Augmented Reality (AR) Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software), By Device Type (Head-Mounted Display, Smart Glass (Cinema Display Glasses, XR Glasses), Head-Up Display, Handheld Devices), By End User (Aerospace & Defense, Automotive, Education, E-commerce & Retail, Gaming & Entertainment, Healthcare, Industrial & Manufacturing, Others) and Region Forecast 2019-2030

Augmented Reality (AR) Market size was valued at USD 58,289.1 million in 2023 and is projected to grow at a CAGR of 32.2% from 2024-2030. Augmented reality (AR) modifies the real world by superimposing digital data on top of it, improving the user's perception and interaction with it. This technology enhances the user's real-world experience by integrating computer-generated improvements, such as audio, visuals, and GPS data. Compared to Virtual Reality (VR), which generates a completely fabricated environment, it is fundamentally different. The key factors that are fuelled by technological advancements, increased investments, rising adoption in various sectors, enhanced user experience and growing smartphone and wearable adoption will drive the market growth.

For instance, 61% of consumers stated they would be interested in utilizing augmented reality (AR) to view how things look in their homes before making a purchase, according to a Deloitte survey.  However, high costs, privacy concerns, technical limitations, lack of standardization, and user resistance are the limiting factors for the augmented reality market. Furthermore, emerging applications, integration with AI, enhanced collaboration tools, and education and training are the opportunities for the market. In addition, the market trends are AR in retail, healthcare innovations, AR, IoT integration, social media integration, and 5G connectivity.    

Augmented Reality (AR) Market Key Developments:

• In January 2024, the anticipated Vision Pro headset, which will be on sale in the United States on February 2nd, has an official launch date of that date announced by Apple Inc. The sophisticated R1 chip in this state-of-the-art gadget is intended to speed up the information processing from its sensors. The headset's weight was also addressed by the manufacturer by adding battery, which allowed for a two-hour runtime.
• In January 2023, Apple, Inc. launched a new immersive Deep Field AR app for students. The Deep Field iPad app uses Apple Pencil to experiment with vibrant colors, textures, and shapes and draw their own flora and fauna.
• In February 2023, an augmented reality glasses prototype was unveiled by Xiaomi Corporation. With the device's "retina-level display," users can see virtual items just as well as they would if they were real.