Augmented Reality Report 2024: Industry Data & Outlook

The AR industry is experiencing rapid advancements from immersive user experiences to real-time remote collaboration. This augmented reality report explores market data as well as the key areas of innovation and their implications for AR companies worldwide.

This Augmented Reality (AR) report shows a sector at a transformative juncture, having matured into a powerhouse of innovation and economic growth. This report examines the complex landscape, where advancements intersect with dynamic market forces. It explores the increasing adoption rates, breakthrough technologies, and emerging business opportunities that define AR’s current state and trajectory. Focusing on the industry’s firmographic data, influential trends, and pioneering entities, it presents a broad perspective of the AR industry.

This augmented reality report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Augmented Reality Industry Report 2024

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Executive Summary: Augmented Reality Outlook 2024

This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 2000+ augmented reality startups developing innovative solutions to present five examples from emerging AR industry trends.

  • Industry Growth Overview: The augmented reality industry is entering a new phase, with a growth rate of 9.15% in the last year and more than 26000 companies listed.
  • Manpower & Employment Growth: With a global workforce of 1.3 million, the sector has added 124K+ new employees, indicating expansion.
  • Patents & Grants: Intellectual property thrives with 35K+ patents and over 5000 grants, showing a commitment to innovation and research.
  • Global Footprint: The AR industry’s footprint spans worldwide, with the US, India, UK, Germany, and Canada as top country hubs, and London, New York City, San Francisco, Bangalore, and Singapore as city hubs.
  • Investment Landscape: An average investment of USD 20.2 million reflects a strong funding ecosystem, including 14000+ funding rounds and more than 3000 investors.
  • Top Investors: Major financial contributors like BDMI, T. Rowe Price, SoftBank Vision Fund, and more have collectively contributed over USD 3 billion to the industry.
  • Startup Ecosystem: Notable startups such as Intravides (augmented reality in surgery), AR Code (AR QR codes), Vossle (web-based AR content creation), LabLightAR (laboratory support through AR), and HoloMetrix (AR for acoustic measurements) demonstrate the sector’s diverse innovation.
  • Recommendations for Stakeholders: Invest in user experience research to ease AR adoption and encourage cross-industry partnerships to expand AR applications. Focus on prioritizing data privacy and ethical guidelines to build user trust and strategically invest in AR infrastructure to facilitate advanced AR experiences.

Explore the Data-driven Augmented Reality Industry Report for 2024

The Augmented Reality Industry Report 2024 uses data from the Discovery Platform and covers the key metrics that highlight the sector’s dynamic growth and innovation. The report presents a 9.15% increase in industry growth over the past year, a significant expansion in the market. The database lists over 26000 companies within the AR space, indicating a diverse and growing industry

An increase of over 124000 employees in the last year further underscores this growth trajectory. This reflects a rising demand for AR expertise and workforce expansion to meet technological advancements. Moreover, the global manpower powering the industry is 1.3 million.

The US, India, UK, Germany, and Canada lead as the top country hubs for AR development. The city hubs for the industry are London, New York City, San Francisco, Bangalore, and Singapore, known for their technological prowess and innovation ecosystems.

Further, more than 35000 patents have been filed, emphasizing the industry’s strong emphasis on intellectual property and innovation. Additionally, over 5000 grants have been awarded, suggesting significant research and development support.

What data is used to create this AR industry report?

Based on the data provided by our Discovery Platform, we observe that the augmented reality industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

  • News Coverage & Publications: The augmented reality industry has seen more than 18000 publications in the last year.
  • Funding Rounds: Our database records over 14000 funding rounds in the industry.
  • Manpower: It employs over 1 million workers and has added more than 124000 new employees in the last year.
  • Patents: The industry holds more than 35000 patents, showcasing its innovative edge.
  • Grants: The sector has been awarded 5000 grants, showing significant support and recognition for its development.
  • Yearly Global Search Growth: A yearly global search growth of 18.59% signifies the AR industry’s expanding interest.
  • and more. Book a demo to explore all data points used to create this Augmented Reality report.

