NEW YORK, Dec. 6, 2023 /PRNewswire/ — In a recent Technavio report titled Augmented Reality and Virtual Reality Market is projected to grow at a rapid pace in the coming years. The market size is projected to increase by USD 364.55 billion, progressing at a CAGR of almost 52.37% during the forecast period. According to the report, APAC is projected to grow at 35% from 2022 – 2027. Buy the full report
The increasing demand for augmented reality (AR) and virtual reality (VR) technology is driving significant growth in the global AR and VR market. Over the past decade, consumers have increasingly embraced VR and AR for both personal and professional purposes. This rising trend sees a growing number of customers actively seeking VR solutions or expressing curiosity about VR technology. Technological advancements will play a crucial role in fueling this demand, making AR and VR applications more user-friendly. Wearable technology like Google’s Project Glass and the development of Android AR applications will enhance practicality, particularly in shopping experiences. Download the sample report here
Technavio highlights the emerging trends of Augmented Reality and Virtual Reality Market Market:
- Increased investor funding in startup AR and VR companies drives market growth.
- Diverse vendor attention leads to augmented funding for AR and VR technology across enterprises, healthcare, and marketing sectors.
- Focus areas include display medium manufacturers and AR application developers.
- Notable examples like Magic Leap Inc., receiving substantial investments, drive innovation and market expansion for AR and VR during the forecast period.
This report extensively covers market segmentation by application (consumer and enterprise), technology (AR and VR), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
During the forecast period, there is a significant increase in market share for the AR segment. AR finds extensive applications across various fields, boosting its demand. Multiple companies produce AR hardware like headsets, smart glasses, and lenses. The growing popularity of AR spans industries such as enterprise, retail, healthcare, media, entertainment, and education. Industries use AR to streamline processes, training, troubleshooting, advertising, marketing, and entertainment. The rising adoption of AR across different sectors is expected to drive the AR segment’s growth.
Companies like Lenovo Group Ltd., Samsung Electronics Co. Ltd., and Alphabet Inc. are major players in the Augmented Reality and Virtual Reality Market. For more information on companies or their offerings, download the sample report
According to Technavio’s analysis, the AR and VR market is expected for significant growth driven by increasing demand, technological advancements, expanding application areas, and substantial investments. Addressing challenges related to security and privacy concerns will be crucial for sustained market expansion.
For a comprehensive understanding and detailed insights, download the sample report here
Related Reports:
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.
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 181,340.96 million.
Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Technology
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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