Augmented Reality Services Global Market Sees Growth Rate Of 45% Through 2022

The global augmented reality services market size is expected grow from $70.91 billion in 2021 to $102.69 billion in 2022 at a compound annual growth rate (CAGR) of 44.8%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The AR services market size is expected to reach $451.72 billion in 2026 at a CAGR of 44.8%.

What is the Global Augmented Reality Services Market?

The augmented reality (AR) services market consists of sales of augmented reality services. Augmented Reality is an integration of digital information with a real-time environment. The AR services include services for the applications of training, preparation of annual reports and augmented brochures, architectural projects/new construction, games, trade show environments, marketing campaigns, medical uses, data visualization, entertainment, and location-based education.

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What drives the Global Augmented Reality Services Market?

The COVID-19 outbreak is enforcing companies to shift towards more advanced and virtual solutions in order to continue their businesses, which is predicted to act as a major driver for the growth of the augmented reality services market in the short-term. Increasing demand for augmented reality in various end-use industries post COVID-19 outbreak is expected to generate a higher demand for augmented reality services. For instance, according to Analytics Insights magazine published in April 2020, the demand for AR, VR, and other new-age technologies is escalating due to COVID-19. AR companies including Imaginate and Queppelin are recording a surge in AR, MR, and VR technology. The demand for AR services is also supported by the rising push for learning and development for remote demonstrations and training for employees and consumers.

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Global Augmented Reality Services Market Segments
The global AR services market is segmented:
By Application: Training, Annual Reports and Augmented Brochures, Architectural Projects/New Construction, Games, Trade Show Environments
By Type: Hardware, Software
By End-Use: Commercial, Healthcare, Automotive, Other
By Geography: The regions covered in the augmented reality services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Augmented Reality Services Global Market Report 2022provides market size and growth forecasts for the global AR services market, global augmented reality services market share, augmented reality services market segments and geographies, AR services market competitive landscape including leading competitors’ revenues, profiles and market shares. The AR services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Augmented Reality Services Industry Playersinclude Groove jones, Quytech, Craftars, WEAR, Next/Now, Apple, Microsoft, Niantic, Zappar, Augmented Reality Labs (Blippar), Lucyd, Magic Leap, Echo Interaction Group, Notion theory, Mobilab, AVRspot, Transition Technologies PSC, Innovecs, HQSoftware, INDE, Augment, Metagram, VironIT, Scanta, VR Vision Inc, 8ninths, Yeppar, Mutual Moblie, intellectsoft, Zco cooperation and CitrusBits. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.