The global augmented reality market is predicted to expand from USD17.67 billion in 2020 at a compound annual growth rate (CAGR) of 43.8% from 2021 to 2028. The rising demand for remote assistance and collaboration from enterprises that assist in workflow management and optimization is expected to propel market growth.
AR plays an important role in the healthcare sector. The growing adoption of AR in healthcare applications is expected to drive the growth of the market. Several AR-based solution providers are collaborating with healthcare organizations to provide AR-powered healthcare applications for various purposes. AR technology also saves time during emergency surgery cases, which is another valuable advantage of deploying AR technology in this sector.
Businesses are using augmented reality (AR) -based apps for tracking, identifying, and resolving technical issues as well as for tasks, such as retrofitting, assembling, manufacturing, and repairing production lines. The growing preference among individuals for smartphones, smart glasses, and other handheld and wearable devices is driving the adoption of mobile AR technology to provide immersive experiences. As such, companies are particularly exploring the potential of AR technology to offer a customized and interactive experience to customers.
The growing preference for using augmented reality in construction and architecture bodes well for the growth of the industry. AR technology can be used to prepare a 3D model of a plan using mobile devices to help architects in bridging the gap between imagination and reality. Similarly, in the education industry, AR can be used to provide a more detailed, immersive, and real-view knowledge to students. The potential AR holds in helping students in better understanding of the educational concepts using 2D/3D modeling, discovery-based learning, AR books, AR games, and AR-based skill development also bodes well for the growth of the market.
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