Augmented Reality Statistics To Know In 2023

AR Stats to Inspire You in 2023 and Beyond

Augmented Reality has come a long way in recent years. Today, AR is perhaps the most popular form of immersive technology, with countless companies investing in AR apps and experiences every day. With the right AR technologies, organisations can build immersive training experiences, enhance collaboration, and even improve customer experiences.

According to the latest reports by industry analysts like Global Newswire, the Augmented Reality market is flourishing, growing at a faster rate than almost any other disruptive technology. At presence, the AR space is set to grow at a CAGR of around 41.5% up to the year of 2030, to a value of around $461.25 billion.

Analysts believe the rapid transformation of the AR space is a result of quickly evolving tools and technologies in the immersive landscape. New software solutions for building AR experiences and more advanced cameras and screens have accelerated AR’s development.

Let’s take a closer look at the Augmented Reality statistics that highlight the impact this innovative solution is having on the world today.

The Rise of Augmented Reality: Top AR Facts in 2023

Augmented Reality currently stands as one of the most exciting and disruptive technology solutions for business leaders from all industries. According to a report produced by Snapchat in 2022, AR is emerging as a powerful tool for companies looking to engage with their target audience. Around 94% of business leaders say they believe “fun” is the main reason why people use AR.

However, the report also found that consumers have different opinions of what makes AR so compelling. Around 55% of UK consumers, for instance, say they believe the biggest benefit of AR is it helps with their shopping experiences. 79% of consumers said they were interested in using AR to place products in their environment to see how they might look before buying them. Additionally, 77% of consumers said they were interested in using AR to interact with a product before buying it.

Here are some key statistics that demonstrate the business benefits of AR in 2023:

• 57% of users say they’re more likely to buy from a brand offering AR: Customers are more likely to purchase products from a company that offers immersive AR experience. According to the Snap report mentioned above, around 64% of consumers believe the ability to use AR in their shopping experience increases their sense of loyalty towards a brand. (Source: Snapchat)
• Revenues for AR/VR displays totalled $942 million in 2022: According to an AR market report, 2022 was a challenging year for the AR/VR technologies segment. However, the landscape is still expected to grow significantly in the years ahead. Revenues are expected to accelerate by a CAGR of 50.7% by the end of 2027 (Source: Display Supply Chain)
• By the end of 2023, there will be 1.4 billion AR device users: A regularly updated report by Statista shows the number of AR device users has increased steadily for the last few years. There were approximately 1.07 billion AR devices users by the end of 2022. By 2023, this number is expected to increase to 1.4 billion, then to 1.73 billion in 2024 (Source: Statista)
• The AR/VR headset market is expected to ship around 50 million units by 2026: Although the shipments of AR/VR devices reduced slightly during 2022, as a result of supply chain issues, the pandemic, and other economic problems, experts believe shipments will begin to increase again from 2023. IDC suggests by 2024, the shipments of AR devices will have increased by 88.86% year-over-year. (Source: IDC)
• The market value for smart glasses will reach $12.76 billion in 2030: Interest in new forms of AR technology is increasing. According to Grandview Research, the market value for this segment of AR was around $5.84 billion. However, by 2030, the market is expected to reach a value of $12.76 billion, with a CAGR of 10.3%. (Source: Grandview Research)
• The AR Software market will reach a value of $137.14 billion by 2028: Software used to create augmented reality experiences is also accelerating in value. A report from 2022 found the Global AR software market was worth around $8.58 billion in 2020, but it’s projected to reach a value of $137.14 billion by 2028, growing at a CAGR of 57.21% (Source: PR Newswire)

The Business Benefits of AR in 2023 and Beyond

The rapid growth and adoption of the AR market is being enhanced in part by a growing need for companies to connect with consumers on a more immersive level. However, it’s worth noting that customer experience isn’t the only area that can benefit from augmented reality.

According to a study by McKinsey, looking at the “technology trends” of 2022 and beyond, around 63% of companies adopting metaverse technologies like AR are using these tools for training and education. What’s more, McKinsey believes up to 100% of the work done to design physical products and spaces could be simulated and enhanced with AR and VR.

Here are some other key AR statistics to know in 2023:

• Deskless workers may be the main adopters of AR Technology: A McKinsey report looking at the potential for AR adoption across various sectors found the 2.7 billion “deskless” workers worldwide could be the top adopters of immersive technology. Today, these employees account for around 80% of the global workforce (Source: McKinsey)
• 70% of Americans believe AR will become a part of everyday life in the next few years: According to a report by ARRIS Composites, 70% of Americans believe AR will become a part of every day life soon. Additionally, 82% say they think they will use AR and VR more often in the coming (Source: ARRIS Composites)
• AR User penetration was at 26.4% in 2022: In 2022, AR and VR user penetration rates stood at around 26.4%. However, Statista believes this number will increase to 32.6% by the end of 2027. Revenue per user is expected to amount to around $12.55. Notably, Statista also found the biggest amount of revenue for AR/VR is currently generated in the United States. (Source: Statista)
• As of 2022, there are 1,033 AR startups in the US: According to a global startup tracker, there were around 1,033 AR startups in the United States during 2022. This represents a massive increase in the number of AR startups in the US alone over the last couple of years. (Source: Tracxn)

Credit: https://www.xrtoday.com/augmented-reality/augmented-reality-statistics-to-know-in-2023/