PUBLISHER: The Business Research Company | PRODUCT CODE: 1429332
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429332
Augmented reality devices are characterized as tools that offer an interactive real-world experience through the integration of digital visual content and audio into the physical environment. This category encompasses head-up displays, holographic displays, and smart glasses, among others.
The primary types of augmented reality devices are head-mounted displays (HMD) and head-up displays (HUD). HMDs, also referred to as optical head-mounted displays, provide a transparent display. These devices find application across various industries, such as consumer, commercial, enterprise, healthcare, aerospace & defense, energy, and automotive.
The augmented reality devices market research report is one of a series of new reports from The Business Research Company that provides augmented reality devices market statistics, including augmented reality devices industry global market size, regional shares, competitors with a augmented reality devices market share, detailed augmented reality devices market segments, market trends and opportunities, and any further data you may need to thrive in the augmented reality devices industry. This augmented reality devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The augmented reality devices market size has grown exponentially in recent years. It will grow from $14.21 billion in 2023 to $20.13 billion in 2024 at a compound annual growth rate (CAGR) of 41.6%. During the historical period, the expansion can be ascribed to a surge in consumer electronics demand, a rising number of internet users, heightened awareness surrounding e-commerce, and the ongoing digital transformation. Conversely, factors impeding growth in this era included the enduring effects of augmented reality (AR) on mental health and disruptions in the supply chain.
The augmented reality devices market size is expected to see exponential growth in the next few years. It will grow to $59.06 billion in 2028 at a compound annual growth rate (CAGR) of 30.9%. The anticipated growth in the forecast period can be attributed to the rising adoption of AR technology within the healthcare industry, the integration of AR in social media applications, global population growth, urbanization trends, and the expanding penetration of mobile devices. Key trends expected in the forecast period include the introduction of innovative products with a focus on artificial intelligence (AI), strategic partnerships and collaborations, advancements in head-mounted display (HMD) testing technology, and the launch of WebAR to facilitate access to AR experiences.
The surge in remote work trends is anticipated to drive significant expansion within the augmented reality device market. Remote work, also recognized as telecommuting or telework, denotes a work structure where employees operate without the necessity of commuting to a physical office or workspace. This increasing trend has become a pivotal catalyst for the uptake and advancement of augmented reality (AR) solutions. AR devices hold substantial promise in remote work scenarios, especially in industries reliant on physical operations and necessitating collaboration among on-site and remote teams. As of 2023, Forbes Media LLC reports that 12.7% of full-time employees in the United States work from home, with 28.2% adopting a hybrid model. Projections indicate that by 2025, around 32.6 million Americans, roughly 22% of the workforce, are expected to work remotely. Consequently, the proliferation of remote work serves as a driving force propelling growth within the augmented reality devices market.
The expanding utilization of augmented reality (AR) devices within the medical domain is fueling the growth trajectory of the AR devices market. Surgeons are increasingly embracing AR devices for pre-surgical planning purposes. These devices empower surgeons to generate 2D or 3D renderings of patient anatomy and overlay them onto the patient's body, facilitating precise surgical planning. Notably, Novarad's Opensight augmented reality system enables surgeons to visualize the patient's internal structures while concurrently observing the real-time patient. This functionality empowers surgeons to meticulously strategize for surgical procedures. Moreover, augmented reality is finding application in accurately locating veins beneath a patient's skin during blood transfusions. Innovations such as AccuVein leverage projection-based augmented reality to provide real-time visualizations of veins, aiding healthcare practitioners during blood transfusions.
Prominent players within the augmented reality devices market are actively innovating to introduce novel products such as Wireless AR Glasses, aimed at enhancing customer engagement, elevating brand visibility, and streamlining the creation of product demonstrations. These Wireless AR Glasses represent a category of augmented reality (AR) eyewear that operates independently without requiring a physical tether to a smartphone or any other external device. In February 2023, Xiaomi Inc., a leading electronic manufacturer based in China, unveiled the Xiaomi Wireless AR Glass Discovery Edition. This wireless prototype boasts a 'retina-level' display and features a lightweight construction composed of carbon fiber and magnesium-lithium alloys. Equipped with two Micro OLED screens utilizing a free-form light-guiding prism module to deliver content to the user's eyes, these glasses employ a proprietary low-latency communication link. This technology achieves a remarkably low latency of just 50 milliseconds, imperceptible to the average human, ensuring minimal lag between the smart glass and the host device.
Augmented reality devices manufacturers are directing substantial investments towards merging augmented reality (AR) and virtual reality (VR) technologies. The convergence of these two technologies empowers users to perceive and interact with digital content concurrently. Notably, Spatial, an augmented reality enterprise, has pioneered a platform facilitating interactive conference calls, allowing users to engage with their surroundings devoid of physical presence. Through the fusion of AR and VR capabilities, users utilizing this application can seamlessly engage with pin boards and whiteboards, broadening the scope of interactive experiences available within the virtual environment.
In March 2021, a prominent global provider of secure remote connectivity solutions successfully acquired UpSkill, a pioneering augmented reality software company based in the United States that focuses on applications for frontline workers. This strategic acquisition is set to empower TeamViewer, the acquirer, in consolidating and reinforcing its presence in industry-specific augmented reality solutions. Upskill, the acquired company, is a market leader in augmented reality solutions based in the United States, with a history dating back to its establishment in 2010.
Major companies operating in the augmented reality devices market report are Meta Platforms Inc., Seiko Epson Corporation, Microsoft Corporation, Goertek Inc., Lenovo Group, Samsung Electronics Co. Ltd., Magic Leap, Inc., PTC Inc., Sharp Corporation, TeamViewer (Upskill), Simbott, Imaginate, Parallax Labs, TATA ELXSI, PlayShifu, Quy Technology Pvt Ltd., Trezi, Simulanis, Jadooz, GreyKernel, Chimpare, Lucid Reality Labs, Takeaway Reality, Full Clarity, Vention, Waracle, Foresight Mobile, Innowise Group, Holoroad, Sensevr, Seemore, ClickFit, VMS Media, Elar World, Epson America, Inc., Vuzix Corporation, nReal, Oculus, Google, UP360, Lets Nurture, Bit Space Development Ltd., Droidix, Realidade Aumentada Brasil, Loox Studios, Next Latinoamerica S.A.C., Black Ink Agency, 4experience, Techgropse UAE, Banuba AR, Designhubz, MonocleReality, Afriten Technologies, RamStudios, Veza Interactive, TeamEpic
Asia-Pacific was the largest region in the augmented reality devices market in 2023. Western Europe was the second-largest region in the global augmented reality devices market share. The regions covered in the augmented reality devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the augmented reality devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The augmented reality devices market consists of sales of head-mounted display (HMD), head-up display (HUD), and other augmented reality devices. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Augmented Reality Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on augmented reality devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for augmented reality devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The augmented reality devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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