Dynabook Inc., Facebook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio