Augmented & Virtual Reality Market Size is valued at USD 50.47 Bn in 2023 and is predicted to reach USD 677.73 Bn by the year 2031 at a 38.49% CAGR during the forecast period for 2024-2031.
AR and VR technologies have transformative potential in healthcare, education, entertainment, and business industries, offering new ways to engage users and provide innovative solutions. Small and medium-sized enterprises (MSMEs) in today's market increasingly rely on this technology to differentiate themselves, stand out from the crowd, and win and keep customers. Industries are aggressively investigating uses for augmented reality (AR) technology in training, maintenance, support, and monitoring. Growth in the industry is expected to be spurred by the proliferation of smartphones and the popularity of apps. Furthermore, virtual reality (VR) technology allows for a completely new and unique experience by completely isolating users from their surroundings. In most cases, this is accomplished using a virtual reality (VR) headset equipped with a high-definition screen, a motion-tracking sensor, and sometimes even separate hand controllers.
However, the market growth is hampered by the strict regulatory criteria for safety and the lack of norms and protocols in the augmented & virtual reality market. The network's foundation becomes critical in determining the feasibility and quality of user experiences. Since increasingly more augmented reality apps are moving to the cloud, having a reliable and low-latency connection is more important than ever. This infrastructure is the backbone for continuous two-way communication between the digital and physical spheres. The outbreak and spread of COVID-19 have upset and damaged the stocks of companies manufacturing and supplying components for augmented and virtual reality devices because of the lockdowns imposed in several countries due to the COVID-19 outbreak, suppliers of components for augmented and virtual reality devices saw their stock levels plummet.
Competitive Landscape
Some Major Key Players In The Augmented & Virtual Reality Market:
- Google (U.S.)
- Microsoft (U.S.)
- Sony Group Corporation (Japan)
- META (U.S.)
- SAMSUNG (South Korea)
- HTC Corporation (Taiwan)
- Apple Inc. (U.S.)
- PTC Inc. (U.S.)
- Seiko Epson Corporation (Japan)
- Lenovo (China)
- Wikitude, a Qualcomm company (Austria)
- EON Reality (U.S.)
- MAXST Co.Ltd. (South Korea)
- Magic Leap Inc. (U.S.)
- Blippar Group Limited(UK)
- Atheer Inc (U.S.)
- Vuzix (U.S.)
- CyberGlove Systems Inc. (U.S.)
- Leap Motions (Ultraleap) (U.S.)
- Penumbra Inc. (U.S.)
- Nintendo (Japan)
- PSICO SMART APPS S.L. (Spain)
- Xiaomi (China)
- Panasonic Corporation (Japan)
- Scope AR (U.S.)
- Continental AG (Germany)
- Virtually Live (Switzerland)
- SpaceVR Inc (U.S.)
- Intel Corporation (U.S.)
- 3D Cloud by Marxent (U.S.)
- WayRay AG (Switzerland)
- Crafters (Romania)
- Talespin Reality Labs Inc. (U.S.)
- BidOn Games Studio (Ukraine)
- Appentus technologies (India)
- ByteDance (China)
- DPVR (China)
- Others
Market Segmentation:
The augmented & virtual reality market is segmented based on enterprise, technology, offering, device, and application. As per the segment enterprise, the market is segmented into small, medium, and large. By technology, the market is segmented into AR and VR. According to the offering, the market is segmented into hardware and software. The hardware segment includes Sensors, Semiconductor Components, Displays and projectors, Position Tracker, Cameras, and Others. By device type, the market is segmented into AR devices, which include Head-Mounted Displays and head-up Displays, Whereas VR devices consist of Head-Mounted Displays, Gesture Tracking Devices, and Projectors and display Walls. The application segment comprises AR Applications and VR Applications. AR Applications include Consumer, Commercial, Enterprise, Healthcare, Aerospace and defence, Energy, Automotive, and Others. VR Application also consists of Consumer, Commercial, Enterprise, Healthcare, Aerospace and defence, Energy, Automotive, and Others.
Based On The Offering, The Hardware Augmented & Virtual Reality Market Segment Is Accounted As A Major Contributor To The Augmented & Virtual Reality Market.
The hardware augmented & virtual reality market is expected to hold a major global market share in 2024. Hardware is purpose-built to execute a task at lightning speed, and it can often accomplish this more swiftly than software alone. Hardware is more error- and corruption-resistant than software.
VR Application Segment To Witness Growth At A Rapid Rate.
The VR application segment is projected to grow rapidly in the global augmented & virtual reality market. Virtual reality can aid in the understanding of fundamental ideas for both students and professionals. Learners can control their learning rate thanks to technological advancements. Understanding and remembering knowledge is greatly enhanced when students are able to picture it, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The Asia Pacific Augmented & Virtual Reality Market Holds A Significant Revenue Share.
The Asia Pacific augmented & virtual reality market is expected to record the maximum market share in revenue in the near future. It can be attributed to corporations embracing innovation with open arms. It is the most lucrative market, generating a considerable share of AR's total sales. The proliferation of augmented reality devices among corporate users to boost productivity and accuracy has been a major element in the industry's growth. In addition, North America is projected to grow rapidly in the global augmented & virtual reality market because of rising demand for digital solutions in sectors including healthcare, retail, and transportation.
Recent Developments:
- In Sept 2023, Apple faces competition from Meta's New Quest 3 Headset. This year, Meta unveiled a four-year roadmap for its virtual reality and augmented reality hardware. In 2025, a pair of smart spectacles and a smartwatch will follow the new Quest headset, further pitting Apple and Meta against one another for virtual world hardware supremacy.
- In July 2023, PTC and Rockwell Automation extended their relationship in an effort to encourage more manufacturers to adopt IoT and A.R. solutions. Existing and new customers in the discrete and process manufacturing industries should expect Rockwell Automation to continue offering PTC's Thing Worx Internet of Things software and Vuforia augmented reality software.
Augmented & Virtual Reality Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 50.47 Bn |
|
Revenue Forecast In 2031 |
USD 677.73 Bn |
|
Growth Rate CAGR |
CAGR of 38.49 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Enterprise, Technology, Offering, Device Type, and Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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), Wikitude, a Qualcomm company (Austria), EON Reality (US), MAXST Co., Ltd. (South Korea), Magic Leap, Inc. (US), Blippar Group Limited(UK), Atheer, Inc (US), Vuzix (US), CyberGlove Systems Inc. (US), Leap Motions (Ultraleap) (US), Penumbra, Inc. (US), Nintendo (Japan), PSICO SMART APPS, S.L. (Spain), Xiaomi (China), Panasonic Corporation (Japan), Scope AR (US), Continental AG (Germany), Virtually Live (Switzerland), SpaceVR Inc (US), Intel Corporation (US), 3D Cloud by Marxent (US), WayRay AG (Switzerland), Craftars (Romania), Talespin Reality Labs, Inc. (US), BidOn Games Studio (Ukraine), appentus technologies (India), ByteDance (China), and DPVR (China) |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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