Augmented Reality Market Grows as Investments Boost Mobile Integration

CIOTechOutlook Team | Monday, 11 November 2024, 02:25 IST

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Rising investments in AR technology are fueling augmented reality (AR) expansion, accompanied by a shift towards greater AR integration in mobile devices. Nonetheless, worries about privacy related to ar technology present a challenge.

The global augmented reality (AR) market is projected to expand by USD 461.8 billion between 2024 and 2028. The market is projected to expand at a CAGR exceeding 46.1% throughout the forecast period. Rising investments in AR technology are fueling market expansion, along with a movement toward greater AR integration in mobile devices. Nevertheless, issues regarding privacy in augmented reality technology present a challenge.

The augmented reality (AR) sector is seeing remarkable expansion, as smartphone manufacturers such as Apple and Samsung incorporate both hardware and software for AR mobile systems. AR solutions improve user experience and boost the value proposition of mobile devices like smartphones, phablets, and tablets.

The growth of the market is fueled by the rising popularity and adoption of AR technology across sectors including 5G providers, AR chipsets, AR eyewear, automotive industries, defense and aerospace, education, gaming, media and entertainment, medical training, retail, and safety management. AR applications provide advantages in fields such as design and visualization, engineering, pharmaceutical data, interactive showrooms, and vocational education. Technologies such as OLED and spatial computing are likewise aiding in the expansion of the market.

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