Augmented Reality Market to Observe Significant Growth by 2031 Due to Company Collaborations and Strategic Partnerships by Market Players, such as Epson America, Magic Leap, and Others

Augmented reality or AR is a technology, which uses the environment of the existing user and overlays the virtual or digital content or information over it to provide immersive digital experience in real-time environment. The applications of AR are developed on special 3D programs, which allow developers to integrate digital or related content with the real world in real time.

The increasing applications of augmented reality technology for better security purpose in airports, automobiles, offices, personal gadgets, and others has led to substantial growth of the augmented reality market.  Besides, the increasing penetration of smartphones & connected devices in several application sectors and the continuous development in the gaming industry are also driving the market growth.

Forecast Analysis of the Global Augmented Reality Market

The global augmented reality market is projected to witness an exponential growth during the forecast period, owing to the technological advancements and the rising adoption of AR technology in retail and other industries are projected to open up new growth opportunities for the market by 2031. Conversely, the AR security and privacy concerns among consumers are expected to hamper the market growth in the projected timeframe.

The growing adoption of AR technology in the healthcare sector due to its various applications such as disease outbreaks, health awareness, prevention, diagnosis, medical equipment training & upkeep, treatment & therapy planning, lifestyle enhancement, patient monitoring, and patient care are the significant factors and augmented reality market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global augmented reality market is expected to garner $411,396.9 million during the forecast period (2022-2031). Regionally, the Asia-Pacific region is estimated to observe the rapid growth by 2031, owing to the booming manufacturing sector in Japan and China and the tremendous expansion of gaming industry in the region.

Augmented Reality Market Trends and Developments

Some of the foremost players in the global market are Google, Niantic Inc., Microsoft, PTC, Magic Leap, Inc., Apple Inc., Seiko Epson, ScienceSoft USA Corporation, Treeview Company Limited, and CXR. These players are focused on planning and devising tactics, such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:

• In September 2020, Epson America, Inc., a division of Seiko Epson Corporation of Japan, entered into a partnership with the US-based specialist in AR software architecture & system integration, 3D HoloGroup to sell Epson’s AR glasses.
   
• In January 2021, Magic Leap, an augmented reality platform for enterprises, entered into a multi-year, multi-phased agreement and partnership with Google Cloud, a suite of cloud computing services, to deliver Magic Leap’s enterprise solutions on the Google Cloud marketplace. The aim of the company is to explore potential new cloud-based, three-dimensional computing solutions running on Google Cloud. Working with Google Cloud, Magic Leap will explore the optimization of its AR Cloud leveraging Google Cloud’s network, the 5G network edge compute services, and content delivery services.
   
• In March 2021, Blippar, the leading Augmented Reality (AR) technology company, closed a US$ 5 million Pre-Series A Funding Round, co-led by 4J Studios, Chroma Ventures, and West Coast Capital. This new investment reinforces the position of the company in the AR market and will be used for R&D activities, and to accelerate its growth in the US, Asian, and European markets.

Impact of COVID-19 on the Market

The outbreak of COVID-19 across the globe has progressively impacted the global augmented reality market growth. This is majorly because the demand for the technology is increasing continuously across various sectors across the globe including media & entertainment, healthcare, education, and retails. In addition, AR has become a critical tool for healthcare staff during the unprecedented times. AR solutions for medical equipment and training considerably reduces the possibility of human mistake, while also cuts training and onboarding periods.

Additionally, the coronavirus pandemic has had a massive influence on the corporate sector across the globe. In these trying times two unique technologies, augmented reality (AR) and virtual reality (VR) have been employed in numerous domains for disaster emergency management. All these factors have positively impacted the global augmented reality market during the pandemic period.