Augmented Reality (AR) has developed a lot in the last few years, as per the most recent data. Nowadays, AR is one of the most well-known kinds of immersive technology, with many companies investing in experiences and apps each day.
With the right tools, organizations can create immersive AR-based training experiences that enhance collaboration and boost customer experience.
According to the most recent reports from industry analysts such as Market Research Future, the market for augmented reality is growing and growing at a higher than every other disruptive technology. As of now, it appears that the AR space is predicted to expand at a CAGR (CAGR) of approximately 41.5 percent in the range of $461.25 billion by 2030.
Analysts believe that the AR industry’s rapid growth comes from rapidly evolving technology and tools in the immersive world. Innovative software solutions to create AR experiences, as well as more sophisticated screens and cameras, have helped accelerate AR’s growth.
Here’s a review of the data that highlights the new solutions that are changing the way we live in the present.
The Rise of Augmented Reality: Top AR Facts in 2023
Augmented reality is a fascinating and innovative technology solution for executives across all industries. According to a 2022 Snapchat and Ipsos MORI report, AR is gaining momentum as an effective tool for businesses seeking to connect with their customers.
About 94 percent of business executives say “fun” is the main reason why people choose to make use of AR.
The report, however, discovered that people have differing views about what is what makes AR appealing. For instance, 55 % of UK people believed that AR’s main advantage is its ability to assist in their shopping experience.
The majority of consumers expressed an interest in using AR to display items in their surroundings to see how they look prior to purchasing the item. Furthermore, 77 percent of respondents said that they would like to use AR for interaction with the products prior to buying them.
Key Statistics in AR for 2023
57 % of customers think they’re more likely to buy from a retailer that has AR. Customers tend to purchase items from companies that offer an immersive AR experience. Based on the Snap report above, approximately 64% of customers think that the use of AR during their shopping experience improves their feelings of loyalty to a particular brand.
The revenue for AR/VR displays will amount to $942 million by 2022. According to a Display Supply Chain market report, 2022 was an extremely challenging year for the AR/VR technology segment. But, the market is expected to continue to expand dramatically in the years to come. Industry revenues are expected to grow at a rate of 50.7 percent until 2027’s end.
In 2023, the number of HTML0 users will reach 1.4 billion AR device users: Statistica reported that the amount of AR device users has grown steadily over the past few years. The number of AR device users was around 1.07 billion AR device users at 2022’s end. In 2023, the number is expected to rise to 1.4 billion before rising to 1.73 billion by 2024.
More Figures on the Global AR Industry
The market for AR/VR headsets is anticipated to reach 50 million devices by the year 2026. Although the number of AR/VR headsets decreased slightly in 2022 because of issues with supply chain management as well as the COVID-19 epidemic and other economic problems, experts predict that shipments will start to increase after 2023. IDC estimates in 2024 that, the number of AR devices will have risen by 88.86 percent over a year.
The market for smart glasses could be $12.76 billion by 2030. The demand for new ways of AR technology is growing. Based on Grandview Research, the market value for this particular segment of AR was approximately $5.84 billion. But by 2030, this market could increase to $12.76 billion, with an estimated CAGR of 10.3 percent.
AR Software market will reach $137. 14 billion in 2028. The software that creates AR experiences is increasing in value. The 2022 Grand Research report discovered that an AR software market worth around $8.58 billion. The global AR software market was estimated to be approximately 8.58 billion dollars in 2020 and could reach a figure of $137.14 billion by 2028. This is increasing at a CAGR of 57.21 percent.
The Business Benefits of AR in 2023 and Beyond
The need for businesses to engage with consumers on an immersive scale has led to this AR industry’s explosive growth as well as high adoption. However, it’s important to remember that customer experience isn’t the only thing that could benefit from augmented reality.
Top Statistics for 2023
Deskless workers could lead the way in the adoption of AR technologies. The McKinsey research report looking at the possibilities for AR adoption across all sectors revealed that 2.7 billion deskless workers could be the most avid users of immersive technology. Currently, these workers comprise about eighty percent of the globe’s workforce.
Over two-thirds of US citizens believe that AR will become part of everyday life in the coming years. According to an ARRIS Composites report, 70% of US citizens believe that AR is likely to become part of our lives. Additionally, 82 percent of respondents said that they’d utilize AR as well as VR more frequently in the next few years.
AR market will increase to $11.58bn by 2023. According to the research of Statista, AR is currently the biggest segment, with a size in the range of USD 11.58 billion by 2023. The AR/VR market’s revenue will also be USD 31.12 billion by 2023’s end.
By 2023, there were 1 027 AR-related startups across the US. According to an international startup tracker, there were 1,033 AR-related startups across the United States in 2022. This is a huge increase in the number of AR companies in the US in the last few years. It currently stands at 1,027 in 2023.
According to a McKinsey report that examines the ongoing “technology trends,” around 63 percent of companies that have adopted metaverse technology like AR are employing these tools to train and educate.
Additionally, McKinsey believes that AR and VR technologies can replicate 100 percent of the work required to create physical products and environments. When companies and businesses make use of AR and VR, the figures will show the real worth and ROI of this emerging technology.