Market Size (2017)
2017
$8.54B
Vertical: ICTBase Year: 20189 Sections
Market Size (2017)
2017
$8.54B
Projected (2024)
2024
$290.54B
CAGR (2017–2024)
65.5%
65.5%Key Players
109+
Augmented Reality (AR) is revolutionizing various industries and sectors such as gaming, education, healthcare, and retail. Moreover, several leading enterprises from film, travel & tourism, automotive, manufacturing, and banking have already moved beyond pilot phases and are reaping significant results with the adoption of AR solutions. Advancements in head-mounted displays and smart glasses are compelling organizations to experiment with the AR technology to combine real life with super-imposed or animated images; this allows a continuous view of both the virtual and real worlds. AR technology witnessed a global recognition after the launch of the popular smartphone game Pokémon GO in 2017. One of the factors contributing to market growth is the rising demand for augmented reality-based games among consumers. The growing adoption of AR technology in the automotive industry by key players such as BMW, Tesla, Volvo, Mercedes-Benz, and Jaguar for developing head-up displays used in connected cars also promotes market growth. The market has immense growth opportunities with key players such as Microsoft Corporation, Google LLC, Blippar Inc., Samsung Electronics Corporation Ltd, Sony Corporation, and PTC Inc. focuses on investment in research and development of AR solutions and platforms. The augmented reality hardware segment accounts for a larger market share with rising shipments of head-mounted displays (HMDs) in North America, Europe, and Asia-Pacific. However, the AR software segment is expected to grow at a higher rate owing to the increasing demand for AR software kits to develop AR applications and software for mobile phones, tablets, and PCs. The AR market is further expected to grow with the advancements in digital technologies and the emergence of 5G network connectivity services. However, for AR service providers, addressing the bandwidth and latency issues associated with the delivery of immersive data to facilitate uninterrupted high-quality end-user experience remains a major challenge, which are expected to impact the market growth in the coming years.
The global augmented reality market generated a revenue of USD 12,993 million in 2018 and is expected to reach a market value of USD 2,90, 542.1 million by 2024 registering a CAGR of 67.8%. North America accounts for 36% of the total share in the augmented reality market due to the increasing adoption of AR devices and smartphone-based AR applications. The growing adoption of augmented reality services among the media and entertainment industry, specifically for gaming in North America, is expected to drive the growth of the augmented reality market throughout the forecast period. Among the North American countries, the US accounts for the larger market share owing to the presence of key market players, followed by Canada and Mexico.
The European augmented reality market acquired around 28% market share globally in 2018. Europe is witnessing high adoption rate of augmented reality services in the education sector, healthcare, consumer electronics, media & entertainment, automotive, and aerospace & defense industries. Among the European countries, currently, the UK is dominating the market with a market share of 38%, followed by Germany with a 30% market share. The UK is projected to register the fastest CAGR of 70.2% during the forecast period in the augmented reality market due to the rising number of start-ups offering AR solutions. Further, the growing adoption of AR technology in countries such as France, Russia, Italy, Spain, Portugal, and the Netherlands is also expected to boost market growth in Europe.
Asia-Pacific augmented reality market acquired 24% market share in terms of revenue generation as China, India, Japan, South Korea, Malaysia, Australia, New Zealand, Indonesia, Singapore, and the Philippines are experiencing considerable demand and adoption of head-mounted displays, head-up displays, and smart glasses. Further, growing digitalization is driving the adoption of smartphones in the region, which is thereby expected to fuel the market growth for augmented reality in the region.
The augmented reality market in the rest of the world acquired around 11% market share globally in 2018. This region is witnessing high adoption of AR software among countries such as Brazil, Argentina, Peru, Colombia, Chile, the UAE, Saudi Arabia, and South Africa. Moreover, various investments by key market players are contributing to the growth of the market in this region.
The Augmented Reality Market market is projected to grow at a CAGR of 65.5% from 2017 to 2024.
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansAugmented reality (AR) is a technology that superimposes computer-generated information in the form of text, graphics, and audio on to real-world objects to offer an interactive display. The technology combines physical and virtual elements to enhance the user’s perception and interaction with the real world. The enhancement of real-world elements differentiates augmented reality from virtual reality. Microsoft Corporation, Samsung Group, Sony Corporation, and Google are among the top players of the global augmented reality market. Mobile AR, AR for indoor navigation, and AR enhanced by AI are some of the trends prevalent in the global augmented reality market. Pokémon Go, a gaming application launched in 2016, was one of the most used AR platforms on iOS and Android devices in 2018.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2018
Forecast Period
2018 – 2024
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2024)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansStrategic business managers trying to gain an edge over competitive firms in the global augmented reality (AR) market can utilize the Porter’s Five Forces model to better comprehend the industry in which their firm operates. The components of each of the forces and the degree of impact of each component in the context of the global augmented reality market have been broken down and analyzed.
Market estimates by geography (2024)
InsightNorth America leads with $99.73B by 2024, while Asia Pacific is projected to grow fastest at a 70.5% CAGR.
