AR overlays digital content in the real world, enhancing user experiences in gaming, navigation, and retail. MR blends virtual and physical elements, enabling interactive training, design visualization, and remote collaboration. Both technologies find uses in healthcare for surgical planning and education, in marketing for interactive campaigns, and in manufacturing for streamlined production processes. The versatility, interactivity, and potential for immersive experiences make AR and MR essential tools across industries, revolutionizing how we interact with digital content and the physical environment.
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Data Bridge Market Research analyses that the Global Augmented Reality (AR) and Mixed Reality (MR) Market is valued at USD 23053.9 million in 2021 and is expected to reach USD 606,787.07 million by 2029, registering a CAGR of 50.5% during the forecast period of 2022 to 2029. Governments around the world are investing in AR and MR research and development, providing grants and incentives to foster technological innovation and application development, thus driving the market’s growth.
Key Findings of the Study
- The global augmented reality (AR) and mixed reality (MR) market is anticipated to reach a value of USD 606,787.07 million by 2029, with a CAGR of around 50.5% during the forecast period from 2022 to 2029.
- North America dominated the augmented reality (AR) and mixed reality (MR) market in 2022 as the region boasts advanced software research and development capabilities, fostering innovation in AR and MR technologies.
- The proliferation of smartphones and mobile devices equipped with AR capabilities drives the market as more consumers and businesses access AR experiences through mobile apps.
- Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 as due to China's significant adoption of technologically advanced smart wearables is a key driver fueling the widespread acceptance of Augmented Reality (AR) and Mixed Reality (MR) in the country.
Technological advancements is expected to drive the market's growth rate
The rapid advancements in AR and MR technologies, including better hardware, powerful processors, and improved displays, contribute to the market's growth by providing users with highly immersive and realistic experiences. These technological improvements enhance the quality of virtual content and interactions, making AR and MR applications more appealing to consumers and businesses alike. As a result, the increasing demand for these enhanced experiences drives the expansion of the augmented reality (AR) and mixed reality (MR) markets.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software, Services), Deployment Model (Cloud, On Premise), Distribution Channel (Offline, Online), Device Type (Head Up Display, Head Mounted Display, Projector, and Display Wall, Gesture Tracking Devices), Technology (Mobile Augmented Reality, Monitor-Based Technology, Near Eye Based Technology), Application (Workflow Optimization, Marketing Collaboration, Enhanced 2-D and 3-D, Visualizations, 3D Modelling, Documentation, Navigation), End User (Retail and E-Commerce, IT and Telecommunication, Automotive, Aerospace and Defense, Healthcare, Animation, Travel and Tourism, Energy, Media and Entertainment, Education, Construction, Games and Sports, Banking)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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HP Development Company, LP (U.S.), HTC Corporation (Taiwan), Autodesk Inc. (U.S.), Barco (Belgium), Intel Corporation (U.S.), PTC (U.S.), Seiko Epson Corporation (Japan), Ultraleap Limited (U.K.), ASUSTek Computer In, c. (Taiwan), Dell (U.S.), Google (a subsidiary of Alphabet Inc.) (U.S.), Sony Corporation (Japan), Lenovo (Hong Kong), Microsoft (U.S.), SAMSUNG ELECTRONICS CO., LTD. (South Korea), Panasonic Corporation (Japan), RealWear, Inc. (U.S.), Magic Leap, Inc. (U.S.), EON Reality (U.S.), TeamViewer (Germany)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The augmented reality (AR) and mixed reality (MR) market is segmented on the basis of component, deployment model, distribution channel, device type, technology, application, and end user.
- On the basis of component, the global augmented reality (AR) and mixed reality (MR) market is segmented into hardware, software, and services.
- On the basis of deployment model, the global augmented reality (AR) and mixed reality (MR) market is segmented into on-premise and cloud.
- On the basis of device type, the global augmented reality (AR) and mixed reality (MR) market has been segmented into head up display, head mounted display, projector and display wall, and gesture tracking devices.
- On the basis of technology, the global augmented reality (AR) and mixed reality (MR) market has been segmented into mobile augmented reality, monitor-based technology, and near eye based technology.
- On the basis of application, the global augmented reality (AR) and mixed reality (MR) market has been segmented into workflow optimization, marketing collaboration, enhanced 2-D and 3-D, visualizations, 3D modeling, documentation, and navigation.
- On the basis of end user, the global augmented reality (AR) and mixed reality (MR) market is segmented into retail and e-commerce, IT and telecommunication, automotive, aerospace and defense, healthcare, travel and tourism, energy, media and entertainment, education, construction, games and sports, banking and others.
Major Players
Data Bridge Market Research recognizes the following companies as the major augmented reality (AR) and mixed reality (MR) market players in augmented reality (AR) and mixed reality (MR) market are HP Development Company, LP (U.S.), HTC Corporation (Taiwan), Autodesk Inc. (U.S.), Barco (Belgium), Intel Corporation (U.S.), PTC (U.S.), Seiko Epson Corporation (Japan), Ultraleap Limited (U.K.), ASUSTek Computer In, c. (Taiwan), Dell (U.S.)
Market Developments
- In April 2021, Microsoft announced a Pentagon contract with the U.S. military for augmented reality headgear for soldiers worth USD 21.88 billion. This HoloLens will deliver soldiers more efficient visibility, next-generation night vision, and situational awareness for any war. This has also helped the company to transcend the traditional boundaries of space and time in the field of AR, thereby expanding their products in the market
- In July 2021, SAMSUNG ELECTRONICS CO., LTD. expanded its contactless offerings for consumers with a new Augmented Reality (AR) enabled service for its flagship products. With this, consumers may virtually experience a product in their homes, check product dimensions, and make an informed selection with the AR service. This has also helped the company to expand its product portfolio in the augmented reality market
Regional Analysis
Geographically, the countries covered in the augmented reality (AR) and mixed reality (MR) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in augmented reality (AR) and mixed reality (MR) market during the forecast period 2022 - 2029
In 2022, North America dominated the augmented reality (AR) and mixed reality (MR) markets as the region has a robust technology infrastructure, a strong presence of key industry players, and significant investments in research and development. Additionally, North America boasts a large consumer base and a thriving ecosystem for AR and MR applications across various sectors, such as gaming, entertainment, healthcare, and manufacturing, driving the rapid growth and adoption of these technologies in the market.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029
In 2022, Asia-Pacific is expected to witness significant growth as smart wearables, such as AR glasses and MR headsets, seamlessly integrate virtual information into users' real-world experiences, enhancing productivity, entertainment, and daily life. With a large population embracing these smart wearables, the demand for AR and MR applications has surged in China. As a result, the country's tech-savvy consumers and businesses contribute to the rapid growth and widespread adoption of AR and MR technologies, making China a major market player in this domain.
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