United States Augmented and Virtual Reality Market Report and Forecast 2023-2028

According to the report, the United States augmented and virtual reality market reached a value of approximately USD 4.5 billion in 2022. Aided by the growing adoption of these technologies across multiple sectors and their escalating applications, the market is projected to further grow at a CAGR of 34.5% between 2023 and 2028 to reach a value of around USD 25 billion by 2028.

Augmented reality (AR) superimposes computer-generated images onto the user's real-world view, providing a composite view. In contrast, virtual reality (VR) creates an immersive, computer-generated environment that can be explored and interacted with by users. These technologies have found applications in various industries, including gaming, education, healthcare, real estate, and e-commerce, and they're becoming an integral part of the digital experience.

The rising trend of digital transformation is driving the United States augmented and virtual reality market growth. As businesses seek to enhance customer engagement and improve operational efficiency, the adoption of immersive technologies like AR and VR is on the rise. These technologies offer a more interactive and engaging platform for businesses to connect with their consumers, leading to enhanced customer experience and satisfaction.

Further, the growing use of AR and VR in various sectors significantly contributes to the United States augmented and virtual reality market expansion. In the education sector, these technologies offer an immersive learning experience, aiding in better understanding and retention. In healthcare, AR and VR are employed for surgical training, patient education, and therapeutic purposes. In the real estate sector, they allow virtual property tours, enhancing customer experience and accelerating decision-making. Additionally, the gaming and entertainment industry has been at the forefront of AR and VR adoption, offering immersive gaming experiences to users.

Moreover, advancements in technology and increased investment in research and development are propelling the growth of the United States augmented and virtual reality market. With the emergence of 5G, the capabilities of AR and VR are expected to expand significantly, as faster data speeds and lower latency enhance the quality and reliability of AR and VR experiences.

Finally, the growing demand for remote working and learning solutions amid the global pandemic has given a significant boost to the United States augmented and virtual reality market development. As social distancing becomes the norm, businesses and educational institutions are turning to VR for virtual meetings and classrooms, and AR for enhanced remote collaboration and learning.

Market Segmentation

The market can be divided based on technology, device type, enterprise size, application, industry vertical, and region.

Market Breakup by Technology

• Augmented Reality
• Marker-Based Augmented Reality
• Marker-Less Augmented Reality
• Virtual Reality
• Non-Immersive Systems
• Semi-Immersive and Fully Immersive Technology

Market Breakup by Device Type

• Augmented Reality Devices
• Head-Mounted Displays
• Head-Up Displays
• Handheld Devices
• Virtual Reality Devices
• Head-Mounted Displays
• Gesture-tracking Devices
• Projector and Display Walls

Market Breakup by Enterprise Size

• Small and Medium Enterprises
• Large Enterprises

Market Breakup by Application

• Consumer
• Enterprises

Market Breakup by Industry Vertical

• Gaming
• Entertainment and Sports
• Aerospace and Defence
• Healthcare
• Education
• Manufacturing
• Retail
• Automotive
• Others

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the United States augmented and virtual reality companies.

Some of the major key players explored in the report are as follows:

• Google LLC
• Apple Inc.
• Meta Platforms, Inc.
• Microsoft Corporation
• HTC Corporation
• OpenArc
• iTechArt Group,Inc.
• Intel Corporation
• Magic Leap, Inc.
• Sony Corporation
• Others

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.