New York, USA, September 27, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report from Market Research Future (MRFR), “Augmented Reality Market Research Report: By Component, Technology, Device Type, Vertical – Forecast to 2030”, the reports further predict that the market will thrive with a strong CAGR of over 41.50% over the evaluation period.

The augmented reality market is expected to gain substantial traction in the coming years. The increasing use of AR technology in head-up and head-up displays (HUDs) corroborates the growth of the market. Market Research Future (MRFR) states that the global augmented reality market is estimated to reach USD 461.25 BN by 2030, with a massive growth of 41.50% CAGR during the evaluation period (2020-2030).

Players leading the The AR market includes:

• Lenovo Systems (China)
• Marxent Laboratories (USA)
• Magic Leap (US)
• Microsoft (USA)
• Microsoft Corporation
• blippar
• Google Corporation.
• PTC
• Samsung Electronics Co.Ltd.
• Wikitude GmbH
• Zugara
• to improve
• DAQRI

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Augmented reality (AR) allows digital images and information to be displayed in the physical environment. It is an enhanced version of the real physical world that is achieved using digital visuals, sound, and other sensory input and delivered through technology. AR is a growing trend in mobile computing and business application companies. As AR evolves further, it will become more agile across various apps.

The rise of data collection and analysis drives the uses of AR to obtain intelligent and accessible information to apply to real-world applications. Such big data can help companies improve decision-making power and gain insight into consumer spending habits. Retailers use AR to promote products/services, drive novel marketing campaigns, and collect unique user data.

The benefits of augmented reality also extend to the healthcare sector, enabling AR applications that allow users to view highly detailed 3D images of different body parts and systems. The use of AR has become a powerful learning tool for the training of medical professionals.

competitive analysis

Highly competitive, the augmented reality market appears fragmented with the presence of several notable industry players. These players initiate strategic approaches such as mergers and acquisitions, collaboration, innovation, and brand building to gain more competitive share.

On September 23, 2022, Simplilearn, an educational technology training platform, announced a partnership with Meta Immersive Learning to develop a training program: Spark AR. The program is designed using augmented reality to provide an understanding of the skills required to create basic effects. Students can study the use of 3D modeling, texturing, and other features of Spark AR Studio to further their careers.

The Spark AR program is available for free on Simplilearn’s SkillUp platform, helping AR/VR students and enthusiasts gain a deep understanding of concepts and improve their skills. These courses will launch in the US, Europe, India, the Middle East, and other key markets for software developers, digital marketers, animators, and AI engineers to help them learn the basics of creating gaming experiences and effects. interactive and attractive user.

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industrial trends

With the rise of augmented reality applications on wearables and smart devices for public and personal safety and environmental security, the market is likely to witness substantial revenue growth in the coming years. Additionally, the proliferation of connected devices and sensors and GPS technology to identify traffic density, pedestrians, and signs increases market demand.

Artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) are becoming more pervasive across industries. The growing acceptance of augmented reality in various burgeoning industries looking to expand production rates increases market value. Continued economic growth across the globe and rapid technological advances in manufacturing techniques drive the growth of the augmented reality market.

Augmented reality is witnessing a growing acceptance in the automotive industry. The technology allows users to assess the shape, features and other factors of a vehicle without being physically present. The growing acceptance of AR and VR technologies by OEMs and manufacturers to enable customers to view their vehicles as required offers significant market opportunities.

In defense sectors, augmented reality is used to bring the biggest and most expensive upgrade to ground troops. Augmented reality glasses are designed to make soldiers more effective in close combat. The Integrated Visual Augmentation System (IVAS) uses AR to project data into soldiers’ fields of vision, including maps, enemy positions, and other information.

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Augmented reality market segments

The Augmented Reality market is segmented into components, verticals, and regions. The components segment is further sub-segmented into technologies and device types. The technology of the sub-segment is divided into marker-based and markerless. The sub-segment device type is divided into head-mounted displays, head-up displays, and others. The vertical segment is sub-segmented into consumer electronics, commercial, aerospace and defense, medical and other.

Regional analysis of the augmented reality market

North America leads the global market for augmented reality. The region is the center of advanced technologies. The growth of the market is attributed to increased awareness of industrial safety and industrialization. Additionally, the growing uses of augmented reality in the automotive and retail industries bear out the size of the market.

Rising production and sales of luxury, conventional and autonomous vehicles drive market shares in the region. In addition, major technological developments and advances in manufacturing techniques are influencing the growth of the regional market. The North American AR market is anticipated to maintain its dominance over the forecast period.

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The Asia Pacific region is another important market for augmented reality. Increased awareness of industrial safety, coupled with the growing urbanization, industrialization and manufacturing sector in the region, corroborates the size of the market. Additionally, rising production and sales of luxury vehicles, conventional vehicles, and autonomous vehicles drive market shares in the region.

In addition, increasing technological advances and developments in manufacturing techniques are influencing the growth of the regional market. The well established automotive sector in this region creates a substantial demand in the market. Japan, China, South Korea, and India are the largest markets for augmented reality. The APAC AR market is projected to maintain its dominance during the estimated period.

The augmented reality market in Europe is growing rapidly due to the large presence of high-end and expensive car manufacturers. In addition, the increase in R&D investments to develop augmented reality has a positive impact on market growth. Additionally, the high interest and spending on luxury and high-performance vehicles, coupled with the well-established automotive industry in this region, creates a high demand in the market.

Related Reports:

AR in the health market Research Report: Information by Component, Device Type, Application and Forecast to 2030

ARVR Market: By technology, by component, by device type – Global forecast to 2030

Automotive Augmented Reality Market Research Report: Information by Sensor Technology, by Level of Autonomous Driving, by Function and Region – Global Forecast to 2030

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