The augmented reality market size is garnering substantial traction across the globe. The market growth attributes to rising uses of AR technology in head-mounted and head-up displays (HUD) and other connected devices, such as sensors and GPS to identify traffic density, pedestrians, and signboards.
Additionally, the increasing uptake of augmented reality in various burgeoning industries looking to expand production rate escalate the market growth. With rising AR applications in wearables and smart devices for public & personal safety and environmental safety, the market is likely to witness substantial revenue growth in the years to come.
Market Research Future (MRFR) asserts that the global augmented reality market is projected to garner exponential growth by 2030, posting a colossal CAGR during the assessment period (2022-2030). Continual economic growth worldwide and rapid technological advances in manufacturing techniques boost the growth of the market.
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Augmented Reality Market – Segmentation
The report is segmented into components, verticals, and regions. The component segment is sub-segmented into technologies and device types. The sub-segment technology is bifurcated into marker-based and markerless. The sub-segment device type is bifurcated into head-mounted displays, head-up displays, and others. The vertical segment is sub-segmented into consumer electronics, commercial, aerospace & defense, medical, and others.
Global Augmented Reality Market – Regional Analysis
North America leads the global augmented reality market. The region is the hub for advanced technologies. The market growth attributes to the increased awareness of industrial safety and increased industrialization. Besides, the growing uses of augmented reality in the automotive and retail industry substantiate the size of the market.
Rising production and sales of luxury vehicles, conventional vehicles, and autonomous vehicles boost the region’s market shares. Moreover, large technology developments and advances in manufacturing techniques influence regional market growth. The North American AR market is projected to retain its dominance throughout the estimated period.
Global AR Market – Competitive Analysis
Highly competitive, the augmented reality market appears fragmented with the presence of several notable industry players. To gain a larger competitive share, these players initiate strategic approaches, such as mergers & acquisitions, collaboration, innovation, and brand reinforcement.
Major Players:
Players leading the AR market include Lenovo Systems (China), Marxent Labs (US), Magic Leap (US), Microsoft (US), Microsoft Corporation, Blippar, Google Inc., PTC, Samsung Electronics Co. Ltd., Wikitude GmbH, Zugara, Upskill, and DAQRI, among others.
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Industry/ Innovation/ Related News:
Sep. 07, 2021 --- Orbit Logic launched a new mobile app with an augmented reality (AR) interface enhancing the awareness of overflying imaging satellites. The AR view displayed overlays the orbit and position of satellites that can image the user’s current location, providing a better understanding of satellite viewing geometry and potential obstructions.
Also, the AR interface displays information relevant to the satellite and its capabilities, such as the timing and dynamic geometry of the pass and the resolution achievable by satellite sensors. SpyMeSat is available via the Apple App Store and Google Play.
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