Augmented Reality Market & Global Industry Forecast Report, 2021-2028

Augmented Reality Market & Global Industry Forecast Report, 2021-2028

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Global Augmented Reality Market
The Augmented Reality Market is anticipated to experience an immersive growth of 42.9% over the analysis period. This surge in the growth rate is attributed to the wide applications of augmented reality in educational areas, entertainment, and training.

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Augmented Reality Market Dynamics
The healthcare industry is experiencing a surge in the adoption of captivating technologies, such as augmented reality to support healthcare professionals. The AR offers a virtualized view of the patient's health to help surgeons determine the health condition and perform their duty efficiently. Also, the growing availability, as well as affordability, has stimulated its adoption across industries. Companies worldwide are making use of apps based on Augmented Reality to trace, identify and solve technical problems, which include rectifying production lines. Besides this, there has been a surge in demand for distance supervision and amalgamation from several organizations to help optimize and manage workflow, which will further contribute to market growth. The aggravating adoption of smart glasses, smartphones, and other wearable devices has raised the application of mobile AR technology to proffer a hypnotizing experience. Several organizations emphasize introducing modernizations in AR technology to proffer a personalized and reciprocated experience to the customers. Hennes & Mauritz AB's brand Monki In June 2018, acquired AR technology to offer a 3D experience to its customers with the help of smartphones while offering garments on the online platform. The AR technology also helps to modify intramural navigation. For instance, MobiDev exemplified indoor navigation via its ARcore platform by the development of an optimum route to the appropriate user's destination.

Device Type Drivers
By the device type, the head-up displays segment is anticipated to register robust growth over the coming years. The head-up display is in the foundation phase and is projected to be implemented in the automotive industry on a large scale. Several leading players, such as Visteon, WayRay, Continental, and BMW, are programing to enter the market via different strategies. For instance, BMW introduced the AR HUDs in the forthcoming luxurious models in 2020.

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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