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Global Augmented Reality and Virtual Reality Market segmented by Application (Commercial, Consumer, Aerospace and Defence, Healthcare, Enterprise), By Device type (Head Mounted Display, Head-Up Display, Gesture Control Devices, Projection Based Device), By Component (Hardware, Software and Services) and by Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2023 – 2028)

Published: March, 2023
ID: 9197
Pages: 210
Formats: report pdf report excel report power bi report ppt

Augmented Reality (AR) and Virtual Reality (VR) Market Size & Growth (2023 – 2028):

The global augmented and virtual reality market was esteemed at USD 37.08 billion in 2022 and is likely to reach USD 141.94 billion by 2028, developing at a CAGR of 25.30% during the forecast period. 

Hardware and software are the two driving segments adding to 64.95% and 23.91% of the general market, individually. The hardware systems market is mainly determined by expanding the surgeon's interest in an upgraded impression of depth during surgeries. The market segment involves an expansive scope of items, for example, video systems, head-mounted displays, motion sensors, 360° cameras, and surgical displays, among others.

Recent Developments:

  • The museum in NYC utilizes VR to give guests an understanding of others' thoughts. The individual in this generation prefers to spend money on experiences than on material things. Askaryan's solution was to make a museum experience that accompanies with the cute nickname MoFE utilizing VR in areas for a brief time. He depicts it as "a curated cerebral experience mixing vivid theater, psychology, and VR for an in-depth exploration of individual and collective consciousness." 
  • WASHINGTON [USA]: It turns out, augmented reality is fit for influencing individual's behavior, in both the physical world and a digitally improved one. As part of the examination, analysts found that after an individual had involvement in augmented reality (AR), reenacted by wearing goggles that layer computer-generated content onto real-world situations, their communications in their physical world changed. Considerably after their AR device was evacuated. As per the discoveries, while VR endeavors to reenact a real-life environment and take the client from the contemporary setting, AR technology layers' digital data on the user's physical environment.

Drivers and Restraints of Augmented Reality and Virtual Reality Market:

Drivers:

The developing focus of organizations on the feel of AR and VR devices is a crucial pattern in the global AR and VR market. AR and VR devices, for example, smart glasses, heads-up displays (HUD), and head-mounted displays (HMD) offer a high level of flexibility and versatility to clients. The application territories of AR and VR are various, and organizations are investigating approaches to incorporate these technologies into multiple fields. Moreover, the associations working in the market are progressively concentrating on the feel of these devices, so as to make them voguish, to bring their appropriation up in various applications.

The rising interest for the gesture and haptic control is supporting the development of the AR and VR market, around the world. The haptic innovation is utilized to make the feeling of touch that clients feel as applied forces, motion, or vibrations. At the same time, gesture recognition algorithms let clients control the devices and applications by utilizing their gestures, typically hand movements. With these advancements, the client can contact a virtual object, as though in reality. The rising prominence of these innovations has, in this manner added a new dimension to such devices, consequently driving their adoption.

Restraints:

The limited user interface (UI) influencing the navigation performance of AR applications, limited processing power, less storage, and the limited size of the memory card in mobile phones, and differed infrastructure quality of the digital network will restrain the development of AR market. The health concerns identifying with low resolution and lack of movement and display latency and energy consumption influencing the general execution of VR devices are the significant limitations in the VR market.

AUGMENTED REALITY (AR) AND VIRTUAL REALITY (VR) MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 - 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

25.30%

Segments Covered

By Application, Device Type, Component, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Blippar, Catchoom, Innovega Inc., Laster Technologies, Metaio Gmbh, Total Immersion, Vertalis Ltd, Augmented Pixels Co., Kooaba AG, Kishino Limited, Qualcomm Incorporated, Wikitude Gmbh and Others.

 

Augmented Reality (AR) and Virtual Reality (VR) Market Segmentation:

Augmented Reality (AR) and Virtual Reality (VR) Market By Application:

    • Commercial

    • Consumer
    • Aerospace and Defense
    • Healthcare
    • Enterprise

The enterprise classification is expected to observe the quickest development in the global AR and VR market during the conjecture time frame, based on application. Enterprises are as of benefiting from AR and VR in various manners, for example, optimized productivity, enhanced learning outcomes, real-time data and analytics visualization, efficient warehousing and logistics, and better collaboration with remote workers.

Augmented Reality (AR) and Virtual Reality (VR) Market By Device Type:

    • Head Mounted Display (HMD)

    • Head-Up Display (HUD)
    • Gesture Control Devices
    • Projection Based Device

The HMD and HUD classifications are foreseen to hold the more significant share in the global AR and VR market by 2025, based on device type. In particular, HMDs are progressively gaining prominence in applications, for example, tourism, automotive, military, gaming, and education. The gigantic appropriation of mobile AR and VR is additionally presumed to help the dynamic development of this market category.

Augmented Reality (AR) and Virtual Reality (VR) Market By Component:

  • Hardware

  • Software
  • Services

The hardware category created a higher income in the global AR and VR market in 2019, in view of the component. This is because of the expanding interest for high-performance AR and VR devices, expanding application areas, and diminishing item costs.

Augmented Reality and Virtual Reality Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada

North America AR and VR Market held the biggest share in this global business in 2019, fundamentally because of technological advancements, strong penetration of smartphones and internet, and early appropriation of rising technologies in the locale.

  1. Europe
    1. Norway
    2. Germany
    3. Sweden

Europe AR and VR market is second most prominent industry after North America, with increasing applications in end-user verticals.

  1. Asia Pacific (APAC)
    1. China
    2. India
    3. Japan

APAC augmented reality and virtual reality market is anticipated to witness the quickest development during the foreseen period, attributing to the increased investments in the adoption of latest technologies.

  1. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  2. Middle East and Africa

a. Middle East

b. Africa

Key Players of Market:

Some of the major players operating in the global augmented reality and virtual reality market are Blippar, Catchoom, Innovega Inc., Laster Technologies, Metaio Gmbh, Total Immersion, Vertalis Ltd, Augmented Pixels Co., Kooaba AG, Kishino Limited, Qualcomm Incorporated, Wikitude Gmbh and others. Earlier this market was operated by players with relatively low brand image. Thus, after the entrance of new huge players in the business, the interest for augmented reality & virtual reality has increased amongst the clients. 

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