What are the Historical Developments and Current Growth Metrics of the Augmented Reality Services Market?
The augmented reality services market has seen considerable growth due to a variety of factors.
• The market size for augmented reality services has seen exponential growth in the past few years. The market is predicted to swell from $191.13 billion in 2024 to $274.54 billion in 2025, showcasing a compound annual growth rate (CAGR) of 43.6%.
The significant growth experienced in the preceding period can be accredited to factors such as uptake in gaming and entertainment, enhanced consumer awareness, the implementation in corporate training and simulation, cost-efficient solutions, and development of content.
What is the Forecasted Market Size and CAGR for the Augmented Reality Services Market By 2029?
The augmented reality services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for augmented reality services is predicted to experience significant expansion in the forthcoming years. With a compound annual growth rate (CAGR) of 41.7%, it's estimated to reach $1105.79 billion by 2029.
The surge anticipated during this forecast period can be credited to factors such as 5g technology integration, enterprise adoption, evolution in healthcare and therapy, smart cities incorporating IoT, and remote learning in education. Expected trends during this period encompass the integration of retail and e-commerce, spatial computing and interaction, the use of AR in social media and communication, applications in art and design, and immersive experiences within the tourism industry.
What Main Forces Are Fueling Expansion In The Augmented Reality Services Market?
The pandemic of COVID-19 is pushing companies to move towards more sophisticated and virtual solutions to sustain their operations, anticipated to significantly drive the augmented reality services market's growth in the near term. There is an escalating demand for augmented reality across various sectors following the COVID-19 outbreak, further increasing the need for augmented reality services. As per the UK's Department for Business and Trade in January 2022, the anticipated growth rate for expenditures on augmented reality (AR) and virtual reality (VR) is slated to be 78.3% until 2024 in the UK. Such growth is expected to lead to a total spending of £62.5 billion ($79.84 billion) by 2030. The push for learning and development through remote demonstrations and training for employees and consumers further underpins the demand for AR services.
What Are The Market Segments In The Augmented Reality Services Market?
The augmented reality services market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Applications: Training, Annual Reports And Augmented Brochures, Architectural Projects/New Construction, Games, Trade Show Environments
3) By End Use: Commercial, Healthcare, Automotive, Other End-Uses
Subsegments:
1) By Hardware: AR Glasses, AR Headsets, AR Smart Glasses, AR Wearables, AR Devices (Smartphones, Tablets)
2) By Software: AR Development Platforms, AR Content Management Systems, AR Software Tools and Applications, AR Simulation Software, AR Integration Software
Pre-Book The Augmented Reality Services Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Shaping The Augmented Reality Services Market?
The rise of blockchain technology is notably impacting the augmented reality services sector. This Distributed Ledger Technology (DLT) allows digital assets to be coded with distinct features utilizing cryptography and then shared on a decentralized, public ledger. Beyond its use for digital currencies, the technology is being harnessed for a multitude of purposes by augmented and virtual reality developers. This includes building unique digital assets that can't be duplicated by others, trading virtual property, and tracking data presented virtually, among others. For instance, in April 2022, France-based Metallika.Inc., a company leveraging blockchain for mineral mining services, unveiled its plans to incorporate blockchain into its mining operations. The company's team has created a self-sustaining mechanism on the blockchain known as the decentralized autonomous organization. It operates with strict adherence to the regulations embedded within the smart contract. Every financial transaction within the DAO will be recorded on the transaction blocks, along with the rules of the smart contract's software. Thus, the marriage of blockchain and augmented reality is anticipated to potentiate market growth in the forthcoming period.
Who Are the Key Players In The Augmented Reality Services Market?
Major companies operating in the augmented reality services market include:
• Groove Jones LLC
• Quy Technology Pvt. Ltd.
• Craftars Sp. z o.o.
• Wear Mobile Ltd.
• Next/Now Inc.
• Apple Inc.
• Microsoft Corporation
• Niantic Inc.
• Zappar Limited
• Blippar Ltd.
• Lucyd Ltd.
• Magic Leap Inc.
• Echo Interaction Group Inc.
• Notion theory LLC
• Mobilab Sp. z o.o.
• AVRspot Inc.
• Transition Technologies PSC Sp. z o.o.
• Innovecs LLC
• INDE Appshaker Ltd.
• Augment Inc.
• Metagram Inc.
• VironIT Inc.
• Scanta Inc.
• VR Vision Inc.
• 8ninths Inc.
• Yeppar Inc.
• Mutual Mobile Inc.
• Intellectsoft Inc.
• Zco Corporation
• CitrusBits Inc.
• Oodles Technologies Pvt. Ltd.
• Infotrum LLC
• Sumeru Inc.
• NewGenApps Pvt. Ltd.
• Chocolate Milk & Donuts LLC
• Hedgehog Lab Limited
• Dyfuzja Sp. z o.o.
• NARSUN Inc.
• Cortex Inc.
• HorizonCore Infosoft Pvt. Ltd.
• The Intellify Inc.
• Gramercy Tech LLC
• HQSoftware Inc.
• Program Ace LLC
• Xicom Technologies Ltd.
• Zco Corporation
• Fluper Ltd.
• JPLoft Solution Inc.
• Credencys Solutions Inc.
• IndiaNIC Infotech Limited
• Chetu Inc.
• Vakoms LLC
• Delta Reality LLC
• Setapp Inc.
What Are The Regional Insights Into The Augmented Reality Services Market?
Asia-Pacifica was the largest region in the augmented reality services market in 2023. North America was the second largest region in the augmented reality services market. The regions covered in the augmented reality services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
