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According to projections, the augmented reality and virtual reality market would be worth over USD 2,174.18 billion by 2030, growing at a CAGR of 46.74% between 2022 and 2030. The breadth of daily chores that linked devices may help with, such as information search, purchasing, and other activities, has substantially expanded thanks to the augmented reality and virtual reality (AR/VR) industry. Virtual reality, on the other hand, enables users to explore the globe from the comfort of their homes. Customers of virtual reality gaming are given access to a 3D environment that gives them a sense of the game’s physical presence. While augmented reality (AR) technology enhances the actual world by superimposing computer-generated data on top of it, virtual reality (VR) technology provides experiences that are almost real and/or credible in an artificial or virtual environment.
The retail and e-commerce industries’ rising use of augmented reality and virtual reality will drive the market for these technologies.
Augmented Reality And Virtual Reality Market Report Scope:
|Revenue Forecast in 2030:||USD 2,174.18 Billion|
|Growth Rate:||CAGR of 46.74% from 2020 to 2030|
|Forecast Period:||2020 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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The demand for head-mounted displays (HMDs) in the entertainment and gaming sectors is expanding, and marketing techniques are increasingly incorporating augmented reality and virtual reality. There is also growing demand for AR/VR in the e-commerce and retail sectors. Additionally, the manufacturing and healthcare sectors’ growing need for AR and VR devices as well as increasing financing and investment from major market participants are fueling the market’s expansion. For instance, Microsoft unveiled the second-generation HoloLens, the HoloLens 2, in May 2019. The HoloLens 2 full package comes with free trials of Azure Credits, Unity Pro, and the Unity PiXYZ CAD data plugin. Additionally, it was revealed that Unreal Engine 4 compatibility for HoloLens 2 will provide users a more realistic experience.
North America, Europe, Asia-Pacific, and the Rest of the World are the regions into which the augmented reality and virtual reality market study has been split. The largest market share was accounted for by the Asia-Pacific region. During the study period, the North American Region is anticipated to have the greatest CAGR.
Due to continued developments in VR technology, Asia-Pacific reported the highest revenue share in the AR/VR market in 2021. Since China is a big distributor of HMDs and other VR-related goods, the country’s VR market expanded dramatically. The expansion of the industry in Southeast Asian nations is also being helped by technological advancements. During the projection period, North America is anticipated to see the quickest growth. This is because VR technology is widely used in a variety of applications across several business sectors, notably in the gaming and automotive sectors. Modern VR headsets are becoming more popular in Europe because to the continent’s greater gaming population. The rapid creation and distribution of potent VR hardware kits aimed at the gaming community has accelerated the expansion of the local market.
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Technology Perspectives: Based on technology, there are four categories of augmented reality and virtual reality: marker-based (passive marker, active marker), marker-less (model-based, image processing-based), anchor-based, non-immersive, and semi- and fully-immersive. The augmented reality and virtual reality market’s semi- and fully-immersive sector had the biggest revenue share in 2021. Additionally, during the projection period, it is anticipated to have the highest CAGR.
Providing Insights Hardware, sensors, semiconductor components, displays and projectors, position trackers, cameras, and others (computer/video generator and combiner) make up the market segmentation for augmented reality and virtual reality market based on offering. The market is anticipated to grow at the greatest CAGR in the hardware sector during the forecast period, which had the most revenue share in 2021.
Consumer electronics, media & entertainment, automotive, healthcare, retail, aerospace & defence, BFSI, IT & telecommunication, manufacturing, education, travel & tourism, and real estate are the verticals that make up the market segmentation for augmented reality and virtual reality. Due to the numerous prospects for VR in the healthcare sector, including medical marketing, illness awareness, and medical learning and training, the healthcare category is anticipated to grow at the quickest rate throughout the projection period.
Device Kind Insights: According to the type of device, there are six categories of augmented reality and virtual reality market research: head-mounted displays, head-up displays, virtual reality, gesture-tracking devices, projectors, and display walls. The AR/VR market was dominated by head-up displays in 2021, and throughout the forecast period, this market is expected to develop at the quickest CAGR. In the automobile, aerospace, and defence industries as well as for training, head-up displays (HUDs) are typically employed to supplement images.
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Important players include Google (US), Sony (Japan), Apple Inc. (US), Samsung (South Korea), Microsoft (US), HTC (Taiwan), Oculus (US), PTC (US), Seiko Epson Corporation (Japan), Lenovo (China), Wikitude (Austria), Blippar Group Limited (UK), MAXST CO., Ltd. (South Korea), EON Reality (US), Uil VR Solutions BV (US), CyberGlove Systems Inc. (US) (Japan).
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