The global augmented reality market size was valued at USD 1767 billion in 2020. It is expected to expand at an average annual growth rate (CAGR) of 43.8% from 2021 to 2027. Increasing demand for remote support and collaboration from supporting enterprises. Workflow management and optimization is expected to drive market growth. Companies are using augmented reality (AR)-based apps to track, identify, and resolve technical issues, as well as tasks such as production line renovation, assembly, manufacturing and repair. With increasing personal preference for smartphones, smart glasses, and other handheld and wearable devices, mobile AR technology is being adopted to deliver immersive experiences. As a result, companies are exploring the potential of AR technology, especially to deliver personalized interactive experiences to customers. For example, in June 2018, Hennes & Mauritz AB’s brand Monki adopted AR technology to deliver a 3D experience to their customers via smartphones while at the same time showcasing clothing on an online platform.
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Augmented Reality Market Segmentation
By Offering
• Hardware
• Software
By Device Type
• Head-mounted Displays
• Head-up Displays
By Application
• Consumer
• Aerospace & Defense
• Healthcare
• Enterprise
• Commercial
• Automotive
• Energy
• Others
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