Global Augmented Reality and Virtual Reality Market, By Technology (Augmented Reality Technology, Virtual Reality Technology), Offering (Hardware, Software), Device Type (Augmented Reality, Head-mounted Displays, Head-up Displays, Virtual Reality, Head-mounted Displays, Gesture-tracking Devices Projectors and Display Walls), Vertical (Consumer Electronics, Media & Entertainment, Healthcare, Retail, Aerospace & Defence, Automotive, BFSI, IT & Telecommunication, Manufacturing, Education, Travel & Tourism, Real Estate) – Industry Trends and Forecast to 2029
Market Analysis and Size
The augmented reality and virtual reality market dramatically expands the ways connected devices can help with everyday activities such as searching for information, shopping, and others, while virtual reality allows users to experience various outer world places from the comfort of their own homes. VR gaming creates a 3D environment for its users, allowing them to experience a game's physical presence.
Data Bridge Market Research analyses that the augmented reality and virtual reality market was valued at USD 2,094.08 billion in 2021 and is expected to reach the value of USD 139343.56 billion by 2029, at a CAGR of 69.00% during the forecast period.
Market Definition
Virtual Reality technology provides almost real and/or believable experiences in a synthetic or virtual environment, whereas Augmented Reality enhances the real world by superimposing computer-generated information on top of it.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Technology (Augmented Reality Technology, Virtual Reality Technology), Offering (Hardware, Software), Device Type (Augmented Reality, Head-mounted Displays, Head-up Displays, Virtual Reality, Head-mounted Displays, Gesture-tracking Devices Projectors and Display Walls), Vertical (Consumer Electronics, Media & Entertainment, Healthcare, Retail, Aerospace & Defence, Automotive, BFSI, IT & Telecommunication, Manufacturing, Education, Travel & Tourism, Real Estate)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
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Market Players Covered
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Google (US), Sony Corporation (Japan), Apple Inc. (US), Samsung (South Korea), Microsoft (US), HTC Corporation (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), (US), Nintendo (Japan)
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Opportunities
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Augmented Reality and Virtual Reality Market Dynamics
Drivers
- Surge in wide adoption of augmented reality and virtual reality in infotainment industry
Growing demand for head-mounted displays (HMDs) in gaming and entertainment, adoption of augmented reality and virtual reality market for marketing strategies, and increasing demand for AR/VR in the retail and e-commerce industry are key factors positively impacting the AR/VR market growth. Furthermore, rising demand for augmented and virtual reality devices in the manufacturing and healthcare sectors and increased investments and funding by key market players to develop AR/VR solutions are propelling market growth.
- Importance of augmented reality in healthcare sector.
In the healthcare industry, augmented reality plays a critical role. AR can be used to show a surgeon a virtual view of a patient's body parts. This can assist the surgeon in performing minimally invasive surgeries. Augmented reality modelling and 3D visualisation are expected to benefit the healthcare sector. The use of augmented reality (AR) for improving fitness, teaching complex subjects to medical students, training doctors, managing pharmacies, and caring for and supporting patients after they leave the hospital is propelling the augmented reality and virtual reality market in this sector forward.
Opportunity
The industrial automation industry is expected to encourage augmented reality and virtual reality market to improve communication between self-monitoring devices, production machines, machine-to-machine communication (M2M), and the internet of things (IoT). The significant demand for AR/VR from manufacturing industries is expected to provide market participants with ample opportunities in the future.
Restraints
The high investment required for AR/VR development and SoC integration is a major factor impeding the growth of the augmented and virtual reality markets. In addition, issues with security compliance and rising cyber-attacks as a result of a lack of security standards are major factors challenging market dynamics. Furthermore, a lack of technical expertise, which results in data manipulation, spoofing, sniffing, cyber-attacks, and man-in-the-middle attacks, is expected to pose some challenges to market growth.
This augmented reality and virtual reality market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the augmented reality and virtual reality market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Augmented Reality and Virtual Reality Market
The COVID 19 has accelerated digitization and provided a much-needed boost to global technology adoption. These technologies are useful in a variety of industries, including healthcare, education, tourism, retail, and others. After the lockdown restrictions are lifted, the pandemic's behavioral changes will last much longer, if not forever. People would remain socially distant while being virtually close using augmented reality and virtual reality market technologies and extended reality. Businesses would be able to run and grow regardless of the challenges posed by social distancing if AR/VR platforms were available. Furthermore, as internet connectivity improves, more people will be able to work from remote locations and smartphones, allowing the masses to work online.
Recent Development
- Epson America, Inc., a division of Japan's Seiko Epson Corporation, partnered with 3D HoloGroup (US), a company that specialises in AR software architecture and systems integration, to sell Epson's AR glasses in March 2020.
- PTC acquired TWNKLS (Netherlands), a provider of practical AR solutions for Industry 4.0, in June 2019 to accelerate the development of AR enterprise apps.
- Microsoft released the second-generation HoloLens, the HoloLens 2, in May 2019. The HoloLens 2 complete set includes free trials of Unity Pro, Azure credits, and the Unity PiXYZ CAD data plugin. In addition, the company announced Unreal Engine 4 support for HoloLens 2, which will provide customers with a more realistic experience.
Global Augmented Reality and Virtual Reality Market Scope
The augmented reality and virtual reality market is segmented on the basis of technology, offering, device type, and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Augmented Reality
- Marker-based (Passive Marker, Active Marker)
- Marker less (Model-based, Image Processing-based)
- Anchor-based
- Virtual Reality
- No immersive
- Semi- and Fully Immersive
Offering
- Hardware
- Sensors
- Semiconductor Components
- Displays and Projectors
- Position Trackers
- Cameras
- Others (Computer/video generator and combiner)
- Software
- Software Development Kits
- Cloud-Based Services
- AR Software Functions
- VR Content Creation
Device type
- Augmented Reality
- Head-mounted Displays
- Head-up Displays
- Virtual Reality
- Head-mounted Displays
- Gesture-tracking Devices
- Projectors and Display Walls
Vertical
- Consumer Electronics
- Media & Entertainment
- Healthcare
- Retail
- Aerospace & Defence
- Automotive
- BFSI
- IT & Telecommunication
- Manufacturing
- Education
- Travel & Tourism
- Real Estate
Augmented Reality and Virtual Reality Market Regional Analysis/Insights
The augmented reality and virtual reality market is analysed and market size insights and trends are provided by country, technology, offering, device type, and vertical. as referenced above.
The countries covered in the augmented reality and virtual reality market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
North America dominates the augmented and virtual reality market due to demand from the gaming, entertainment & media, aerospace & defence, retail, and manufacturing industries. Furthermore, major players such as Google, Facebook, DAQRI, and others provide cutting-edge solutions in North America. Furthermore, businesses in this region have invested in augmented reality, virtual reality, and simulation. Asia-Pacific is expected to grow at the fastest rate during the forecast period. The adoption of AR and VR in this region has been fuelled by the introduction of 4G technology and high-speed communication and an increase in the number of smartphone users.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Augmented Reality and Virtual Reality Market Share Analysis
The augmented reality and virtual reality market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to augmented reality and virtual reality market.
Some of the major players operating in the augmented reality and virtual reality market are:
- Google (US)
- Sony Corporation (Japan)
- Apple Inc. (US)
- Samsung (South Korea)
- Microsoft (US)
- HTC Corporation (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)
- Nintendo (Japan)
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