AR Market Size Projected To Reach $3664.5 Million by 2026

R technology is still in its infancy in terms of the monumental potential growth it has to offer. This has, in turn, drawn significant investments leading to the development of the industry to push AR technology further than ever predicted. 

It is anticipated that the growing scope of applications across different industries, such as automotive, medical and retail will drive the demand over the upcoming years. This has influenced the global AR market size, which is predicted to reach USD 3664.5 Million by 2026, from USD 849 Million in 2019, at a CAGR of 27.6% during 2020-2026.

Industries Which Are Influencing The AR Market 

Gaming

The gaming industry was one of the first sectors to utilise AR technology which started the growth in the AR market and continues to be one of the leaders using AR. AR implementation in gaming applications enable users to have a deeper immersive gaming experience, searching the physical environment with the incorporation of visual and audio content.

Healthcare

AR is one of the fastest growing trends in the healthcare industry. The use of AR modeling and 3D visualization is expected to be of great assistance to the healthcare industry.  AR can be used to provide a simulated view of a patient, where a surgeon can see the condition of the patient and if necessary, perform minimally invasive surgery. 

By utilising AR, the healthcare industry can improve medical students' learning experience, train staff, manage the medication and provide care and support for patients. This integration of AR in the healthcare industry is expected to increase the AR market size in the upcoming years.

Retail

AR technology in the retail industry provides a vast range of innovative solutions which improve the connection between customers and retailers. Some of the emerging AR trends in the retail sector include, AR virtual try ons and pop-up shops which are expected to help fuel the growth of the AR market. 

Other Factors

The AR market size is expected to grow during the upcoming years due to the increased smartphone penetration in developing economies. 

Head-up Displays

Head-up Displays (HUD) are expected to grow at the highest CAGR in the AR market over the next few years, with many currently in development with companies such as Visteon, WayRay and Continental making their own AR HUD plans. The AR HUD has the ability to revolutionise the automotive industry. 

Head Mounted Displays

Many companies across different industries are developing Head Mounted Displays (HDMs) for AR with advanced features. The most advanced HMDs have the ability to use sensors of six degrees that allow free head movement. 

Leading The AR Market

Google is set to continue to be at the forefront of the AR market with the company already having and expanding their excellent product portfolio, helping Google to continue to forge the path in the market leading position. 

With so many AR products in development and arising on the market, the healthy competition between AR companies and the adaptiveness of AR technology in different sectors is helping to evolve and progress AR further than we could have ever believed. It’s no wonder the AR market size is projected to reach $3664.5 million by 2026.