Pune, Sept. 02, 2020 (GLOBE NEWSWIRE) -- The global augmented reality market size is projected to reach USD 65.22 billion by 2027, exhibiting a CAGR of 48.3% during the forecast period. Growing presence of AR devices and solutions amid COVID-19 pandemic will create new avenue for expansion in the market, finds Fortune Business Insights in its report, titled Augmented Reality Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Device Type (Head Mounted Display, Heads-Up Display, Handheld Devices, Stationary AR Systems, Smart Glasses, Others), By Industry (Gaming, Media & Entertainment, Automotive, Retail, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2020-2027.

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With large swathes of people worldwide confined to their homes to contain the spread of the coronavirus, diverse entities are looking for efficient ways to ensure continuation of work without impediments. AR technology has offered the desired solutions. For instance, first-year medical students at Clevelands Case Western Reserve University have been utilizing HoloAnatomy and HoloLens to study the human body from their homes. In May 2020, Facebook also unveiled its prototype AR and virtual reality (VR) technologies to enable employees to work from home in the long-run, even after the pandemic is over. Thus, AR is proving extremely beneficial for remote working as well as remote learning and as a result, its adoption is all set to surge not just during, but also after the COVID-19 pandemic has abated.

The report states that the global market value in 2019 stood at USD 2.82 billion and offers the following:

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Market Restraint

Potential Negative Effects of AR on Human Behavior May Slow Down Adoption

A study recently conducted by researchers at Stanford University found that after people had experienced augmented reality through computer-generated simulations, their behaviors and interactions changed in the physical world as well. The findings of the study revealed that subjects who were made to wear AR-powered goggles were unable to distinguish between the virtual world and the real world. According to the researchers, excessive usage of AR is likely to have a significant impact on the social-psychological interactions of people in real-world scenarios. Spreading awareness about this drawback of AR may restrict its adoption. In addition to this, many experts fear that overload of information may confuse and overwhelm the wearer, preventing quick decision-making, which will defeat the purpose of deploying augmented reality (AR) tools in organizations. These shortcomings may limit the augmented reality market growth in the upcoming years.

Regional Insights

Robust Investment Culture to Favor Market Growth in North America

With a market size of USD 0.92 billion in 2019, North America is slated to dominate the augmented reality market share during the forecast period. The main reason for the regions leading position is the favorable investment climate, especially in the domain of information & communication technology (ICT). Moreover, companies in the US and Canada are widening the applicability of AR in different fields, which will play a key role in the long-term development of the market.

Promising growth in the automotive, logistics, manufacturing, and gaming industries is expected to be the primary growth driver for the market in Asia Pacific. In Europe, on the other hand, proliferation of companies and start-ups specializing in AR/VR technologies, especially in the UK, is likely to propel the market in the continent.

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Competitive Landscape

Product Diversification to be the Top Growth Strategy for Key Players

Competition in the AR market is characterized by the path-breaking innovations introduced by tech giants such as Microsoft and Qualcomm. These behemoths, with their well-established presence, strong financial health, and loyal customer base, are taking constant efforts to enhance their R&D capacities to develop diversified products and broaden the scope of their proprietary offerings.

Industry Developments:

List of Key Companies Profiled in the Augmented Reality Market Report

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Detailed Table of Content

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Augmented Reality Market to Hit $65.22 Billion by 2027; Speedy Rise in Smartphone Usage around the World to Broaden Market Horizons: Fortune Business...