There has been a lot of global interest surrounding augmented reality statistics over the last few years.
A lot of this kicked off with the rise of virtual reality (VR), but similar technology such as augmented (AR) and mixed reality (MR) play their part as well.
The statistics show there’s a significant interest in AR, as there will be roughly 1.4 billion AR users by the end of 2023.
It’s another space in tech that’s rapidly evolving while integrating itself further into many facets of life.
This article will highlight a variety of interesting Augmented Reality statistics and what we can expect from the technology moving forward.
Augmented Reality Statistics in 2023
- 70% of consumers believe AR tech is beneficial to them
- The AR market value currently sits at $3.5 billion
- Most AR users are around 16 – 34 years old
- By the end of 2023, the AR market value is expected to jump to $18 billion
- AR market revenue is expected to reach $340 billion by 2028
AR Market and User Statistics
2023 is an exciting year for tech in general, and augmented reality is just one piece of that equation.
However, AR is making strides in its own lane and has quickly become a more sought-after experience by businesses and consumers.
On a consumer level, most people think about entertainment value when it comes to AR, but the technology is much more than that.
It has many applications in work environments, education, and much more.
Nevertheless, to better understand how the technology is evolving, let’s look at what statistics have to say about the industry.
1. AR Will Surpass VR
This might be shocking to some, but 70% of industry experts feel that augmented reality will surpass virtual reality in market revenue.
With virtual reality, you get a fully immersive experience, but it also requires a headset, and in some cases, this equipment can be rather expensive.
Many people find the required technology to be impractical, and you won’t find this issue with AR.
Augmented reality can be accessed and experienced through a smartphone, which most people already have.
Its adaptability to simpler forms of technology makes it a more viable option and interest for consumers.
This isn’t to say that virtual reality will become irrelevant, as it’ll actually become more common as developments continue.
However, many consumers aren’t too interested in the hardware requirements at this time.
Both technologies will continue to move forward, but AR is quickly becoming the immersive experience of choice.
2. AR Device Users are Increasing
With the capabilities and integrations of AR technology expanding, more and more people are adopting AR technology for a wide range of use cases.
Statistics show that by the end of 2023, there will be around 1.4 billion AR users globally.
This also comes from the fact that many companies are integrating AR into their products and services.
A prime example of this would be the highly anticipated AR glasses from Apple.
People have been interested in wearable technologies for years, and AR is the perfect technology for this space.
Augmented reality comes with numerous use cases that make it a viable interest from many different angles.
The number of active users behind the technology will only increase with time, and future developments will garner more interest from a wider audience.
3. Much More Engaging Experiences
Product experiences that utilize AI are proven to be 200% more engaging than traditional methods.
This alone tells us why so many companies are adopting the technology for their products and services.
Not only does it enhance the consumer experience, but it keeps people coming back for more.
It also products engagement with the product itself.
Most people can be enticed further into what a product has to offer if they’re able to put their hands on it.
This works just as well, even if it’s in a virtual setting.
Augmented reality has the ability to showcase products and services from an angle that was never possible before.
Human nature itself draws us to wonders like augmented reality, and it has proven beneficial for many companies all over the world.
4. AR is Slowly Invading the Retail Space
Although it may not sound like much, roughly 1% of retailers are using AR in some capacity.
Industry experts are sure that this number will rise as AR becomes a more common experience.
Most retailers are including AR experiences throughout the buyer experience, which is a multi-stage process.
Not only does it benefit companies, but consumers are much more likely to go through each stage of the buyer experience due to their interest in AR.
The technology has the ability to be captivating, informative, and equally exciting, which is hard to turn down for many people.
More than anything, the informative aspect of AR is what buyers appreciate.
They’re able to view and understand the ins and outs of a product in extreme detail before deciding to make a purchase.
Society is accustomed to relying on product descriptions to make an informed purchase, but augmented reality has taken this experience to new heights.
5. Consumer Preferences Regarding AR
It isn’t surprising to see that around 61% of consumers prefer retailers that include some type of AR experience.
The technology has the ability to mitigate consumer doubts and accelerate sales, so it’s a win-win for both parties.
From viewing clothes or applying digital images of furniture to your home, people are able to buy with much more confidence than ever before.
AR provides a sense of comfort when spending money online because you have a much clearer understanding of what you’re getting.
This also reduces issues with customer service inquiries and product returns while improving the logistics as a whole.
Simply put, people prefer to know what they’re getting if they’re spending money, but that has been difficult to discern in the past.
Nowadays, thanks to AR tech, you can review an item from every angle in extreme detail before hitting the buy button.
