Augmented Reality Market: Healthcare Segment Is Expected To Emerge As The Fastest-Growing

 Augmented Reality Industry Overview

The global augmented reality market size is anticipated to reach USD 597.54 billion by 2030, expanding at a CAGR of 40.9% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The growth of the market can be attributed to the growing adoption of augmented reality (AR) technology in various end-use industries and industry verticals, including automotive, healthcare, and education, among others. The immersive experience AR technology can potentially offer, and subsequently, the growing real-life use cases of AR technology are expected to contribute to the growth of the market in the forecast period.

 

AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. As such, apart from automotive, healthcare, and education; AR technology is also finding applications in other industries and industry verticals, such as construction. The development of website-based AR is typically allowing users to experience AR online without having to download any application.

Having realized that AR technology is more interactive; incumbents of various industries and industry verticals are aggressively implementing new, innovative solutions based on AR technology in their products and processes, particularly in the wake of the outbreak of the COVID-19.

Augmented Reality Market Segmentation

Grand View Research has segmented the global augmented reality market based on component, display, application, and region:

Based on the Component Insights, the market is segmented into Hardware, and Software.

  • The hardware segment accounted for the largest revenue share of 59.8% in 2021 and is expected to continue dominating the market in the forecast period. The growing adoption of AR devices across various industries and industry verticals, such as education, healthcare, construction, and retail, is allowing the hardware segment to dominate the market.
  • The growing demand for AR-compatible hardware shows no signs of abating as more and more companies are investing aggressively in modern AR products and solutions. For instance, in January 2020, Hangzhou Tairuo Technology Company Limited announced an advanced product called the Nreal Light AR glasses, which uses AR technology to create a vastly improved and immersive experience combining virtual reality and augmented reality.
  • The software segment is expected to value at the highest CAGR of 41.8% in the forecast period. AR technology is penetrating daily life as a result of the outbreak of the pandemic. For instance, the touchless and immersive experience facilitated by AR technology bodes well for both students and employees working from home. As AR technology continues to evolve, it is being implemented easily and conveniently in handheld devices.

 

Based on the Display Insights, the market is segmented into Head-Mounted Display & Smart Glass, Head-Up Display, and Handheld Devices.

  • The head-mounted display & smart glass segment accounted for the highest revenue share of 70.7% in 2021. The segment is expected to continue dominating the augmented reality market in the forecast period as a result of the increasing demand for head-mounted displays and smart glasses in industrial & enterprise applications. Advances in OLED technology and the growing use cases for AR technology in industrial & enterprise applications are expected to drive mass availability of lightweight head-mounted displays, thereby driving the growth of the segment.
  • The handheld devices segment is anticipated to value at the highest CAGR of 42.4% from 2022 to 2030. The growth of the segment can be attributed to the rising penetration of handheld devices in retail and e-commerce applications. The proliferation of smartphones and tablets is prompting companies to leverage mobile AR technology and implement AR-based solutions to enhance consumer experience and differentiate themselves from their competitors. Handheld devices integrated with mobile AR technology can help consumers in trying out products virtually before making a buying decision.
  • The head-up display segment is poised for significant growth in the forecast period. Continued innovations in driver assistance systems are expected to drive the growth of the segment. A driver can drive safely while simultaneously tracking vehicle data, such as speed, turning indicators, and warning signals, on the windshield of the car. Having realized the immense potential the market holds, several automotive electronics companies, such as Visteon Corporation, Continental AG, and WayRay AG, have forayed into the AR head-up display market to create immersive products.

 

Based on the Application Insights, the market is segmented into Aerospace & Defense, Automotive, Education, E-commerce & Retail, Gaming & Entertainment, Healthcare, Industrial & Manufacturing, and Others.

  • The industrial & manufacturing segment accounted for the largest revenue share of 24.3% in 2021 and is expected to continue dominating the market in the forecast period. AR technology allows incumbents of various industries and industry verticals to discover any errors or glitches, ensure that all processes remain running, and facilitate efficient operations to keep any manufacturing-related downtime to its minimum.
  • The healthcare segment is expected to emerge as the fastest-growing segment in the forecast period. AR technology is increasingly being implemented in medical training, surgical visualization, and vein visualization. The automotive segment is predicted to grow at a CAGR of 43.3% over the forecast period. Automotive companies are aggressively integrating AR technology in their respective vehicles to enhance customer experience and ensure unique distinctions between their competitors.

 

Augmented Reality Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The augmented reality market can be described as a relatively untapped market, where several opportunities remain unexplored. Vendors are investing aggressively in research and development (R&D) to develop innovative AR solutions for day-to-day applications as well as for enterprises to simplify their workflows and enhance their processes. The ability to offer an immersive experience is particularly prompting technology and e-commerce companies to opt for new, innovative solutions based on AR technology. For instance, Lenskart Solutions Pvt Ltd. is using AR technology in the mobile app to allow individuals to superimpose spectacles, sunglasses, and other products virtually on their faces before making a buying decision. Similarly, the AR feature implemented by LG Corporation on its electronics website allows users to witness how a particular television set would look in their house on their mobile phones before they make a buying decision.

Market players are striking strategic alliances and partnerships and engaging in mergers and acquisitions as part of their efforts to advance technology development amid the intensifying competition. For instance, in December 2021, Tencent acquired Turtle Rock Studios. Tencent particularly found the latter's gaming library and AR capabilities lucrative. Similarly, in August 2020, Google Ventures invested USD 14.5 million in Blue Vision Labs, an AR start-up based in the U.K., after realizing the latter’s potential and development power. In September 2021, WPP and Snap Inc. announced a partnership to explore AR technology to develop advanced immersive experiences for users. The partnership holds immense potential, particularly given that the Snap Consumer AR Global Report 2021 has revealed that over 90% of people want to use AR for shopping.

Some of the prominent players in the augmented reality market are:

  • Microsoft
  • Google LLC
  • Apple, Inc.
  • Sony Corporation
  • Blippar Limited
  • Infinity Augmented Reality Limited
  • Niantic, Inc.
  • Zappar Limited.
  • Magic Leap, Incorporated
  • Wikitude GmbH

 

Order a free sample PDF of the Augmented Reality Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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Grand View Research, Inc.

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