It’s been said before, but it’s worth repeating. Augmented Reality (AR) is a rapidly growing technology that is expected to have a significant impact on multiple industries over the next decade. There are several reports out there predicting what impact AR will have on various industries, so we’ve gone ahead and put together a breakdown of AR’s potential market share over the next few years:
- Market size in 2021: According to a report by MarketsandMarkets, the global AR market size was valued at $10.7 billion in 2020.
- Compound Annual Growth Rate (CAGR): The same report predicts that the AR market will grow at a CAGR of 30.7% between 2021 and 2026.
- Market size in 2026: Based on the above CAGR, the global AR market is expected to reach $72.7 billion by 2026.
As mentioned above, several key industries will embrace augmented reality and its potential. The main industries that are expected to drive the growth of the AR market over the next decade include healthcare, education, retail, gaming, and industrial applications.
The healthcare sector is expected to be one of the largest adopters of AR technology due to its potential to improve patient outcomes and reduce healthcare costs. According to a report by Grand View Research, the global AR healthcare market size is expected to reach $1.95 billion by 2025.
The education sector is also expected to adopt AR technology to enhance the learning experience. According to a report by Technavio, the global AR in education market size is expected to grow by $5.74 billion between 2021 and 2025.
AR technology is being used by retailers to provide customers with immersive shopping experiences. According to a report by Gartner, the use of AR in retail will grow by 30% by 2023.
Gaming: AR is also expected to have a significant impact on the gaming industry, with the global AR gaming market size expected to reach $284.9 billion by 2025, according to a report by Grand View Research.
AR is being used by industries such as manufacturing and construction to improve worker safety and productivity. The global AR in industrial applications market size is expected to reach $13.4 billion by 2027, according to a report by MarketsandMarkets.
In conclusion, the AR market is expected to experience significant growth over the next 10 years, with a CAGR of 30.7% and a potential market size of $72.7 billion by 2026. Key industries such as healthcare, education, retail, gaming, and industrial applications are expected to drive this growth in market share. As we are already seeing the returns, this is not speculation. The impact augmented reality provides is real and not going anywhere. Is your industry ready to streamline operations or improve performance? We are here to talk.