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View Subscription Plans| REGION | 2017 | 2018 | 2024 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $2.01B | $14.21B | $84.00B | 70.5% | 29% |
| Europe | $2.43B | $15.03B | $80.27B | 64.8% | 28% |
| Middle East and Africa | $413.26M | $2.09B | $9.59B | 56.7% | 3% |
| South America | $562.51M | $3.31B | $16.95B | 62.7% | 6% |
| North America | $3.13B | $19.08B | $99.73B | 64.0% | 34% |
| Total | $8.54B | $53.72B | $290.54B | 65.5% | 100% |
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View Subscription PlansTotal Market Size
$290.54B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Hardware | $148.74B | 65.5% | 89% |
| Software | $141.80B | 65.5% | 89% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Augmented Reality Market covering market dynamics, competitive landscape, and strategic outlook.
The Augmented Reality Market market is projected to reach $290.54B by 2024, growing at 65.5% CAGR. The Hardware segment holds the largest share.
Increasing demand for AR devices in healthcare, growing demand of AR in retail and e-Commerce and increasing investment by key players in AR technology are the prime factors driving the growth of global augmented reality market. However, data privacy concerns related to AR Technology is expected to pose a challenge for the adoption of augmented reality solutions by consumers in the coming years.
Augmented reality (AR) is the latest innovation that is used by the healthcare industry. AR technology is enhancing the capabilities of surgeons and doctors to treat, diagnose, and perform surgery on patients. The AR technology captures the real-time data of the patient that enables the doctors to take actions accordingly. The utilization of AR in the healthcare industry is expanding due to its data visualization. The AR devices such as Google Glass allows the doctors and surgeons to perform surgery or draw blood from the veins of an individual with more precision as compared to the traditional methods. For instance, there are different AR-based applications which are currently used by surgeons and doctors, for example, AccuVein which is an AR-based medical imaging application that enables the healthcare providers to simulate the patients' veins. This helps in locating even the deep-seated veins for drawing blood and other vascular procedures. Another application used is EyeDecide app, that demonstrated the structure of the eyeball and offers visual simulations to detect different eye conditions; utilization of such innovation is driving the AR market in healthcare. Additionally, during the time of emergencies, the AR enables medical knowledge, skills, and expertise to be shared remotely, that enables healthcare providers to offer timely assistance to patients. One of the benefits of AR in healthcare is its use for medical training; 3D visualization allows the trainees and nurses to master techniques for checking vital signs.
AR is finding its use in various healthcare areas such as augmented surgery that allows doctors and surgeons to efficiently study the patient’s anatomy. The patient data from CT scan or MRI is entered in the AR headset and then analysed in a simulated format. This allows surgeons to visualize muscles, bones, and internal organs in a simulated form, allowing them to precisely perform the operation. Some other start-ups that are using AR for healthcare services, solutions, data, and devices are BioFlightVR, EchoPixel, Proximie, Medical Realities, and Help Lightning–Vipaar. BioFlightVR offers augmented reality services, that provides training to doctors or nurses through videos. Similarly, EchoPixel provides insights into the patients’ anatomy by collecting the CT scan data, which allows surgeons and doctors to perform precise operations.
The current LTE networks offer some limitations with regards to AR applications in terms of the buffer storage capacity and latency. Even though LTE networks are enough for adopting AR technology, 5G technology is expected to hop over LTE. It helps in increasing the network strength of current gaming and video experiences, enabling unique features and making them available for mass adoption. Additionally, the advanced video formats like 6 degrees of freedom video (360-degree) require more bandwidth than the currently used forms.
5G technology will boost the mobile data performance which can support the adoption of augmented reality. Various industry experts consider that the onset of 5G technology will reveal the full potential of AR. There will be a lot of data to be processed within the input mechanism of AR. Adoption of 5G, with faster speed and lower latency will help in bridging the gap between the AR applications and networks speed requirements. Technologists estimate that implementing 5G in AR applications helps in improving traffic capacity, network efficiency, and decrease latency over 4G. Additionally, 5G wireless networks and mobile edge computing (MEC), commonly adopted by various enterprises that can enhance the capabilities of the existing systems and develop new and advanced systems. This will enable AR to be compatible with different devices and platforms and reduce the limitations posed by smartphones batteries.
Advancement in technology has brought a shift in AR technology from head-mounted devices to mobile phones. Although the requirement of augmented reality is increasing with its development, its compatibility with mobile phones is limited due to limited processing power of mobile phones, low memory, and relatively smaller storage system. The AR represented on mobile phones is less effective as compared to the AR technology on computers and laptops, as AR requires more space, battery life, and storage to run on a device. Additionally, the limited screen space of smartphones does not allow the AR platform to offer its full potential, which when coupled with low storage capabilities of mobile phones also affects the functioning of AR. Additionally, though the latest mobiles support AR features, they get discharged much faster as compared to laptops. These limitations hinder the adoption of AR in smartphones. Thus, currently the mobile phones are only limited to certain advertisement, displays, and games that use AR platforms.
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 109 companies operating in the Augmented Reality Market market, including revenue, employee count, and market positioning where available.
