Augmented and Virtual Reality (AR VR) Market to Register Higher Growth Driven by Increasing 5G Deployments and Rise in Enterprise Applications

Market Scope & Overview

As per the SNS Insider report, the Augmented and Virtual Reality (AR VR) Market had an estimated worth of USD 46.93 billion in 2022. Projections indicate that this market is anticipated to attain a value of around USD 288.82 billion by the year 2030, displaying a substantial CAGR of 25.5% throughout the projected duration spanning 2023 to 2030.

In a rapidly evolving technological landscape, Augmented Reality (AR) and Virtual Reality (VR) have emerged as groundbreaking innovations that bridge the gap between the digital and physical worlds. These immersive technologies hold the potential to reshape how we perceive, interact with, and experience reality itself.

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Market Analysis

The augmented and virtual reality (AR VR) market has witnessed an exceptional evolution, transcending the boundaries of imagination to become a pivotal force in shaping various industries. The gaming and entertainment industry stands as a monumental pillar in propelling the growth of AR and VR technologies. As consumers seek more immersive and interactive experiences, AR/VR offers unparalleled possibilities. The integration of these technologies into gaming, simulations, and interactive content has redefined entertainment, attracting a massive user base and driving market expansion. AR/VR is redefining the e-commerce landscape by enabling consumers to visualize products before purchase. Virtual try-ons, augmented showrooms, and interactive shopping experiences bridge the gap between physical and online retail, fostering consumer engagement and boosting sales.

Major Key Players Included in the Report are:

• Samsung Electronics Co. Ltd.
• Sony
• Wikitude
• HTC
• Magic Leap Inc
• Microsoft Corporation
• Osterhout Design Group
• Alphabet
• DAQRI
• Facebook
• Others

Impact of Recession

A recession can indeed have an impact on the augmented and virtual reality (AR VR) market. The extent of this impact, however, will depend on various factors, including the severity and duration of the economic downturn, the adaptability of companies within the industry, and the value proposition of AR/VR technologies in addressing specific challenges posed by the recession. As history has shown, technological innovation often finds a way to prevail, and the AR/VR market’s journey through a recession could pave the way for more resilient, accessible, and versatile immersive experiences in the future.

Segmentation Analysis

The ascent of large enterprises and the commercial segment in the augmented and virtual reality (AR VR) market is poised to shape the industry’s trajectory in the coming years. These segments contribute their distinct strengths – financial prowess, innovation capabilities, and real-world problem-solving – to drive the evolution and growth of AR/VR technologies. As their dominance continues, we can expect to witness increasingly sophisticated applications that redefine the way we interact with both digital and physical environments, solidifying AR/VR’s position as a transformative technology.

Market Segmentation and Sub-Segmentation Included Are:

By Organization Size

• Large Enterprises
• Small Enterprise & Medium-Sized Enterprises

By Technology Type

AR Technology

• Marker-based AR technology
• Markerless AR technology

VR Technology

• Non-Immersive
• Semi-immersive and Fully Immersive Technology

By Component

• Hardware
• Software

By End-user Type

• Commercial
• Consumer

By Application

• Consumer
• Commercial
• Enterprise
• Healthcare
• Aerospace and Defence
• Automotive
• Energy
• Others

Regional Status & Analysis

North America stands as a frontrunner in the augmented and virtual reality (AR VR) market due to its robust technology ecosystem, with companies like Microsoft, Facebook (Meta), and Google leading the way. The region’s dominance is attributed to a combination of factors, including early investment in AR/VR research, strong venture capital support, and a culture of innovation. In Europe, AR/VR adoption is influenced by a rich cultural heritage and a focus on merging traditional industries with technological advancements. Countries like Germany and the UK have been pivotal in driving this trend, applying AR/VR in automotive design, architecture, and cultural preservation.

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Conclusion

The market is at a watershed moment, poised to reshape industries, societal interactions, and personal experiences. The convergence of realities, the advent of 5G, and the blurring of consumer-enterprise boundaries are propelling this technology into uncharted territories. As the world embraces AR glasses and navigates ethical considerations, the future is teeming with potential.

Frequently Asked Questions

Q1) What is the projected outlook for augmented and virtual reality (AR VR) market growth?

Ans: The global market to hit USD 288.82 billion by the year 2030, displaying a substantial CAGR of 25.5% throughout the projected duration spanning 2023 to 2030.

Q2) What are the major factors influencing the augmented and virtual reality (AR VR) market?

Ans: Consumers are embracing AR-enabled shopping experiences, where they can visualize products in their real-world surroundings before making a purchase. This synergy is driving innovation across sectors.

Q3) Who are the leading players in the augmented and virtual reality (AR VR) market?

Ans: Samsung Electronics Co., Ltd, Alphabet, Magic Leap, Inc, Microsoft Corporation, Sony, Wikitude, HTC, OSTERHOUT DESIGN GROUP, DAQRI, Facebook.

Table of Contents – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Augmented and Virtual Reality Market, by Organization Size
9. Augmented and Virtual Reality Market, by Technology Type
10. Augmented and Virtual Reality Market, by Component
11. Augmented and Virtual Reality Market, by End-user Type
12. Augmented and Virtual Reality Market, by Application
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion

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