Augmented Reality (AR) and Mixed Reality (MR) Market is Expected to Grow with a CAGR of 50.50%

 The rising adoption of new augmented reality and mixed reality technologies in various applications helped the population significantly. These devices can help in everyday activities such as searching for information, shopping, and others. Therefore, the global augmented reality (AR) and mixed reality (MR) market is estimated to increase rapidly in the near future.

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Data Bridge Market Research analyses that the augmented reality (AR) and mixed reality (MR) market is expected to reach USD 606,787.07 million by 2029 from USD 23,053.90 million in 2021, growing with a healthy CAGR of 50.5% in the forecast period of 2022 to 2029. The high adoption of augmented reality (AR) and mixed reality (MR) is projected to propel the market's growth due to extensive entertainment, educational, and training applications. Industries such as healthcare, logistics, and manufacturing are more focused on adopting this technology for assistance, training, maintenance, and monitoring applications.

Rise in adoption of augmented reality (AR) and mixed reality (MR) by educational institutes is expected to drive the market's growth rate

Augmented reality and mixed reality (MR) in education allow the students to acquire knowledge through rich immersion and visuals in the subject matter. Furthermore, speech technology also engages the students by offering comprehensive details about the content in voice format. Thus, the concept of e-learning with augmented reality and mixed reality (MR) has become an essential strategy for gathering information, which is anticipated to drive the growth of the global augmented reality (AR) and mixed reality (MR) market significantly.

Report Scope and Market Segmentation

Segment Analysis:

The 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, the global augmented Reality (AR) and mixed Reality (MR) market is segmented into hardware, software, and services.

In 2022, the hardware segment is anticipated to dominate the augmented reality (AR) and mixed reality (MR) market

The hardware segment is expected to dominate the global augmented reality (AR) and mixed reality (MR) market with a 51.3% market share due to the increasing  adoption of AR and MR devices across various industry verticals, such as construction, education, healthcare  and retail,

• .On the basis of the deployment model, the global augmented reality (AR) and mixed reality (MR) market is segmented into cloud and on premise. In 2022, the cloud segment is expected to dominate the global augmented reality and mixed reality market market with a 65.4% market share due to the rising class III cases among the people worldwide.
• On the basis of device type, the global augmented reality (AR) and mixed reality (MR) market has been segmented into head up display, head mounted display, projector and display wall, and gesture tracking devices. In 2022, head mounted display is expected to dominate the global augmented reality (AR) and Mixed Reality (MR) market with a 45.7% market share due to the rising demand of head mounted display in automotive sector.
• On the basis of technology, the global augmented reality (AR) and mixed reality (MR) market has been segmented into mobile augmented reality, monitor-based technology, and near eye based technology. In 2022, the mobile augmented reality segment is expected to dominate the global augmented reality (AR) and mixed reality (MR) market with a 55.1% market share because it increases engagement and create different experiences with your product.
• On the basis of application, the global 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. In 2022, the workflow optimization segment is expected to dominate the global augmented reality (AR) and mixed reality (MR) market with a 22.0% market share because it reduce operating costs, , adding new functions to an existing workflow and improve the efficiency of work done. 
• On the basis of end user, the global augmented reality (AR) and mixed reality (MR) market has been 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.

In 2022, the media and entertainment is projected to hold the largest share of end user segment in the augmented reality (AR) and mixed reality (MR) market

In 2022, the media and entertainment segment holds maximum market share because it provides complete artificial environment and provide the end users a real-world environment experience. The media and entertainment segment is growing with a CAGR of 18.0% in the forecast period of 2022 to 2029.

Major Players

Data Bridge Market Research recognizes the following companies as the major augmented reality (AR) and mixed reality (MR) market players in augmented reality (AR) and mixed reality (MR) market are HP Development Company (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.).

Market Development

• In 2021, UKRI continues to be a promising option for XR companies at several levels of scale AND funding and scale in the U.K. They fund businesses to create innovative products, services or processes
• In June 2021, Magic Leap, Inc. had announced a collaboration with AMD on a semi-custom solution to enable perception for augmented reality devices and market-leading visual computing. With this collaboration, the company will help the end users transform and re-imagine how virtual information and content is visualized and merged with real-world environments.
• In April 2021, Microsoft had announced a Pentagon agreement worth USD 21.88 billion for augmented reality headgear for soldiers with the U.S. military. This HoloLens will provide soldiers the more efficient visibility and situational awareness for any war and next-generation night vision. This has also aided the company to exceed their traditional boundaries according to space and time in the field of AR.
• In July 2021, SAMSUNG ELECTRONICS CO., LTD. had extended its contactless offerings for consumers for its flagship products with a new Augmented Reality (AR) enabled service. With this new product, customers may virtually experience product in their homes and make an informed selection with the AR service.

Regional Analysis

Geographically, the countries covered in the augmented reality (AR) and mixed reality (MR) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in augmented reality (AR) and mixed reality (MR) market during the forecast period 2021 - 2028

In 2022, North America dominated the augmented reality (AR) and mixed reality (MR) due to advanced research and development of software, favorable startup environment, rich entertainment content production and others. Furthermore, the U.S. is anticipated to dominate the growth of the country because this region has the largest number of end users and popular brand manufacturers of augmented reality (AR) and mixed reality (MR) products.

Asia-Pacific is estimated to be the fastest growing region in augmented reality (AR) and mixed reality (MR) market the forecast period 2021 - 2028

Asia-Pacific is expected to grow during the forecast period due to increased demand for augmented reality technology, rising investments in commercial applications and thriving healthcare and automotive sectors, and the flourishing enterprises and manufacturing sector in China and Japan.

COVID-19 Impact Analysis

The outbreak of COVID-19 has created a major impact on many industries and every country. The government has imposed some strict regulations, such as the shutdown of the sale of non-essential goods, and blocked international trade during the pandemic. The only business dealing in this situation is the essential services allowed to open and run their processes. The increasing use of augmented reality (AR) and mixed reality (MR) in smartphone applications, technological advancements in medical applications, and the rise in demand for remote collaboration were some factors driving the growth of the augmented reality and mixed reality market during the pandemic. Thus, covid-19 left a combined impact on the augmented reality and mixed reality market.

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