Augmented Reality and Virtual Reality Market Analysis: The Future of Technology

Advertisement

Chicago, June 16, 2024 (GLOBE NEWSWIRE) — The global augmented reality (AR) and virtual reality (VR) market is expected to grow significantly over the next few years. This report provides an overview of the market, including its size, share, trends, and industry analysis. The report is based on a comprehensive research methodology that includes both primary and secondary sources.

Market Overview:

The Augmented Reality Market Size is expected to reach USD 71.2 billion by 2028 from 25.1 billion in 2023, at a CAGR of 23.2% during the 2023- 2028 period.

Advertisement

The Virtual Reality Market size is expected to reach USD 29.6 billion by 2028 from 12.9 billion in 2023, at a CAGR of 18.0% during the 2023- 2028 period.

The market is driven by factors such as the proliferation of smartphones, the increasing popularity of gaming, and the cost-efficient benefits of AR and VR-based solutions. The market is also influenced by the surge in adoption of AR and VR technologies by enterprises, which is expected to drive the growth of the market.

To know about the assumptions considered for the study. 

Download the PDF Brochure

Major Augmented and Virtual Reality Companies Include:

  • Google (US),
  • Microsoft (US),
  • Sony Group Corporation (Japan),
  • META (US),
  • SAMSUNG (South Korea),
  • HTC Corporation (Taiwan),
  • Apple Inc. (US),
  • PTC Inc. (US),
  • Seiko Epson Corporation (Japan),
  • Lenovo (China).

Market Segmentation:

The global AR and VR market is segmented based on:

  • Enterprise,
  • Technology,
  • Offering,
  • Device type,
  • Application, and
  • Region.

The market is dominated by the enterprise segment, which is expected to maintain its dominance in the upcoming years. The consumer segment is expected to witness significant growth due to the increasing adoption of AR and VR technologies in various consumer applications.

Regional Market Analysis:

Augmented and Virtual Reality Market Trends in North America:

The North American AR and VR market is divided into three distinct countries: the United States, Canada, and Mexico. North America, renowned for its technological advancement and development, stands as the forefront market for cutting-edge display device technologies.

In 2022, North America took the lead as the largest market for AR, securing a significant market share. The widespread acceptance of AR devices among enterprise users to enhance productivity and accuracy played a pivotal role in fueling AR market growth in North America.

In 2022, North America also took the lead globally in terms of the size and revenue generated from VR applications. The VR market is anticipated to witness substantial growth in the coming years in this region. VR’s extensive usage across various sectors, particularly in consumer electronics, propels the VR market’s expansion. Sectors like aerospace & defense, healthcare, consumer goods, and commercial industries are increasingly adopting VR technologies for further advancements.

Notably, North America also leads in private equity investments, with over 95% of total investments in the AR & VR market concentrated in this region. Magic Leap (US) has emerged as a key beneficiary in this market, attracting substantial investments from companies like Google (US).

Request Free Sample: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1185

Augmented and Virtual Reality Market Growth in APAC Region:

China stands as one of the world’s rapidly growing economies, with APAC taking the lead in the consumer electronics industry. The emergence of numerous startups within China has positioned the nation as a major player in the AR & VR market. Retail sales of goods exhibited consistent growth in 2019, a trend expected to persist throughout the forecast period. Landmark Entertainment Group’s (US) VR and AR theme park in China offers a diverse range of attractions, including a digital art gallery, interactive museum, virtual zoo and aquarium, immersive movie theater, and themed experiences.

The nation is poised to lead APAC in the adoption of mobile-based AR and VR devices, driven by its vast mobile user base and high population density, with the widespread mobile internet population serving as a pivotal growth driver. Moreover, video and gaming content companies are anticipated to play a significant role in driving the AR & VR market in China. The country also maintains a strong position in patent activity within the AR & VR sector, exemplified by Samsung’s patent filings with China’s National Intellectual Property Administration (CNIPA) in January 2020, showcasing innovative designs for PC VR headsets.

In November 2023, China released the country’s first national-level policy document for the development of technologies related to the metaverse, including virtual reality (VR), augmented reality (AR), and mixed reality (MR). The Ministry of Industry and Information Technology (MIIT), in collaboration with four other government departments, unveiled the Virtual Reality and Industry Application Integration Development Action Plan (2022-2026) on November 2, 2022.

CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.