Augmented reality (AR) and mixed reality (MR) are cutting-edge technologies that overlay digital content in the real world, enhancing user experiences. AR is widely used in gaming, education, marketing, and healthcare, offering interactive and immersive elements. MR takes AR a step further by seamlessly blending virtual and physical environments. Recent advancements in these technologies include improved gesture recognition, enhanced graphics, and better integration with smart devices, paving the way for more sophisticated and transformative applications across various industries.
According to Data Bridge Market Research the North America Augmented Reality (AR) and Mixed Reality (MR) Market is expected to reach USD 237,378.41 million by 2029. The market is expected to grow with a CAGR of 50.8% in the forecast period of 2022 to 2029.
“Growing adoption of smart devices boosts the market’s growth”
The growing adoption of smart devices, such as smartphone and tablet, along with the widespread availability of internet services, is driving the augmented reality (AR) and mixed reality (MR) market's growth. These devices act as platforms for AR and MR applications, making them more accessible to users. Additionally, advancements in AR and MR technologies have led to the development of innovative and engaging applications across various industries, further fueling the demand for these immersive technologies.
What restraints the growth of the North America augmented reality (AR) and mixed reality (MR) market?
“Stringent government regulations restraints the market’s growth”
The augmented reality (AR) and mixed reality (MR) market growth is hindered by stringent government regulations imposed on different organizations. These regulations may involve privacy concerns, security standards, or content restrictions. Compliance with such regulations can be complex and time-consuming, deterring some businesses from adopting AR and MR technologies. Additionally, uncertainty around regulatory changes may create hesitation among investors and companies, impacting the overall growth of the AR and MR market.
Segmentation: North America Augmented Reality (AR) and Mixed Reality (MR) Market
The North America augmented reality (AR) and mixed reality (MR) market is segmented on the basis of component, deployment model, distribution channel, device type, technology, application, and end user.
- On the basis of component, North America augmented reality (AR) and mixed reality (MR) market is segmented into hardware, software, and services.
- On the basis of the deployment model, North America augmented reality (AR) and mixed reality (MR) market is segmented into on-premise and cloud.
- On the basis of organization size, North America augmented reality (AR) and mixed reality (MR) market is segmented into offline and online.
- On the basis of device type, North America augmented reality (AR) and mixed reality (MR) market has been segmented into head mounted display, head mounted display, projector and display wall, and gesture tracking devices.
- On the basis of technology, North America augmented reality (AR) and mixed reality (MR) market has been segmented into mobile augmented reality, monitor-based technology, and near eye based technology.
- On the basis of application, North America augmented reality (AR) and mixed reality (MR) market has been segmented into workflow optimization, marketing collaboration, enhanced 2-D and 3-D, visualizations, 3D modeling, documentation, and navigation.
- On the basis of end user, North America augmented reality (AR) and mixed reality (MR) market is segmented into retail and e-commerce, IT and telecommunication, automotive, aerospace and defense, healthcare, travel and tourism, energy, media and entertainment, education, construction, games and sports, banking, and others.
Regional Insights: U.S. is expected to dominate North America Augmented Reality (AR) and Mixed Reality (MR) Market
U.S. is expected to dominate North America augmented reality (AR) and mixed reality (MR) market and is likely to be the fastest-growing in North America region due to ever-increasing digital workplace and mobile workforce trends. The U.S. has demonstrated remarkable responsiveness in embracing the latest technological innovations within enterprises. This proactive approach fosters the market's expansion as organizations seek advanced solutions to cater to the dynamic needs of modern work environments.
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Recent Developments
- In April 2021, Microsoft secured a significant Pentagon contract valued at USD 21.88 billion to provide augmented reality headgear, HoloLens, to the U.S. military. This advanced technology aims to enhance soldiers' capabilities by offering improved visibility, next-generation night vision, and situational awareness during warfare. The contract not only strengthens Microsoft's presence in the AR market but also showcases their commitment to pushing the boundaries of space and time in the field of augmented reality, leading to further expansion of their products and services.
- In July 2021, SAMSUNG ELECTRONICS CO., LTD. introduced a new Augmented Reality (AR) enabled service for its flagship products, broadening its contactless offerings for consumers. Through this innovative service, customers can virtually experience products in their homes, assess product dimensions, and make informed choices. This strategic move not only enhances Samsung's product portfolio in the augmented reality market but also elevates the overall customer experience by leveraging AR technology for better decision-making.
The Prominent Key Players Operating in the North America Augmented Reality (AR) and Mixed Reality (MR) Market Include:
- HP Development Company, LP (U.S.)
- HTC Corporation (Taiwan)
- Autodesk Inc. (U.S.)
- Barco (Belgium)
- Intel Corporation (U.S.)
- PTC (U.S.)
- Seiko Epson Corporation (Japan)
- Ultraleap Limited (U.K.)
- ASUSTek Computer Inc. (Taiwan)
- Dell (U.S.)
- Google (a subsidiary of Alphabet Inc.) (U.S.)
- Sony Corporation (Japan)
- Lenovo (China)
- Microsoft (U.S.)
- SAMSUNG ELECTRONICS CO., LTD. (South Korea)
- Panasonic Corporation (Japan)
- RealWear, Inc. (U.S.)
- Magic Leap, Inc. (U.S.)
- EON Reality (U.S.)
- TeamViewer (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of North America augmented reality (AR) and mixed reality (MR) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Augmented Reality (AR) and Mixed Reality (MR) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, North America vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
