Market Insights Advertising & Media AR & VR

AR Hardware - Singapore

Singapore

The AR Hardware market in Singapore is anticipated to witness a significant growth in revenue, projected to reach US$20.5m by 2024.
This growth is expected to continue at an annual rate of 13.41% (CAGR 2024-2029), resulting in a projected market volume of US$38.4m by 2029.
The United States dominates the market, generating the highest revenue with a projected market volume of US$2,261.0m in 2024.
In terms of user base, the AR Hardware market is estimated to have 466.5k users users by 2029.
The user penetration rate is projected to increase from 2.5% in 2024 to 7.5% by 2029.
Furthermore, the average revenue per user (ARPU) is expected to reach US$135.1 .
These figures demonstrate the potential growth and market opportunities in the AR Hardware market in Singapore.
Singapore is experiencing a surge in demand for AR hardware, fueled by its tech-savvy population and government's support for innovation.

Market

Region

Region comparison

Currency

Analyst Opinion

The AR Hardware market in Singapore is experiencing steady growth and development due to several key factors.

Customer preferences: Customers in Singapore are increasingly interested in AR Hardware due to its ability to enhance their daily lives and improve productivity. AR Hardware offers a unique and immersive experience, allowing users to interact with virtual objects in the real world. This technology is particularly appealing to tech-savvy individuals and businesses looking to stay at the forefront of innovation.

Trends in the market: One of the key trends in the AR Hardware market in Singapore is the adoption of AR glasses. These lightweight and portable devices provide users with a hands-free AR experience, making them ideal for a wide range of applications, including gaming, education, and healthcare. The demand for AR glasses is expected to continue growing as more consumers and businesses recognize their potential. Another trend in the market is the integration of AR technology into smartphones and other mobile devices. This allows users to access AR experiences without the need for additional hardware, making it more accessible to a larger audience. As smartphones become more powerful and affordable, the demand for AR-enabled devices is expected to increase.

Local special circumstances: Singapore's strong focus on technology and innovation makes it an ideal market for AR Hardware. The government has been actively promoting the adoption of emerging technologies, including AR, through various initiatives and funding programs. This support has created a favorable environment for AR Hardware companies to thrive and attract investment.

Underlying macroeconomic factors: Singapore's robust economy and high disposable income levels contribute to the growth of the AR Hardware market. The country has a highly educated and tech-savvy population that is willing to invest in new technologies. Additionally, Singapore's strategic location and well-developed infrastructure make it an attractive hub for AR Hardware companies looking to expand their presence in the Asia-Pacific region. In conclusion, the AR Hardware market in Singapore is experiencing growth and development due to customer preferences for immersive experiences, the adoption of AR glasses, the integration of AR technology into mobile devices, the government's support for emerging technologies, and the country's strong economy and high disposable income levels. These factors create a favorable environment for AR Hardware companies to thrive and contribute to the overall growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on AR hardware revenue, which includes digital spending on hardware (headsets and glasses) that enables consumers to experience augmented reality.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).