The global augmented reality (AR) and virtual reality (VR) market size was US$ 20.5 billion in 2021. The global augmented reality (AR) and virtual reality (VR) market size is forecast to reach US$ 453.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 40.7% during the forecast period from 2022-2030.
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COVID-19 Impact Analysis
The global augmented reality (AR) and virtual reality (VR) market revenue grew during the COVID-19 epidemic. The market witnessed a growing demand for augmented reality and virtual reality technologies among the population. It is mainly due to the sudden change in working mode of businesses. Many companies began operating remotely, which helped the industry expand during the epidemic. Moreover, it offered an opportunity to the service providers to invest in R&D and develop efficient solutions. The 2020 China Spring Cloud Auto Show integrated panoramic content, big data, AR technology, Web 3D, and other technologies to introduce advanced technology that could help organizations by offering multiple services.
Moreover, the global augmented reality (AR) and virtual reality (VR) market may witness emerging opportunities in the healthcare sector, mainly due to the growing demand for point of care, patient management, telehealth, and home-based care.
Factors Influencing
- Increasing penetration of smartphones and smart devices is forecast to benefit the global augmented reality (AR) and virtual reality (VR) market.
- Increasing demand for AR, VR technology, and their applications in content creation and professional training are forecast to fuel the market growth. The applications of AR and VR technology are not limited to video gaming. Brands are focusing on finding new applications for AR and VR, which would ultimately drive market growth.
- Health concerns related to the use of AR and VR technology are forecast to hamper the market growth. People may witness symptoms of stress and anxiety because of the immersive nature and overuse of virtual and augmented reality devices.
- The introduction of advanced products is forecast to escalate the market growth during the forecast period. Samsung, together with Oculus VR, unveiled virtual reality devices for widespread utilization of enormous public.
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Geographic Analysis
The Asia-Pacific region is forecast to dominate the global augmented reality and virtual reality market due to increasing investments and the growing penetration of smartphones. Moreover, government initiatives to boost the defense and commercial domain are forecast to offer favorable growth opportunities to the market players in the global augmented reality (AR) and virtual reality (VR) market. Moreover, the region is home to a large number of display board industries. Thus, it would contribute to the growth of the Asia-Pacific augmented reality (AR) and virtual reality (VR) market. Moreover, market players may witness ample opportunities in the growing automotive and healthcare domain of the region.
Competitors in the Market
- Alphabet Inc.
- Microsoft Corporation
- Oculus VR, LLC
- Qualcomm Technologies Inc.
- Intel Corporation
- Himax Technologies Inc.
- Samsung Electronics Co. Ltd.
- Seiko Epson Corporation
- PTC Inc.
- Vuzix Corporation
- Sony Corporation
- Osterhout Design Group (ODG) Inc.
- Wikitude GmbH
- Marxent Labs LLC
- Blippar
- Meta Company
- Daqri LLC
- Leap Motion, Inc.
- EON Reality
- Visteon Corporation
- Zugara
- Other prominent players
Market Segmentation
By Application
- Consumer
- Enterprise
By Organization Size
- Large Enterprises
- Small- & Medium-sized Enterprises
By Industry Vertical
- Gaming
- Entertainment & Media
- Aerospace & Defense
- Healthcare
- Education
- Manufacturing
- Retail
- Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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