A Snapshot of the Global Augmented Reality Industry

The industry is experiencing a notable rise, marked by a manpower of 1.3 million individuals. This growth is underscored by the addition of 124000 employees over the last year, indicating a steady expansion in the workforce.

The sector is also home to 26000+ companies, reflecting the industry’s dynamism and pivotal role in driving technological innovation. This expansion reflects the increasing demand for AR technologies across various sectors, including education, healthcare, and entertainment.

Explore the Funding Landscape of the Augmented Reality Industry

The Augmented Reality industry is a hub of investment activity, showcasing an average investment value of USD 20.2 million per round. This signifies the confidence investors have in this growing sector.

With more than 3000 investors actively participating in the AR landscape, the industry’s financial foundation is stable and broad. This engagement is further evidenced by the completion of more than 14000 funding rounds.

Moreover, the investment has reached over 5000 companies, indicating the vastness of the industry and the diversity of opportunities it presents. These metrics highlight the AR industry’s growth trajectory, marked by robust investment activities that are driving innovation, expansion, and the realization of AR’s potential across various applications.

 

Who is Investing in Augmented Reality?

The AR industry has seen significant investment activities, with the top investors contributing to a combined value of more than USD 3 billion. Here’s the list of key investors and their investments:

  • BDMI stands out with a significant investment of USD 524.6 million in one company, leading financial contributions to the AR industry.
  • T. Rowe Price has strategically invested USD 460.5 million into 3 different companies, showcasing a commitment to fostering innovation.
  • SoftBank Vision Fund has shown global interest in AR technologies with an investment of USD 415 million across 6 companies, reflecting confidence in the sector’s growth.
  • Andreessen Horowitz has invested USD 279.7 million in 8 companies, underscoring its belief in the technology’s potential.
  • Fidelity Investments contributes USD 275.1 million to 4 companies, indicating a strong investment drive towards fostering advancements in AR.
  • Coatue Management invests USD 266.7 million in 4 companies, showing a focused approach to backing AR technologies and their applications.
  • Sequoia Capital allocates USD 249.4 million across 8 companies, strengthening the AR industry’s innovative landscape.
  • Insight Partners, with investments totaling USD 241.3 million in 9 companies, emphasizes the importance of AR in the future of technology.
  • Alibaba Group invests USD 238 million in 9 companies, indicating a strategic interest in expanding AR’s global market reach and applications.
  • Eclipse Ventures invested USD 232.5 million in 2 companies, highlighting the AR sector’s vast potential and promising future.

The image outlines the growing trends in the AR industry over the last year, with a focus on company growth and public mentions. Among the trends, Metaverse stands out with a remarkable presence, involving 31.3K companies and receiving over 107.6K mentions. Mixed Reality follows with significant traction, comprising 15.2K companies and leading to 31.2K mentions, demonstrating its importance and widespread application.

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Further, Extended Reality shows substantial activity with 1.3K companies and 7.9K mentions, underscoring its emerging relevance. These trends reflect a heightened interest and investment in immersive technologies that are shaping the future of digital interaction. Explore all AR trends with a platform demo today.

Explore Firmographic Data for All Augmented Reality Industry Trends

The current industry trends provide a comprehensive overview of prevalent themes and corporate initiatives. Dive into some of the top AR trends supported by firmographic data:

