Meticulous Research®, a premier global market research firm, has announced 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."

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According to the latest findings from Meticulous Research®, the global augmented reality market is projected to grow to $210.1 billion by 2031, with a CAGR of 34.9% from 2024 to 2031. Growth drivers include increased government initiatives supporting AR technology, heightened demand in the retail and e-commerce sectors, and expanding use in healthcare. However, market growth faces challenges due to privacy and security concerns, as well as high hardware costs.

The advent of 5G technology and emerging opportunities within the travel and tourism industries are likely to provide growth avenues. On the other hand, a shortage of skilled professionals remains a major challenge impacting market expansion.

The augmented reality market is segmented based on 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 report also includes competitive analysis and regional market insights.

In 2024, the hardware segment is expected to hold the largest share, over 55% of the global market, due to increased adoption of AR devices in entertainment, rising smartphone sales, and developments in AR smart glasses. Notably, Apple Inc. launched the Apple Vision Pro in June 2023, featuring eye and hand gesture controls, and a virtual keyboard.

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

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

In terms of application, the gaming segment is anticipated to lead with over 33% of the market share in 2024, attributed to the growing gaming industry and increased demand for compatible devices. Conversely, the promotion and advertising segment is expected to grow at the highest rate, driven by AR-capable smartphones and digital marketing trends.

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

Geographically, North America is forecasted to hold over 40% of the market share in 2024, thanks to government initiatives, digital infrastructure investments, and the presence of major market players. For example, the Los Angeles Rams launched 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 countries like China, South Korea, India, and Japan. In response to regional demand, companies such as Xiaomi have launched new smart glasses, like the Xiaomi Wireless AR Glass, designed for advanced display features and wireless connectivity.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/augmented-analytics-market-5991

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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