The augmented reality market is projected to grow from US $ 10.7 billion in 2019 to US $ 72.7 billion by 2024.
Reportocean.com announced the addition of a new report entitled "Augmented Reality Market Research Report" on October 14, 2020. It focuses on key market dynamics such as growth drivers, market opportunities, challenges, competitive environment and augmented reality industry threats.
The global augmented reality market will reach 72.7 billion by 2024.
The global augmented reality market, valued at approximately US $ 10.7 billion in 2019, is expected to grow at a healthy growth rate of over 46.73% over the forecast period from 2020 to 2024. The main drivers focused on augmented reality are increasing penetration of technological advances, increasing adoption in the e-commerce and retail sectors around the world, and increasing demand for healthcare. High implementation costs and issues such as storage savings and processing delays are the main restraints that negatively impact the augmented reality market. In addition, increased awareness of customer transaction tracking, sales recording and invoice calculation is driving market growth. Augmented reality is an indirect view of the physical environment where elements are augmented with inputs such as sound, video, and graphics. The hardware subsegment is expected to hold a significant share of the augmented reality market for each component due to the increasing penetration of technology throughout the application. Augmented reality is responsible for transforming the world of education and healthcare with a variety of applications. The use of augmented reality increases sales and improves notoriety. Augmented reality allows brands or businesses to attract new audiences and retain existing customers.
Regional analysis of the global augmented reality market is being considered for major regions such as the Asia Pacific region, North America, Europe, Latin America, and other parts of the world. North America is the world's major / important region in terms of market share, followed by Europe and the Asia Pacific region. Due to technological advances and the growing popularity of augmented reality boot devices in North America, where the United States and Canada dominate. Meanwhile, countries such as China, Japan and India are expected to show higher growth rates / CAGR in the Asia-Pacific region over the projected period of 2020-2024 due to significant changes in technology adoption and progress.