Augmented Reality Market Growth Outlook : 33.2% CAGR to Push Market Beyond $400 Billion by 2031
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COVID-19 Scenario:
The outbreak of the COVID-19 pandemic had favorably impacted the growth of the global augmented reality market as there was a massive penetration of augmented reality in marketing & advertising activities.
During the COVID-19 pandemic, the escalating demand for remote assistance and need for improving workflow optimization boosted the expansion of the global market.
The report offers a detailed segmentation of the global augmented reality market based on component, device type, end use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.
Based on component, the hardware segment held the major market share in 2021, holding more than half of the global augmented reality market share, and is expected to maintain its leadership status during the forecast period. However, the same segment, is expected to cite the fastest CAGR of 33.5% during the forecast period. The report also includes segment such as software segment.
On the basis of device type, the handled device segment held the largest market share in 2021, accounting for nearly two-fifths of the global augmented reality market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the head mounted segment, is expected to cite the highest CAGR of 33.7% during the forecast period.
In terms of end use, the media and entertainment segment held the largest market share in 2021, accounting for nearly one-thirds of the global augmented reality market share. Furthermore, the same segment is expected to maintain its leadership status during the forecast period. Nevertheless, the healthcare segment, is expected to cite the highest CAGR of 34.9.3% during the forecast period.
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Region-wise, the Asia-Pacific region held the major market share in 2021, grabbing more than two-fifths of the global augmented reality market share. Moreover, the Asia-Pacific market is slated to dominate the global market share during the forecast period. However, the same region is expected to cite the fastest CAGR of 33.9% during the forecast period. The report also analyses other regions such as Europe, North America, and LAMEA.
The key players analyzed in the global augmented reality market report includes Google LLC, Microsoft Corporation, Niantic Inc, Ptc Inc., Apple Inc, Magic Leap Inc, Seiko Epson Corporation, TreeView, and CXR.
The report analyzes these key players in the global augmented reality market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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