Augmented and virtual reality solutions are used to offer digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment. On the contrary, augmented reality enhances the real world using digitally produced perceptual overlays. The global augmented and virtual reality market is anticipated to witness significant growth during the forecast period, owing to increase in penetration of smart devices and connected solutions.
Growth of the mobile gaming industry and increase in internet connectivity act as the key drivers of the global augmented and virtual reality market. In addition, increase in use of consumer electronic devices is expected to fuel the growth of the global market. However, lack of effective user experience design and slow adoption of augmented and virtual reality solutions among underdeveloped economies are the major factors that impede the market growth. Conversely, technological advancements and rise in application areas among various industry verticals are expected to provide lucrative opportunities for the market growth.
The global augmented and virtual reality market is segmented based on organization size, application, industry vertical, and region. On the basis of organization size, the market is fragmented into large enterprises and small & medium sized enterprises. In terms of application, the market is bifurcated into consumer and enterprise. Depending on industry vertical, it is segregated into gaming, entertainment & media, aerospace & defense, healthcare, education, manufacturing, retail, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global augmented and virtual reality market is dominated by key players such as Google Inc., Sony, Magic Leap, Inc., HTC Corporation, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude.
Growth of the mobile gaming industry and increase in internet connectivity act as the key drivers of the global augmented and virtual reality market. In addition, increase in use of consumer electronic devices is expected to fuel the growth of the global market. However, lack of effective user experience design and slow adoption of augmented and virtual reality solutions among underdeveloped economies are the major factors that impede the market growth. Conversely, technological advancements and rise in application areas among various industry verticals are expected to provide lucrative opportunities for the market growth.
The global augmented and virtual reality market is segmented based on organization size, application, industry vertical, and region. On the basis of organization size, the market is fragmented into large enterprises and small & medium sized enterprises. In terms of application, the market is bifurcated into consumer and enterprise. Depending on industry vertical, it is segregated into gaming, entertainment & media, aerospace & defense, healthcare, education, manufacturing, retail, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global augmented and virtual reality market is dominated by key players such as Google Inc., Sony, Magic Leap, Inc., HTC Corporation, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the augmented and virtual reality market analysis from 2021 to 2031 to identify the prevailing augmented and virtual reality market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the augmented and virtual reality market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global augmented and virtual reality market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Organization Size
- Large Enterprises
- SMEs
By Application
- Consumer
- Enterprise
By Industry Vertical
- Gaming
- Entertainment and Media
- Aerospace and Defense
- Healthcare
- Education
- Manufacturing
- Retail
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Netherlands
- Rest Of Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- South Korea
- Australia
- India
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Alphabet
- DAQRI
- HTC
- Magic Leap, Inc.
- Microsoft Corporation
- OSTERHOUT DESIGN GROUP
- Samsung Electronics Co., Ltd
- SONY CORPORATION
- Wikitude GmbH
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GLOBAL AUGMENTED AND VIRTUAL REALITY MARKET, BY ORGANIZATION SIZE
CHAPTER 5: GLOBAL AUGMENTED AND VIRTUAL REALITY MARKET, BY APPLICATION
CHAPTER 6: GLOBAL AUGMENTED AND VIRTUAL REALITY MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: AUGMENTED AND VIRTUAL REALITY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, “Augmented and Virtual Reality Market," the augmented and virtual reality market size was valued at $27.6 billion in 2021, and is estimated to reach $856.2 billion by 2031, growing at a CAGR of 41.1% from 2022 to 2031.The unprecedented demand for better hardware and software technologies is a crucial factor for development of the market. The use of AR and VR technology is not restricted to a particular age group, and the heterogeneity of demand has given an impetus to market growth. A large number of people are inclined toward buying latest electronic gadgets. Further, increased affordability of the masses has created a farrago of opportunities within the augmented and virtual reality market, which is expected to be beneficial for the market growth in the upcoming year.
By organization size, the large enterprises segment exhibited the highest growth in the AR and VR market in 2021, and is expected to maintain its dominance in the upcoming years. This is due to rising applications of augmented and virtual reality in automotive, manufacturing, construction, extractive industry, aircraft, healthcare, education, law enforcement, and real estate industries. However, the SMEs segment is expected to witness the highest growth, due to AR and VR Technologybenefits such as reduced field staff training costs, faster repairs, and greater customer satisfaction.
Depending on industry vertical, the gaming sector dominated the Augmented and Virtual Reality Market Share in 2021 and is expected to continue this trend during the forecast period. This is attributed to continuous advancements in technology; increased penetration of mobile devices & gaming consoles; and significant expansion in the gamer community is projected to drive the market growth during the forecast period. However, retail sector is expected to witness the highest growth in the upcoming year. Growth in customer demand for personalization and convenience has been constantly motivating the retailers to implement AR and VR in-store, through its apps and within their products. The adoption of augmented reality (AR) technology, allows users to view the actual environment superimposed with digital data that has potential to transform the retail industry. Such benefits provide lucrative growth opportunities for the market in the upcoming year.
The augmented and virtual reality market was valued at $27,569.23 million in 2021, and is projected to reach $856,166.61 million by 2031, registering a CAGR of 41.1%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The pandemic has caused recessionary economy that has forced various enterprises across the globe to dramatically and rapidly shift their operations. The industries around the globe are being severely affected by the COVID-19 induced recession; however, impact on the technology sector during the crisis was comparatively lesser than the rest of the economy.
During the pandemic, most of the organizations has reduced their spending on IT. Hence, the large enterprises market has observed slowdown, with numerous planned projects and investments being delayed or postponed. However, despite the financial impacts of the pandemic around the global economy, still various organizations are adopting augmented and virtual reality during COVID-19 to enhance its operations.
On the contrary, during COVID-19 outbreak it potentially increased market demand from healthcare and law enforcement for operate work smoothly and efficiently. Technology plays a key role in helping address the near term challenges the virus has created. Further, the AR modelled 3D visualization helps medical teaching staff to provide an immersive learning experience to the students/budding surgeons. Augmented reality facilitates surgeons to visualize joints, muscles, and internal organs without making incisions into the patient’s body and make further decision about incisions post diagnosing the body through augmented reality technologies. This leads to increase in the accuracy of diagnosis as well as surgeries.
Key Findings of the Study
- By organization size, the large enterprises dominated the augmented and virtual reality market analysis in 2021. However, the SMEs is expected to exhibit significant growth during the forecast period.
- On the basis of application, the consumer segment dominated the Augmented and virtual reality market forecast in 2021; However, the enterprise segment is expected to witness the highest growth rate during the forecast period.
- Depending on industry vertical, the gaming industry generated the highest revenue in 2021. However, the retail industry is expected to witness the highest growth rate in the near future.
- Region-wise, the AR and VR market was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
- This report gives an in-depth profile of some key market players in the augmented and virtual reality industry, include Alphabet Inc. (Google Inc.), DAQRI, Facebook, HTC Corporation, Magic Leap, Microsoft Corporation, Osterhout Design Group, Samsung Electronics, Sony Corporation and Wikitude GmbH. This study includes augmented and virtual reality industry trends, market analysis, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Alphabet
- DAQRI
- HTC
- Magic Leap, Inc.
- Microsoft Corporation
- OSTERHOUT DESIGN GROUP
- Samsung Electronics Co., Ltd
- SONY CORPORATION
- Wikitude GmbH
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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