6. Market Value Continues to Rise
The market value behind augmented reality has already reached impressive heights, and it won’t stop any time soon.
Analysts predict that AR’s market value will rise to at least $50 billion by 2024.
This statistic shows just exactly how rapid the growth of AR has become.
Considering the adaptability of the technology, it won’t be long before you find AR in many different parts of our national and global economy.
Whether it’s entertainment, medicine, social media, retail, or automotive, there aren’t many industries that AR can’t be applied to.
Market value considers many different factors, but a lot of this comes from the investments made by corporations and consumers at the same time.
It’s an industry that won’t slow down, and its capabilities will only become more impressive with each passing year.
7. Customizing Consumer Products with AR
An interesting concept that’s already possible in some cases, many shoppers want the ability to customize products with the help of AR.
Aside from the fact that the experience would be interesting in itself, it would be helpful to customize products exactly how you want.
Statistics show us that around 40% of consumers believe in this idea, and it’s just another testament that shoppers are happy to pay for convenience.
AR can take out the back and forth required for customization and put the tools in the hands of the buyer themselves.
From a business perspective, this gives companies the opportunity to offer more product variations and free up more of their time in the process.
Customers can also communicate their needs with the company without dealing with the stress of losing anything in translation.
It’s another situation that helps both sides of the coin by improving the customer experience and increasing sales for businesses.
8. Investment in AR Technology is Skyrocketing
Global spending on AR and VR technology is increasing year over year.
As more corporations see the benefits behind the technology, they’re moving quickly to get their piece of the pie.
In 2020, global spending on AR tech was around $18.8 billion. This is up 78.5% from just one year prior.
You can only imagine what 2023 and beyond have in store for the market.
Although AR tech has been around for quite a few years, it has been making rapid improvements in recent years.
With more applications and use cases for the technology, both companies and everyday people want to see what it has to offer.
Moreover, between 2019 through the end of 2023, the AR/VR market will see a compound annual growth rate of 77%.
When looking at the industry from a different angle, all of these developments will generate a lot of job openings in the near future.
9. More Consumers are Starting to use AR
Even if many industries are trying to get up to speed with implementing AR tech for customer experiences, that doesn’t mean it’s hard to find.
Statistics from 2020 show that around 100 million consumers used AR to shop.
Some of this had to do with the outbreak of Covid-19 at the time, but it also acted as proving grounds for the relevance of AR tech.
As in-person shopping experiences were limited, millions of people looked toward AR to buy the things they wanted or needed.
Many people who experienced it once quickly shifted their preferences to using AR tech while they shop.
This impact on online shopping also increased interest from many different companies.
You can find businesses scrambling to incorporate AR experiences wherever they can, as the numbers simply don’t lie.
Once again, the number of people interested in using AR tech to shop will continue to rise as it becomes more common on a global scale.
10. Age Demographics of AR Users
What also makes AR tech such a viable interest and investment is the fact that numerous age groups are aware of what it has to offer.
Around 70% of AR users are between the ages of 16 to 44 years old, which is a large portion of the online consumer base.
Consumer awareness of the technology will expand as it continues to integrate into our daily lives.
What’s interesting about this statistic is that consumer AR experiences have only been around for a few years.
This shows how quickly AR is expanding and how much consumer interest has increased in such a short amount of time.
Although AR tech will be relevant in many industries, some of its largest impacts will be found in e-commerce.
From a business and consumer standpoint, both sides love what it has to offer.
11. AR Compatability in Smartphones
One aspect that makes the technology so adaptable is that it generally doesn’t require any kind of software installation.
At this time, around 26% of smartphone devices are ARCore or ARKit compatible.
This means users don’t need to do anything to enjoy what AR tech is capable of.
This means you can open an application and enjoy the AR experience it has to offer right from your smartphone.
You also don’t need any external hardware to make it all work.
One benefit that makes AR stand out is its capabilities of a 3D experience.
It can also be utilized in conjunction with certain applications to heighten the experience behind various products and services.
It’s much more than simply displaying a cool-looking image, as it can be used to make the online experience more accessible and immersive at the same time.
Augmented reality is just one aspect of immersive experiences that are available to the public.
However, it’s a much more viable option on a broad scale due to the technology’s adaptability.
There’s no need for software installations or external hardware; it can be implemented across a broad range of available technologies.
If you haven’t experienced it for yourself, it won’t take long before it’s everywhere you look.
The augmented reality statistics in this article show just that, and we’ll see continued growth from the industry as it develops.