What Has Driven the Growth of the Augmented Reality Devices Market in Recent Years?
The augmented reality devices market has seen considerable growth due to a variety of factors.
• The market size of augmented reality devices has seen monumental growth in the past few years. Predictions show a growth from $19.86 billion in 2024 to $27.96 billion in 2025, with a compound annual growth rate (CAGR) standing at 40.8%.
The unprecedented growth during the historic period is a result of a surge in demand for consumer electronics, a rise in the number of internet users, greater comprehension of e-commerce, and an upswing in digital transformation.
How Will the Augmented Reality Devices Market Size Evolve over the Forecast Period?
The augmented reality devices market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for augmented reality devices is forecasted to experience exponential growth, swelling to $74.22 billion by 2029 at a compound annual growth rate (CAGR) of 27.6%.
This predicted surge over the forecast period comes as a result of factors such as a rise in the use of AR technology within the healthcare sector, the implementation of AR into social media apps, an increase in global population and urbanization, and the heightened usage of mobile devices. Noteworthy trends for the forecast period include the introduction of innovative products focusing on artificial intelligence (AI), strategic alliances, and collaboration among market participants, advancements in head-mounted display (HDM) testing technology, and the inception of webar which offers AR experiences via a web browser.
What Are The Core Factors Supporting Growth In Augmented Reality Devices Market?
Escalating trends towards teleworking are anticipated to drive the growth of the augmented reality device market. Teleworking, alternatively called remote work or telecommuting, is a structure where employees aren't required to travel to a physical office for work. This escalating trend towards remote work has emerged as a crucial factor in promoting the uptake and development of augmented reality solutions. Augmented reality devices can prove extremely useful in scenarios of remote work, especially in industries that are dependent on physical operations and need collaboration between teams on-site and off-site. For example, Forbes Media LLC, a US-based media enterprise, stated in July 2024 that as of 2023, 12.7% of full-time employees in America were working from home, and 28.2% were following a mixed work model. It is projected that by 2025, approximately 32.6 million US citizens, representing roughly 22% of the workforce, are expected to be remote workers. Consequently, this escalating trend of remote work is propelling the growth of the augmented reality devices market.
What Key Areas Define The Segmentation Of The Global Augmented Reality Devices Market?
The augmented reality devices market covered in this report is segmented –
1) By Type: Head-Mounted Display (HMD), Head-Up Display (HUD), Other Types
2) By Application: Consumer, Commercial, Enterprise, Healthcare, Aerospace And Defense, Energy, Automotive, Other Applications
3) By Component: Hardware, Software
Subsegments:
1) By Head-Mounted Display (HMD): Virtual Reality Headsets, Mixed Reality Headsets, Smart Glasses
2) By Head-Up Display (HUD): Automotive HUDs, Aviation HUDs, Consumer Electronics HUDs
3) By Other Types: Smart Contact Lenses, Projection-Based AR Systems, Handheld AR Devices
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How Are Emerging Trends Reshaping The Dynamics Of The Augmented Reality Devices Market?
Dominant businesses in the augmented reality devices sector, such as Wireless AR Glass, are creating original commodities to boost customer interaction, enhance brand advertisement, and assist in the production of product demonstrations. Wireless AR glasses, an AR glasses variant that eliminates the need for a physical connection to a smartphone or similar gadget, are an example of such innovation. For instance, in February 2023, Xiaomi Inc., an electronics production company from China, introduced a lightweight AR glasses with a "retina-level" display known as Xiaomi Wireless AR Glass Discovery Edition. This product, entirely cordless and fitted with a lightweight carbon fiber and magnesium-lithium alloy structure, is a prototype of AR glasses. The glasses, which comprise two Micro OLED screens employing a free-form light-guiding prism module to transfer content to the user's vision, use a proprietary low-latency communication link. This feature enables a wireless link between the intelligent glass and the host gadget, achieving a latency of merely 50 milliseconds; this lag is so small that it's imperceptible to the average human.
Who Are the Key Players in the Augmented Reality Devices Market?
Major companies operating in the augmented reality devices market include:
• Meta Platforms Inc
• Seiko Epson Corporation
• Microsoft Corporation
• Goertek Inc
• Lenovo Group
• Samsung Electronics Co. Ltd.
• Magic Leap. Inc.
• PTC Inc.
• Sharp Corporation
• TeamViewer (Upskill)
• Simbott
• Imaginate
• Parallax Labs
• TATA ELXSI
• PlayShifu
• Quy Technology Pvt Ltd
• Trezi
• Simulanis
• Jadooz
• GreyKernel
• Chimpare
• Lucid Reality Labs
• Takeaway Reality
• Full Clarity
• Vention
• Waracle
• Foresight Mobile
• Innowise Group
• Holoroad
• Sensevr
• Seemore
• ClickFit
• VMS Media
• Elar World
• Epson America. Inc.
• Vuzix Corporation
• nReal
• Oculus
• Google
• UP360
• Lets Nurture
• Bit Space Development Ltd.
• Droidix
• Realidade Aumentada Brasil
• Loox Studios
• Next Latinoamérica S.A.C.
• Black Ink Agency
• 4experience
• Techgropse UAE
• Banuba AR
• Designhubz
• MonocleReality
• Afriten Technologies
• RamStudios
• Veza Interactive
• TeamEpic
What Is The Most Dominant Region In The Augmented Reality Devices Market?
Asia-Pacific was the largest region in the augmented reality devices market in 2024. Western Europe was the second-largest region in the global augmented reality devices market share. The regions covered in the augmented reality devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
