The market for augmented reality (AR) and virtual reality (VR) technologies has expanded the possibilities of everyday tasks performed using connected devices. AR enhances users' experiences by overlaying digital information in the real world, enabling activities such as information search and shopping to be more interactive and immersive. On the other hand, VR transports users to virtual environments, providing them with the opportunity to explore and interact with simulated surroundings. VR gaming, in particular, immerses players in a 3D world, creating a sense of physical presence and enhancing the overall gaming experience. These technologies revolutionize how people engage with digital content and offer new entertainment, education, and exploration avenues.
According to Data Bridge Market Research, the Global Augmented Reality and Virtual Reality Market is expected to reach the value of USD 2,094.08 billion in 2021 and is expected to reach the value of USD 1,39,343.56 billion by 2029, at a CAGR of 69.00% during the forecast period of 2022 to 2029
"Importance of augmented reality in healthcare sector surge market demand"
Augmented reality is essential to the healthcare sector. A surgeon could be given a virtual view of a patient's body parts using augmented reality. This can help the surgeon carry out minimally invasive procedures. The healthcare industry is predicted to gain from 3D visualization and augmented reality modeling. The augmented reality and virtual reality markets in this industry are being driven forward by the use of augmented reality (AR) for complex medical student education, doctor training, pharmacy management, and patient care and support after discharge from the hospital.
What restraints the growth of the global augmented reality and virtual reality market?
“High investment requirements can impede market growth”
The augmented reality (AR) and virtual reality (VR) markets face a significant challenge in the form of high investment requirements for development and system-on-a-chip (SoC) integration. These technologies require substantial hardware, software, content creation, and infrastructure investments. The high costs associated with AR/VR development and SoC integration act as barriers, especially for smaller companies and startups.
Segmentation: Global Augmented Reality and Virtual Reality Market
The global augmented reality and virtual reality market is segmented on the basis of technology, offering, device type, and vertical.
- On the basis of technology, the augmented reality and virtual reality market is segmented into augmented reality technology, and virtual reality technology.
- On the basis of offering, the augmented reality and virtual reality market is segmented into hardware, and software.
- On the basis of device type, the augmented reality and virtual reality market is segmented into augmented reality, head-mounted displays, head-up displays, virtual reality, head-mounted displays, gesture-tracking devices projectors and display walls.
- On the basis of vertical, the augmented reality and virtual reality market are segmented into consumer electronics, media and entertainment, healthcare, retail, aerospace and defence, automotive, BFSI, it and telecommunication, manufacturing, education, travel, and tourism, real estate.
Regional Insights: North America dominates the Global Augmented Reality and Virtual Reality Market
North America is a dominant force in the augmented reality and virtual reality market, driven by robust demand from various industries such as gaming, entertainment and media, aerospace and defense, retail, and manufacturing. Major players such as Google, Facebook, and DAQRI, among others, who offer innovative solutions, contribute to North America's leadership. Additionally, businesses in the region have made significant investments in augmented reality, virtual reality, and simulation technologies, fostering growth and advancements in this dynamic market.
Asia-Pacific is poised to experience rapid growth in the augmented and virtual reality markets, driven by several factors. The region's adoption of AR and VR technologies has been fueled by the widespread introduction of 4G technology and high-speed communication infrastructure, facilitating seamless connectivity and immersive experiences. Additionally, the increasing number of smartphone users in Asia-Pacific has opened up new avenues for AR and VR applications. With a large consumer base and a thriving tech ecosystem, the region presents immense potential for the expansion and innovation of AR and VR solutions across various industries.
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Recent Developments in Global Augmented Reality and Virtual Reality Market
- In 2020, To begin selling Epson's augmented reality (AR) glasses, Epson America, Inc., a division of Japan's Seiko Epson Corporation, teamed up with 3D HoloGroup (US). This business specializes in AR software architecture and systems integration.
- In 2019, In order to hasten the creation of AR enterprise apps, PTC acquired TWNKLS (Netherlands), a provider of useful AR solutions for Industry 4.0.
- 2019 Microsoft unveiled the HoloLens 2, the device's second generation. Azure credits, the Unity PiXYZ CAD data plugin, and free trials of Unity Pro are all included in the HoloLens 2 complete set. Additionally, the business revealed support for Unreal Engine 4 for HoloLens 2, which will give users a more realistic experience.
The Prominent Key Players Operating in the Global Augmented Reality and Virtual Reality Market Include:
- Google (U.S.)
- Sony Corporation (Japan)
- Apple Inc. (U.S.)
- Samsung (South Korea)
- Microsoft (U.S.)
- HTC Corporation (Taiwan)
- Oculus (U.S.)
- PTC (U.S.)
- Seiko Epson Corporation (Japan)
- Lenovo (China)
- Wikitude (Austria)
- Blippar Group Limited (U.K.)
- MAXST CO., Ltd. (South Korea)
- EON Reality (U.S.)
- Uil VR Solutions BV(US)
- CyberGlove Systems Inc. (U.S.)
- Nintendo (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global augmented reality and virtual reality market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Augmented Reality and Virtual Reality Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
