AR Hardware - Nordics

Nordics

Highlights

In the Nordics, revenue in the AR Hardware market market is projected to reach US$106.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.80%, resulting in a projected market volume of US$194.5m by 2029.
While most revenue is generated the United States, the Nordics will also see significant market activity.
In the AR Hardware market market, the number of users in the Nordics is expected to amount to 2.4m users by 2029.
User penetration will be 2.8% in 2024 and is expected to hit 8.2% by 2029 in the Nordics.
The average revenue per user (ARPU) is expected to amount to US$135.1.
In the Nordics, there is a growing emphasis on integrating AR hardware into educational and healthcare sectors, reflecting a commitment to innovation and sustainability.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The AR Hardware market in Nordics has been experiencing significant growth in recent years.

Customer preferences: Customers in the Nordics have shown a strong interest in AR Hardware, as it offers a unique and immersive experience. The ability to overlay digital information onto the real world has captured the attention of consumers, who are eager to explore new possibilities in areas such as gaming, entertainment, and education. Additionally, the convenience and portability of AR devices have made them appealing to customers in the Nordics, who value technology that can seamlessly integrate into their daily lives.

Trends in the market: One of the key trends in the AR Hardware market in the Nordics is the increasing adoption of AR glasses. These lightweight and stylish glasses provide users with a hands-free AR experience, allowing them to interact with digital content while still being aware of their surroundings. This trend is driven by the growing demand for wearable technology and the desire for a more natural and intuitive way to interact with AR applications. Another trend in the market is the integration of AR technology into industrial and enterprise settings. Companies in the Nordics are recognizing the potential of AR to improve efficiency and productivity in various industries, such as manufacturing, logistics, and healthcare. AR devices can be used to provide real-time information and guidance to workers, enhancing their ability to perform tasks accurately and efficiently.

Local special circumstances: The Nordics have a highly educated and tech-savvy population, which has contributed to the growth of the AR Hardware market. The region is known for its strong focus on innovation and technology, and consumers in the Nordics are often early adopters of new technologies. This has created a favorable environment for AR Hardware companies to introduce their products and gain traction in the market. Furthermore, the Nordics have a well-developed infrastructure and a high level of digital connectivity, which has facilitated the adoption of AR Hardware. The region has a strong internet penetration rate and a robust mobile network, enabling users to access AR applications and content seamlessly. This has made the Nordics an attractive market for AR Hardware companies looking to expand their presence in Europe.

Underlying macroeconomic factors: The growth of the AR Hardware market in the Nordics is also influenced by several macroeconomic factors. The region has a stable and prosperous economy, which has led to an increase in consumer spending power. This, coupled with the high level of disposable income in the Nordics, has created a favorable market for AR Hardware companies. Additionally, the Nordics have a strong culture of innovation and entrepreneurship, which has fostered the development of a vibrant tech ecosystem. This ecosystem provides support and resources for AR Hardware companies, enabling them to thrive and grow in the market. The presence of tech hubs and startup accelerators in the region has also attracted investment and talent, further fueling the growth of the AR Hardware market in the Nordics. In conclusion, the AR Hardware market in the Nordics is experiencing significant growth due to customer preferences for immersive experiences, the increasing adoption of AR glasses, the integration of AR technology in industrial settings, the tech-savvy population, the well-developed infrastructure, the stable economy, and the strong culture of innovation. These factors have created a favorable market for AR Hardware companies, allowing them to capitalize on the growing demand for AR technology in the Nordics.

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).