Who are the key companies/players in the Augmented Reality Market?

 Augmented Reality Industry Overview

The global augmented reality market size was estimated at USD 25.33 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 40.9% from 2022 to 2030.

Companies are putting a strong emphasis on finding unique ways to exploit the potential of augmented reality (AR) technology and providing a unique and interactive experience to end-users is expected to drive the growth of the market over the forecast period. The proliferation of handheld devices, such as smartphones and smart glasses, and the subsequent increase in the adoption of mobile AR technology to provide a more immersive experience are expected to contribute to the growth of the market.

Companies are using AR-based apps for assembly functions, manufacturing functions, production line functions and analyzing tasks, and finding solutions. As such, the growing demand for remote assistance and coaction from industries working in optimization and workflow management also bodes well for the growth of the market.

Gather more insights about the market drivers, restrains and growth of the Global Augmented Reality Market

 

The adoption of AR technology in marketing and advertising to host virtual events, product launches, virtual exhibitions, and online commercials has been gaining traction in the wake of the outbreak of the COVID-19 pandemic. For instance, the OnePlus Nord smartphone was launched in July 2020 using the AR platform Blippar. The increasing adoption of AR technology by the incumbents of the healthcare industry is also expected to play a vital role in driving the growth of the market. Several AR solution providers are collaborating with healthcare institutions and offering their AR tools to facilitate AR-powered healthcare. For instance, in February 2022, augmented reality company Altoida Inc. announced a partnership with Click Therapeutics to leverage AR technology to better help in understanding the baseline measures of cognition and the way it can potentially affect patient outcomes.

The growing use of AR technology in construction and architectural applications is expected to play a decisive role in driving the growth of the market. AR technology can potentially help in generating a 3D model of a blueprint and help in connecting imagination with reality. AR technology can also be used in the education industry to enhance the learning experience for students. AR technology can help in providing an immersive experience using 2D/3D models, AR books, and AR games, and subsequently, aid in the development of different skill sets in students, thereby driving the growth of the augmented reality market.

AR technology holds the potential to revolutionize indoor navigation. For instance, MobiDev, a software development company, has used AR technology to transform indoor navigation. The company’s ARcore platform can help in recommending the best possible route to the desired destination and displaying it on a mobile device. When it comes to outdoor navigation, AR technology can help travelers in searching for tourist spots and suitable accommodation using AR-based virtual tours. For instance, Hub Hotels by Premier Inn has used AR technology and transformed its rooms into a city map to guide tourists about the tourist attractions nearby. As such, the growing use of AR technology in navigation, and subsequently, the growing demand for AR-based solutions from the incumbents of the travel & tourism industry are expected to drive the growth of the market over the forecast period.

AR technology is evolving continuously in line with the growing adoption of the technology in consumer applications. As a result, the demand for AR chipsets has also been growing. The growing demand for AR chipsets is driving industry-leading firms, such as Qualcomm and NXP, to introduce innovative AR-powered chipsets to meet the changing needs of the end-users. For instance, in January 2022, Qualcomm announced a partnership with Microsoft to produce unique chips for Augmented Reality glasses, which will be compatible for use with Metaverse apps.

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Key Companies Profile

Some of the prominent players in the augmented reality market are:

  • Microsoft
  • Google LLC
  • Apple, Inc.
  • Sony Corporation
  • Blippar Limited
  • Infinity Augmented Reality Limited
  • Niantic, Inc.
  • Zappar Limited.
  • Magic Leap, Incorporated
  • Wikitude GmbH

 

Order a free sample PDF of Augmented Reality Market Intelligence Study, published by Grand View Research.

 

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