  • Spatial Computing is rapidly emerging as a key player within the AR landscape, marked by a robust network of 522 companies. It is demonstrating significant momentum, employing 17.5K individuals, with an increase of 2.8K new employees over the past year. The sector’s annual trend growth rate stands at 18.22%, highlighting its dynamic expansion and the growing interest from both businesses and consumers. Spatial Computing’s evolution continues to merge the physical and digital worlds, offering solutions that could change human interaction with technology.
  • Extended Reality (XR), encompassing both virtual and augmented realities, has seen growth, with 1300+ companies currently leading. The workforce powering this trend numbers at 48K+, bolstered by the addition of 6.7K new employees within the last year. It reflects a robust annual trend growth rate of 19.4%. This growth indicates an accelerating interest in XR technologies, as they become increasingly integral to entertainment, education, and professional training environments.
  • The Metaverse is notable with 31000+ companies driving its development, employing 1.5 million individuals. The last year alone saw the introduction of 155K+ new employees, with an annual trend growth rate of 10.01%. This growth highlights the Metaverse’s role in digital innovation, offering immersive, interconnected virtual environments that could revolutionize social interactions, e-commerce, and entertainment.

5 Top Examples from 2000+ Innovative Augmented Reality Startups

The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

Intravides offers AR Assistant for Surgeons

Italian startup Intravides develops Holosurgery, an augmented reality solution that utilizes medical images in the operating room. Surgeons access medical information and 3D surgical planning during operations through AR goggles. The startup employs Microsoft Hololens 2 with custom software to display the 3D model. This software also supports video conferencing, enabling a live stream from the goggles camera. Intravides creates a 3D representation of the patient’s anatomy using a unique process. Lastly, it designs a surgical plan and positions reference points or implantable devices onto the 3D model of the patient’s anatomy.

AR Code provides AR Code SaaS

Singaporean startup AR Code creates Augmented Reality QR codes. These barcodes hold the information required to create a 3D experience. The technology functions without a specific app on smartphones and AR/VR headsets. AR Code’s technology is readable directly on Android, iOS, iPadOS, and visionOS. The startup offers a platform for the creation, management, and tracking of AR experiences. It has applications for a range of products and materials. AR Code enables businesses and organizations to incorporate interactive, digital experiences into their materials.

Vossle creates Immersive WebAR

Indian startup Vossle develops a cloud SaaS platform that enables the creation and publication of browser-based AR content. Vossle’s Inline AR feature embeds AR experiences directly into websites, enhancing user interaction. WebAR Games enables AR games on various smartphones by scanning the QR code and playing on any popular web browser. Markerless AR overlays AR experiences that align with business objectives. Markerless WebAR experiences do not need specific triggers in the user’s environment. It scans the surroundings and integrates computer-generated 3D models. Try-Ons allows virtually trying on 3D objects like glasses, jewelry, clothes, etc., on smartphones at any time and place. Lastly, Workflows combines multiple AR experiences into a single, comprehensive adventure.

LabLightAR offers Smart Lab Support

US startup LabLightAR develops a platform for laboratory work, combining AR and AI to assist biomedical workers. The startup’s system employs smart computer vision and precise object placement to enhance accuracy and speed. Its active guidance provides resources to be accessed hands-free through gesture and voice control. LabLightAR’s system integrates into existing workflows with little disruption. Further, it offers pipLight, a microplate guidance software. LabLightAR records checklists, photos, videos, and metadata, storing them in electronic laboratory notebooks or local networks.

HoloMetrix enables AR-powered Sound Measurement

German startup HoloMetrix develops software for measuring technical acoustics. Its product, Sound Intensity, uses AR glasses to present all the necessary information. The HoloLens 2 glasses, fitted with the HoloMetrix app, form a virtual reference cuboid over the measurement object. The system generates and displays a measurement grid, which directs the measurement process. The startup’s technology accommodates both discrete and scanning measurement methods. The system receives the measured values and produces an automatic sound field map. This visualization assists in interpreting the results and pinpointing areas with acoustic issues.

Looking for Comprehensive Insights into Augmented Reality Trends, Startups, or Technologies?

This augmented reality industry report highlights a future where digital augmentation becomes an integral part of our daily lives, from the integration of AR in various sectors to immersive virtual environments. The fusion of AR with AI and IoT marks a new era of innovation, transforming today’s advanced technologies into tomorrow’s essential tools. Book a platform demo to explore all 2000+ startups and scaleups, as well as all industry trends impacting augmented reality companies.

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