The global augmented and virtual reality market was esteemed at USD 58.21 billion in 2024 and is likely to reach USD 179.80 billion by 2029, 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.
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 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.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
25.30% |
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Segments Covered |
By Application, Device Type, Component, and Region |
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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 |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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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. |
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.
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.
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.
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. Europe AR and VR market is second most prominent industry after North America, with increasing applications in end-user verticals. 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
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.
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.
By Application
By Device Type
By Component
By Region
Frequently Asked Questions
Industries such as gaming, entertainment, healthcare, education, retail, and manufacturing are the primary drivers of AR and VR technology adoption globally. These sectors are leveraging AR and VR for enhanced user experiences, training, product visualization, and marketing.
Governments worldwide are increasingly recognizing the potential of AR and VR technologies and are implementing supportive policies, funding research and development initiatives, and providing incentives to foster innovation and adoption across industries.
Emerging trends include the convergence of AR and VR technologies (mixed reality), advancements in hardware such as lightweight headsets, the rise of augmented commerce (AR shopping), integration with Internet of Things (IoT), and the development of immersive enterprise solutions.
AR and VR technologies are contributing to sustainability efforts by reducing the need for physical travel through virtual meetings and events, enabling remote work and collaboration, optimizing resource management through virtual simulations, and facilitating virtual training and education, thereby reducing carbon footprints and promoting environmental conservation.
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