According to a recent report by Report Ocean, the global augmented reality market is expected to grow by 48.8% annually through 2031. Additionally, the market is predicted to reach a net worth of $231.34 billion by 2026.
The report states that the European market has increased by 3.1% annually since 2016. Likewise, European ICT Revenue will likely increase by 1.5% each year by 20226. Germany had the highest ICT Revenue in Europe in 2021, with $339,074 million. According to the report, the UK, France and Ireland came in second, third and fourth respectively.
Additionally, the global supply of AR devices, components and software has increased by 9.5% annually since 2009. Ireland brought in $169.32 billion in 2021 in terms of global ICT exports. The United States came in at number two, followed by India and China.
Driving forces for market growth
One of the driving forces behind the predicted growth is government organisations. Governments worldwide are bolstering their maintenance budgets for augmented reality infrastructure, while funding initiatives involving AI development and advancement.
Report Ocean’s data suggests that global ITC exports will grow at a rate of 3.9% annually through 2030. Such exports were worth $784.3 billion in 2021 and by 2030, global ITC exports are projected to be worth $955.19 billion.
Brands instrumental to the AR market’s growth include Apple, Google, Magic Leap, Microsoft, Niantic, Samsung, Sony and Total Immersion. The full report delves into market structure, growth drivers and emerging trends, among other topics and is available for purchase on the company’s website.
The market’s projected growth isn’t surprising, considering the many AR projects currently in progress. For example, Niantic will soon release Peridot, an AR game that lets users care for virtual pets. Additionally, more and more companies are using AR to improve relations between human workers and robots.
Jack Brassell is a freelance journalist and aspiring novelist. Jack is a self-proclaimed nerd with a lifelong passion for storytelling. As an author, Jack writes mostly horror and young adult fantasy. Also an avid gamer, she works as the lead news editor at Hardcore Droid. When she isn't writing or playing games, she can often be found binge-watching Parks & Rec or The Office, proudly considering herself to be a cross between Leslie Knope and Pam Beasley.
