The augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026. The key factors driving the growth of the augmented reality market include surging demand for AR devices and applications in healthcare, growing demand for AR in retail and e-commerce sectors due to COVID-19, rising investments in the AR market, increasing demand for AR devices and technology in the global automotive industry, and others.
Continuous developments in 5G technology and high growth of travel and tourism industry are creating opportunities for the augmented reality market. Some of the key companies operating in the augmented reality market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), Apple (US), and so on.
Google, Inc. is a media and high-tech company that provides solutions based on augmented reality (AR) and virtual reality (VR) technologies. It provides Augmented Reality eyeglasses and Google Glass. It is also incorporating AR technology into its old products. For instance, the company offers solutions such as AR in Google Search, Live View Beta in Google Maps, and AR in Pixel Camera.
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Google has developed Tango, an AR computing platform. It uses computer vision to enable mobile devices, such as smartphones and tablets, to detect their position relative to the environment around them without using GPS or other external signals.
PTC Inc. develops and provides software-based product management and development solutions. The company operates through two business units, namely, Software Products and Professional Services. The Software Products segment provides license, subscription, and related support services (including updates and technical support), while the Professional Services segment offers consulting, implementation, and training services.
The company offers Vuforia, an AR Platform of PTC, Inc. that brings together AR with enterprise technology solutions to help companies unlock the value of AR in manufacturing, service, operation, and design applications and Vuforia Studio, which can be used for publishing and authoring AR experiences.
PTC is a leader in the AR software market and focuses on combining AR with IoT to enable application development, connectivity, analysis, and AR software application development for connected and smart products.
Seiko Epson also offers smart glasses that use thin-film-transistor liquid-crystal displays (TFT-LCD) and silicon-organic light-emitting diode (Si-OLED) displays. These glasses can be used for a wide variety of consumer, commercial, and government applications, including flying drones, aerial photography and videography, medical surgeries, VR learning, AR learning, emergency services response, and rescue operations. Moreover, they can be used for urban planning, real estate, architecture, engineering, security, media, agriculture management, and recreation (gaming, watching movies, and AR tours at museums and galleries).
Augmented Reality Market with COVID-19 Impact Analysis, by Device Type (Head-mounted Display, Head-up Display), Offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography - Global Forecast to 2026
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