Augmented Reality Market to Expand at 45.4% CAGR over 2024 to 2032; Qualcomm Technologies Rolls Out Snapdragon AR2 Platform to Secure Competitive Edge

The global augmented reality market size stood at USD 62.75 billion in 2023. The market value is slated to rise from USD 93.67 billion in 2024 to USD 1,869.40 billion by 2032 at a CAGR of 45.4% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Augmented Reality Market Size, Share & COVID-19 Impact Analysis, By Industry (Gaming, Media, Automotive, Retail, Healthcare, Education, Manufacturing, Real estate/Architecture/Interior Design, Defense & Aerospace, Art & Designing, Law Enforcement, Others (Government, Logistics, and Others)), By Application (Interactive Showroom, Driving Experience, Virtual Fitting Room, Brand Engagement,  Space Visualization and Virtual Tours, Augmented Surgeries, Medical Education, Drug Information, Well Being, eLearning Apps, Professional Training, Developing & Designing, Training & Upskilling, Quality Control, Virtual Walkthrough, Designing Staging, and Others) and Regional Forecast, 2024-2032”.

Upsurge in Market Share Amid COVID-19 Pandemic Driven by Increase in AR-based Remote Assistance Across Industries

The COVID-19 pandemic severely affected a range of industries across the globe. However, the period registered an increase in potential application use cases of augmented reality. For instance, hospitals based in the U.S. implemented Virti, a virtual and augmented reality-based platform, for dealing with mental support training during the pandemic period.

The COVID-19 period registered an upsurge in the demand for AR technology.

Qualcomm Technologies Launched Snapdragon AR2 Platform to Strengthen Industry Position

In November 2022, Qualcomm Technologies, Inc. rolled out Snapdragon AR2 platform for designing AR glasses with spatial computing for immersive experiences. It further helps in addressing challenges associated with AR headworn glasses.

Market Share to Rise Driven by Escalating AR Technology Adoption

Augmented reality market growth is being impelled by an upsurge in the adoption of AR technology for supporting healthcare workers. Earlier, due to limited information, conducting complex surgeries was exhausting. However, with AR adoption, the potential risk in surgeries has reduced, as the technology offers real-time alerts to the surgeons. The technology offers an immersive and real environment that helps in the efficient performance of tasks.

However, the long-term effects associated with the usage of AR on mental health are expected to hamper industry expansion to some extent.

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Pivotal Players Ink Various Deals to Strengthen Industry Landscape

Leading industry participants are focused on formulating and implementing an array of strategic initiatives for the consolidation of their market positions. These steps comprise the formation of alliances, merger agreements, and the launch of various products. Other initiatives include an increase in research activities and the rollout of new solutions.

Key Players

• Samsung Electronics Co. Ltd. (South Korea)


• Apple Inc. (U.S.)


• Vuzix Corporation (U.S.)


• Meta Platforms, Inc. (U.S.)


• PTC, Inc. (U.S.)


• Qualcomm Technologies, Inc. (U.S.)


• Magic Leap, Inc. (U.S.)


• Sony Corporation (Japan)


• NVIDIA Corporation (U.S.)


• Google LLC (U.S.)

Key Industry Development

• June 2021 – Magic Leap Inc. entered a partnership with AMD to semi-custom enterprise-class and visual computing AR devices. The collaboration will enable enterprises to re-imagine and transform how virtual content and information are visualized and merged in the real world.

Further Report Findings

• North America augmented reality market share is set to register appreciable expansion over the forecast period. The rise is driven by an increase in investments in emerging technologies in the region.


• Asia Pacific market is slated to depict considerable growth over the projected period. The upsurge is impelled by a rise in the booming manufacturing, retail, gaming, and automotive sectors.


• Europe is set to have a vast potential to boost the market growth due to rapid expansion of various industries such as healthcare, retail, and automotive. Digital solutions in the region is also set to drive the regional growth.


• On the basis of industry, the retail segment is touted to gain considerable growth throughout the analysis period. The surge is on account of escalated focus on customer experience.

Table of Segmentation