Meticulous Research®, a prominent global market research company, has issued a new report titled, " Augmented Reality Market by Offering (Smart Glasses, Headsets), Type, Application (Training & Learning, Gaming, Promotion & Advertising), End User (Retail & E-commerce, Media & Entertainment, Healthcare, Travel & Tourism), and Geography—Global Forecast to 2031."

The latest publication from Meticulous Research® forecasts that the global augmented reality market will grow to $210.1 billion by 2031, achieving a CAGR of 34.9% from 2024 to 2031. This growth is driven by increased government support for AR technologies, rising demand in retail and e-commerce, and growing applications in healthcare. However, challenges such as privacy and security issues and high hardware costs could impact market expansion.

Advancements in 5G technology and emerging opportunities within the travel and tourism sectors are expected to provide additional growth opportunities. Conversely, a shortage of skilled professionals is a significant challenge.

The global augmented reality market is segmented by offering (hardware—head-mounted displays like smart glasses and headsets, head-up displays, platforms, and services), type (marker-based AR and marker-less AR), application (training and learning, quality inspection, tourism, remote assistance, design and modeling, gaming, promotion and advertising, and other applications), and end-use industry (industrial and manufacturing, healthcare, education, retail and e-commerce, media and entertainment, transportation and logistics, automotive, travel and tourism, real estate, sales and marketing, and other sectors). The study also provides a competitive landscape and regional market analysis.

In 2024, the hardware segment is projected to hold the largest share, over 55%, of the global augmented reality market. This is due to increased adoption of AR devices in entertainment, higher smartphone sales, and advancements in AR smart glasses. For example, Apple Inc. launched the Apple Vision Pro in June 2023, featuring eye and hand gesture controls along with a virtual keyboard.

This hardware segment is also expected to grow at the highest CAGR during the forecast period.

The market is segmented into marker-based AR and marker-less AR. In 2024, marker-based AR is expected to dominate due to increased smartphone sales and advancements in navigation systems. This segment is also forecasted to have the highest growth rate.

In terms of application, the gaming segment is expected to lead with over 33% of the market share in 2024, attributed to the popularity of gaming and demand for compatible devices. However, the promotion and advertising segment is projected to experience the highest growth rate, driven by the rise in AR-capable smartphones and digital marketing trends.

By end-use industry, the media and entertainment sector is anticipated to hold over 25% of the market share in 2024, driven by AR’s expanding role in gaming and entertainment. The healthcare sector is projected to grow at the highest rate, fueled by the increased use of immersive technologies and government investments.

Geographically, North America is expected to account for over 40% of the market share in 2024, supported by government initiatives, digital infrastructure investments, and the presence of leading market players. For example, the Los Angeles Rams introduced ARound technology in December 2022 to enhance fan engagement with AR experiences.

Asia-Pacific is projected to exhibit the highest CAGR of over 37.5% during the forecast period, driven by major AR technology users and suppliers in China, South Korea, India, and Japan. To meet regional demand, companies such as Xiaomi have launched innovative smart glasses, like the Xiaomi Wireless AR Glass, which offers advanced display features and wireless connectivity.

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Key Players:

The key players operating in the global augmented reality market are Google LLC (U.S.), PTC, Inc. (U.S.), Seiko Epson Corporation (Japan), Microsoft Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (U.S.), NVIDIA Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Magic Leap, Inc. (U.S.), Vuzix Corporation (U.S.), Lenovo (China), Sony Corporation (Japan), Meta Platform, Inc. (U.S.), Snap Inc. (U.S.), and MAD Gaze (China).

Key Questions Answered in the Report:

• What are the high-growth market segments in terms of offering, type, application, and end-use industry?
• What is the historical market size for the global augmented reality market?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global augmented reality market?
• Who are the major players in the global augmented reality market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global augmented reality market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the emerging players in the global augmented reality market, and how do they compete with other players?

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