Augmented Reality and Virtual Reality Market

Market Synopsis:

Global Augmented Reality and Virtual Reality Market valued at USD 16.92 Billion in 2021 and is projected to reach a value of USD 105.67 Billion by 2028 at a CAGR of 35.60% over the forecast period.

The global Augmented Reality and Virtual Reality market is witnessing considerable growth owing to the training and infotainment market. Augmented reality is a field of computer research that deals with the combination of computer-generated data and the real world. Moreover, augmented reality involves co-operation with real-time and the data can be produced in real-time which is expected to increase the demand for augmented reality during the forecast period. In addition, augmented reality is used in various applications such as presentation, television, simulations (flying, driving), video games (physical interaction with 3d models) which is projected to drive the growth of the Augmented Reality and Virtual Reality Market in the upcoming years. Moreover, the use of virtual reality in the healthcare sector is experiencing tremendous growth and thus driving the growth of the Augmented Reality and Virtual Reality market during the forecast period. The rising demand for AR devices in the healthcare sector, growing demand for AR in the retail and e-commerce sector are the major factors projected to boost the market growth during the forecast period. The easy accessibility of affordable virtual reality devices, increasing adoption of HMDs in various industries, growing digitalization, advancement in technologies, and high investments in the virtual reality market are the prime factors expected to drive the Augmented Reality and Virtual Reality market growth during the forecast period. Furthermore, growth in the mobile gaming industry, increasing internet connectivity, and increase in the use of consumer electronic devices are predicted to be the key factors contributing to the growth of the Augmented Reality and Virtual Reality market during the forecast period.

Market Segmentation:

The SMEs Segment is Expected to Lead Over Large Enterprises

The small & medium enterprise segment is projected to grow at the highest rate, owing to the benefits of Augmented Reality and Virtual Reality technology such as faster repairs, greater customer satisfaction, and reduced field staff training costs. SMEs are witnessing growth due to the higher adoption of augmented reality in developing and developed countries during the forecast period. The companies having factories at different locations can use augmented retail and can employ a small number of engineers to make a large setup., collaboration using AR to manage other machines and their setups would help manage small and medium enterprises more effectively.

The Healthcare Vertical is Projected to Grow at the Highest CAGR

Based on the industrial vertical, the healthcare segment is projected to grow at the highest CAGR during the forecast period. AR can be utilized to provide a virtual view of a patient in which a surgeon/doctor can see the exact condition of the patient. Moreover, this can assist the surgeon to conduct minimum offensive surgery. Furthermore, AR modeling and 3D visualization is expected to help the healthcare sector in many ways. The use of AR in improving fitness, training doctors, caring and supporting doctors, and teaching complex subjects to medical students is proving to be essential for further advancements.

APAC Region is Predicted to Continue Dominating the Global

APAC is an emerging economy and is witnessing prime changes in the acceptance of the latest advancements and technologies. APAC region is witnessing an increase in the adoption of the latest technologies owing to the presence of numerous display panel manufacturers in the region. The Augmented Reality and Virtual Reality in the APAC region are projected to grow substantially in various sectors such as commercial, healthcare, and consumer which is responsible for the growth of the region. The increasing growth in consumer and commercial markets is the prime factor expected to drive the Augmented Reality and Virtual Reality market in years to come. Moreover, growing commercial and consumer markets with the rise in investments in developing countries like India, China, and Japan are estimated to boost the growth of the Augmented Reality and Virtual Reality market in the APAC region.

Competitive Landscape:

The Augmented Reality and Virtual Reality market is fragmented in nature due to the presence of major key players in the market and increase in the technologies. Some of the prime key players in the market are Google (US).

Segmentation of Augmented Reality and Virtual Reality Market:

By Application -(Revenue- USD Million, 2016-2028)

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By Organization size-(Revenue- USD Million, 2016-2028)

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By Industry Vertical-(Revenue- USD Million, 2016-2028)

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By Technology-

By AR Technology-

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By VR Technology-

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By Region- (Revenue- USD Million, 2016-2028)

North America-

• The US

• Canada

• Mexico

Europe-

• Germany

• The UK

• France

• Italy

• Spain

• Rest of Europe

Asia-Pacific-

• China

• Japan

• India

• South Korea

• South East Asia

• Rest of Asia Pacific

Latin America-

• Brazil

• Argentina

• Rest of Latin America

Middle East and Africa-

· GCC Countries

· South Africa

· Rest of Middle East and Africa