Market Overview
The Global Augmented Reality (AR) and Mixed Reality (MR) Market is expected to reach at a CAGR of 43.8% during the forecast period (2024-2031).
Augmented reality (AR) overlays virtual articles in the real climate. It regularly adds advanced components to a live view by utilizing the camera on a cell phone. Augmented reality encounters incorporate Snapchat focal points and the game Pokemon Go. On the other hand, mixed reality (MR) overlays and anchors virtual items to this present reality. In a mixed reality experience, which consolidates components of both AR and VR, real-world and advanced items connect. With Microsoft's HoloLens, one of the most outstanding early mixed reality mechanical assemblies, mixed reality innovation began.
Market Summary
| Metrics | Details |
| CAGR | 43.8% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD) |
| Segments Covered | By Component, By Device, By Technology, By Application, By End-User, and By Region |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East, and Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Market Share | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and other key Insights. |
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Source: DataM Intelligence Analysis (2023)
Market Dynamics
Artificial intelligence (AI) in the automobile sector to improve the driving experience is expected to drive the market. However, slow digitalization affects the adoption of AI technology in emerging economies.
Artificial intelligence (AI) in the automobile sector to improve the driving experience is expected to drive the market
Industry analysts estimate that augmented reality (AR) businesses will reach a worth of about US$ 673,000 million by 2025. AR has effectively been set up as a market staple for new vehicles, hitting the auto business market. By lessening the time, drivers spend taking their eyes off the street, augmented reality innovation makes vehicles more secure for everybody out and about. Moreover, further developing testing and detailing measurements because of decreased human mistakes and manual creation strategies makes the assembling system less expensive and more proficient.
With over 1 million clients projected to hit the market in 2020, augmented reality immediately acquired a foothold across numerous ventures. The auto business is spearheading this innovation incredibly and more drivers will be exploiting this progressive technology. The innovation is likewise working on many existing standard automotive components. As a result, this has prompted the creative mind of different shrewd embellishments, similar to an AR-improved rearview reflection that can distinguish a vulnerable side danger and progressively undertake a video feed of it in the rearview reflection.
Auto and tech specialists foresee AR innovation to turn out to be considerably more consistent and open instantly. As keen wearables move to supplant telephones and convenient gadgets, the automobile business will continue to make interconnected frameworks to work on the driving experience for everybody on and off the street.
Slow digitalization affecting the adoption of AI technology in emerging economies
Because of the absence of assets for the fundamental prerequisites of IT foundations in agricultural nations, AI-empowered arrangements are subject to accessible IT frameworks, information, and Internet of Things (IoT) devices for catching cases to produce exact outcomes. Artificial intelligence mechanical turns of events, cloud frameworks, huge information, and coordinated information documentation are essential in effectively using AI stages in educational organizations.
Moreover, the execution of AI-empowered arrangements in the instruction area involves the web and disconnected conditions to deliver a compelling result. The specialized versatility is seen significantly in created nations; in any case, the arising economies are relied upon to observe a lethargic development rate as far as digitalization, along these lines bringing about the sluggish development pace of AI in the market.
COVID-19 Impact on Market
COVID-19 has positively affected AR technology interest. Overall, undertakings attempt to discover ways of getting their interior and more extensive topographically spread groups to impart, team up and discover a way ahead during the emergency. Indeed, even after the lockdown closes, the social change it has caused will probably keep going for an impressively longer period. Individuals are expected to remain socially far off, yet they will be close to advances and the lengthy reality. The stages and advances may principally permit numerous organizations to run and become independent of the difficulties presented by friendly separating.
Market Segment Analysis
Based on end-user, the global augmented reality (AR) and mixed reality (MR) market is segmented into gaming, education, healthcare, retail and advertising, automotive, military & defense, and others.
Because of the different headways in the gaming business, the amazing advances which are acquiring a great deal of market consideration are virtual reality (VR), augmented reality (AR), and mixed reality (MR). For an eager gamer, nothing could be more refreshing than the possibility of being moved inside the game, engaging evil spirits, outsiders, and spies, and investigating novel conditions past creative minds.
The AR gaming market is mostly determined by mechanical turns of events, acquisitions, and organizations. In June 2021, the gaming visit application goliath, Discord procured the augmented reality startup, Ubiquity6. Ubiquity6 aims to build a shopper-confronting stage for facilitating increased reality content and the obtaining might draw in a more extensive crowd to its items.
Notwithstanding, the presentation of mixed reality, the main consideration driving the mixed reality in the gaming market is the constant development of the gaming business. The mixed reality in gaming gives a vivid virtual climate and empowers gamers to encounter computer-generated reality on their devices. For instance, the dispatch of Microsoft Hololens movement regulators and engineer units serves to help market players to animate the improvement of mixed reality in gaming.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
The global augmented reality (AR) and mixed reality (MR) market is segmented into North America, Europe, South America, Asia-Pacific, and the Middle East & Africa based on geography.
North American augmented reality (AR) and mixed reality (MR) market is relied upon to become essentially over the conjecture time frame, attributable to an enormous number of organizations making special interests in market development and strong associations. U.S. is relied upon to be one of the profoundly imaginative AR markets.
The vast majority of the organizations progressing in innovation are situated in the U.S. High innovation openness and simplicity of accessibility of keen gadgets have made a solid AR market in the region. The region has the most special reception of brilliant gadgets, brilliant watches, and smart glasses.
Moreover, the U.S. spends around US$ 14,000 million per year in computerized preparation of the military, with an excellent focal point of military development, teamed up with Microsoft for its MR headset HoloLens, to empower the military to identify foes while in the combat zone. In November 2018, Microsoft was granted US$ 480 million for the inventory of 2,500 HoloLens headsets within the following two years.
Source: DataM Intelligence Analysis (2023)
Companies and Competitive Landscape
The global augmented reality (AR) and mixed reality (MR) market is highly competitive, consolidated with several end-use industries, resulting in high investment by multinational and local companies, and contributing to a significant share in the market growth. In addition, major players contributing to the market's growth are Blippar, Magic Leap, Inc., Acer, Dell, Inc., Microsoft Corporation, Samsung Electronics, PTC, Wikitude Gmbh, HP Development Company, Intel Corporation, and others. Further, the companies are adopting growth strategies such as expansions, acquisitions, product launches, and collaborations, contributing to the market growth globally.
Blippar
Overview: Blippar is a UK-based company, that specializes in augmented reality (AR) content creation and publishing to any smartphone and the web. The company is headquartered in London, UK.
Product Portfolio: Blippar offers in-house bespoke AR content creation, focusing on mobile and WebAR. In addition, the company provides exclusive content creation and publishing platform, Blippbuilder, which enables customers to create and publish AR content themselves.
Key Development:
- On March 24, 2021, Blipper closed a US$ 5 million Pre-Series, the funding round, co-led by 4J Studios, Chroma Ventures, and West Coast Capital. The new investment reinforces the company's position in the Augmented Reality (AR) market.
Why Purchase the Report?
- Visualize the composition of the augmented reality (AR) and mixed reality (MR) market segmentation by component, device, technology, application, end-user, and region highlighting the key commercial assets and players.
- Identify commercial opportunities in the augmented reality (AR) and mixed reality (MR) market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of augmented reality (AR) and mixed reality (MR) market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global augmented reality (AR) and mixed reality (MR) market report would provide access to an approx. 77 market data tables, 81 figures, and 180 pages.
Target Audience
- Service Providers/ Buyers
- Automotive Companies
- IT Companies
- Education Institutes
- Research Professionals
- Emerging Companies