Showing 109 of 109 companies
DAQRI LLC
Company Headquarters: US Founded: 2007 Workforce: ~ 290 Company Overview: DAQRI LLC offers 4D augmented reality technologies. These technologies are used for creating 4D experiences for marketing campaigns. The company has developed an AR tool known as 4D Studio, that is used as an application for storytellers, brands, educators, and marketers to increase the audience engagement. The company provides AR solutions for various industries such as manufacturing, energy and utilities, construction, education, automotive, healthcare, and others. DAQRI also provides products such as DAQRI WORKSENSE and DAQRI SMART GLASSES.
Blippar.com Ltd
Company Headquarters: London, UK Founded: 2010 Workforce: ~ 255 Company Overview: Blippar.Com is a European company that develops mobile applications based on different technologies such as computer vision, image recognition, and augmented reality. Its applications can operate on both Android and iOS platforms. The company has also developed a platform called Blippar which is used by businesses to interact with their consumers and is increasing their brand communication and visual marketing. Blippar.com provides enterprises with solutions for electronic wearables such as headsets, watches, wristbands, and others. The company also provides solutions for various industries such as sports, arts, advertising, entertainment, magazine, retail, healthcare, education, and others. It operates in various regions namely North America, Asia, Europe, Africa, South America, and the Middle East. Additionally, it has offices in Delhi, Singapore, London, Tokyo, Bengaluru, and other regions worldwide.
PTC
Company Headquarters: Boston, Massachusetts, US Founded: 1985 Workforce: ~ 6110 Company Overview: PTC offers software solutions and services globally, enabling its customers to transform digitally by helping them design, manufacture, operate, and service better products. The company has two operating and reportable segments—Software Products and Professional Services. The company’s IoT products and solutions enable enterprises to increase productivity, improve factory and plant efficiency, reduce operational risk, and achieve better system interoperability. It offers industrial AR solutions which are designed to increase efficiency and technical proficiency of skilled workers in manufacturing and service settings. The company also offers computer-aided design (CAD) and product lifecycle management (PLM) solutions. The company has over 1,150 technology and service partners with over 300,000 developers in its global ecosystem. The company offers solutions for a wide range of industry verticals including aerospace & defense, automotive, electronics, life sciences, manufacturing, oil & gas, and retail & consumer. Its strategic partners include Rockwell Automation, Microsoft Corporation, and ANSYS among others. PTC is a publicly owned company with offices in over 30 countries across the globe. The company’s expertise lies in product development solutions, product lifecycle management, quality management, regulatory compliance, computer-aided design, Internet of Things, application lifecycle management, service lifecycle management, supply chain management, and augmented reality.
Sony Corporation
Company Headquarters: Japan Founded: 1946 Workforce: ~114,400 Company Working: Sony Corporation (Sony) engages in the development, design, manufacture, and sale of electronic equipment, instruments, devices, game consoles, and software for consumers, professionals, and industrial markets. The company operates through the following segments: games and network services, music, pictures, home entertainment and sound, imaging products and solutions, mobile communications, semiconductors, financial services, and all others. Gaming machines, software, and network services are part of the games and network services segment. The music segment produces and publishes music and provides visual media platforms. The picture segment handles film production, television program creation, and media networks. The home entertainment and sound segment offer LCD televisions, home audio, Blu-ray disc players and recorders, and memory-based portable audio devices. The imaging products and solutions segment provide digital imaging products, professional solutions, and medical goods. The mobile communications segment deals with mobile phones and internet services businesses. The semiconductor segment provides image sensors and camera modules. The financial services segment manages the life insurance and non-life insurance operations and banking business. The other segments include the personal computer (PC) business, overseas Blu-ray discs, DVD and CD manufacturing, and the battery business. Sony classifies its operations geographically into Japan, Europe, the US, Asia-Pacific, China, and other regions.
Apple Inc.
Company Headquarters: US Founded: 1977 Workforce: ~ 164,000 Company Working: Apple Inc. (Apple) creates, manufactures, and sells smartphones, tablets, personal computers (PCs), portable devices, and wearable technology. Aside from software and related services, the company also provides accessories, networking solutions, and third-party digital content and apps. Apple's product lineup consists of the iPhone, iPad, Mac, iPod, Apple Watch, and Apple TV. It provides a wide range of consumer and professional software applications, including iOS, macOS, iPadOS, and watchOS, as well as iCloud, AppleCare, Apple Pay, and accessories. Apple sells and distributes digital material and applications through the Apple Store, App Store, Apple Arcade, Apple News+, Apple Fitness+, Apple Card, Apple Pay, and Apple Music, among other channels. The corporation serves consumers, small and medium-sized businesses, education, enterprise, and government markets. It makes third-party applications for its products available through the App Store. Additionally, the company offers its products through its retail and online stores, as well as its direct sales force, as well as third-party cellular network carriers, distributors, merchants, and resellers. The corporation operates in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Apple is headquartered in Cupertino, California, in the US.
Microsoft Corporation
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Augmented Reality Market