NEW YORK, Nov. 23, 2023 /PRNewswire/ — The Augmented Reality and Virtual Reality Market size is projected to increase by USD 364.55 billion, progressing at a CAGR of almost 52.37% during the forecast period. The growing demand for augmented reality and virtual reality technologies has significantly increased over the past decade. This growth is driven by customer adoption for both professional and personal purposes. More individuals are seeking VR solutions, while others are exploring information about this technology. The rise in demand is expected to continue, leading to significant growth in the global AR and VR market. Technological advancements, such as user-friendly applications and wearable tech like Google’s Project Glass, are playing a crucial role in enhancing the practicality of AR in daily life. The development of Android AR applications is offering new experiences, especially in shopping scenarios, like virtual fitting rooms that aid in selecting clothing sizes. Additionally, the widespread application of AR and VR across various sectors like education, healthcare, retail, and training is set to further drive market growth. Technavio’s in-depth market research reports include value chain analysis and validation techniques to help industry leaders improve their business.
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Augmented Reality and Virtual Reality Market 2023-2027: Segmentation
- Technology
- Geography
- North America
- APAC
- Europe
- The Middle East and Africa
- South America
The AR segment is expected for significant market share growth during the forecast period. Its widespread application across various fields is contributing to increased demand. Additionally, multiple companies are manufacturing hardware like headsets, smart glasses, and lenses for AR technology. The increasing popularity of AR is boosting its utilization in diverse sectors including enterprise, retail, healthcare, media and entertainment, and education. Industries are leveraging AR for optimizing processes, training, problem-solving, advertising, marketing, and entertainment purposes. This escalating adoption of AR across different sectors is expected to drive the growth of the AR segment.
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Augmented Reality and Virtual Reality Market 2023-2027: Company Analysis and Scope
To help businesses improve their market position, the augmented reality (AR) and virtual reality (VR) market provides a detailed analysis of around 25 companies operating in the market. Some of these vendors include:Alphabet Inc., Apple Inc., Augmented Pixels Inc., Blippar Ltd., CyberGlove Systems Inc., Eon Reality Inc., HP Inc., TC Corp., Innovega Inc., Lenovo Group Ltd., Magic Leap Inc., Microsoft Corp., PTC Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Toshiba Corp., Vuzix Corp., Zugara Inc., Maxst Co. Ltd.
Augmented Reality and Virtual Reality Market 2023 – 2027: Market dynamics
Leading trends influencing the market
- Increased investor funding in AR and VR startups, especially in display medium manufacturers and application developers, is boosting market growth beyond gaming to sectors like healthcare, enterprise, and marketing.
- Notably, Magic Leap Inc. secured USD461 million in Series D funding in March 2018, accumulating over USD2.3 billion since its 2010 inception, focusing on developing the Magic Leap One, a head-mounted virtual retinal display facilitating 3D computer-generated imagery overlay on real-world objects.
- Such substantial investments drive technological advancements, boosting innovation and expansion within the global AR and VR market, expected to escalate during the forecast period.
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The report also covers the following areas:
The increasing number of M&A activities is likely to emerge as one of the primary drivers of the market. However, factors such as the high development costs associated with AR and VR apps may threaten the growth of the market.
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Virtual Reality (VR) Market: The Virtual Reality (VR) Market size is estimated to grow at a CAGR of 60.65% between 2022 and 2027. The size of the market is forecast to increase by USD 1,81,340.96 million.
AR VR Smart Glasses Market: The augmented reality (AR) and virtual reality (VR) smart glasses market is estimated to grow at a CAGR of 13.8% between 2022 and 2027. The size of the market is forecast to increase by USD 7,297.59 million.
Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Technology
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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