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Augmented and Virtual Reality Market: Type and Applications
Meticulous Research®—a leading global market research company, published a research report titled, ‘Augmented and Virtual Reality Market by Type (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device (AR Devices, VR Devices), Application (Health and Safety, Training), End-use Industry, and Geography - Global Forecast to 2030.’Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5684?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content=10-04-2024
The global augmented and virtual reality market is projected to reach $367.5 billion by 2030, at a CAGR of 33.6% from 2023 to 2030. The growth of this market is attributed to the surging adoption of AR and VR technology by manufacturers and enterprises, the rising adoption of AR in the healthcare sector, the enormous rise in gaming and entertainment applications, and favourable initiatives by governments to propel the adoption of AR and VR technology in several sectors. However, the privacy and security concerns associated with AR and VR technology restrain market growth to a certain extent. The penetration of head-mounted displays for training purposes and increasing advancements in gadgets and digitization are expected to create significant opportunities for this market. However, the need for strong network infrastructure and health-related concerns associated with excessive AR usage pose challenges to the growth of this market.
The global augmented and virtual reality market is segmented based on type, offering, device, application, end-use industry, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Key Players
The key players profiled in the global augmented and virtual reality market study include Microsoft Corporation (U.S.), Sony Semiconductor Solutions Corporation (Japan), HTC Corporation (Taiwan), Apple Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Epson America, Inc. (U.S.), Panasonic Holdings Corporation (Japan), Vuzix Corporation (U.S.), Shanghai Lexiang Information Technology Co., Ltd. (China), PTC Inc. (U.S.), Blippar Group Limited (U.K.), Zappar Ltd. (U.K.), Niantic (U.S.), BidOn Games Studio (Ukraine), SpaceVR Inc (U.S.).
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Based on type, the global augmented and virtual reality market is segmented into augmented reality and virtual reality. In 2023, the augmented reality segment is expected to account for the largest share of the global augmented and virtual reality market. The large share of this segment is attributed to its versatility and practical applications in various sectors such as gaming, retail, and education. Also, the ability to enhance real-world experiences and its accessibility through smartphones is continuously boosting the segment growth. The increasing development in 5G technology and the new growth market for AR in the tourism industry are expected to offer significant opportunities for the segment in the coming years.
Based on offering, the global augmented and virtual reality market is segmented into hardware and software. In 2023, hardware is expected to account for the largest share of the global augmented and virtual reality market. The large share of this segment is attributed to the growing adoption of smartphones, tablets, and other advanced electronic handheld gadgets that are contributing to the segment’s growth. Favorable initiatives to launch AR and VR-based features in several devices due to the growing popularity of smart gadgets among consumers. Further, the growing use of VR headsets in commercial applications, theme & amusement parks, and other places is anticipated to offer growth opportunities to Original Equipment Manufacturers (OEMs) in the near future.
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Based on device, the global augmented and virtual reality market is segmented into AR devices and VR devices. In 2023, the AR devices segment is expected to account for the largest share of the augmented and virtual reality market. AR devices, such as AR head-mounted displays, are widely adopted by the military, police, and firefighters to display tactical information such as maps or thermal imaging data while viewing a real scene. AR head-up displays (HUD) have been rapidly changing the automotive industry with a centerpiece of smart cockpit designs and helping to improve the overall driving experience with driver assistance and safety features. Besides, AR devices are gaining considerable share for gaming, advertising, and recreational activities due to growing consumer demand, which is rapidly influencing market growth.
Based on application, the global augmented and virtual reality market is segmented into gaming and recreational activities, designing, prototyping and manufacturing, travel and tourism, journalism, health and safety, advertising and retail, training, and other applications. In 2023, the gaming and recreational activities segment is expected to account for the largest share of the global augmented and virtual reality market. As the global population is increasing, the world is experiencing a massive growth in gaming activities, which drove the adoption of smart gadgets such as smartphones, laptops, and smart headsets. Over the years, technological advancements have played a significant role in the growth of the gaming industry. From powerful hardware to high-speed internet connections, the availability of tools enables games to immerse themselves in virtual worlds more seamlessly than ever before. With the introduction of virtual reality (VR) and augmented reality (AR), consumers leverage more immersive and realistic gameplay experiences, which is promoting exponential growth in the segment.
Additionally, the popularity of social media and streaming platforms has created a new space for gamers to connect, share their experiences, and build communities around common interests. The emergence of mobile gaming has also played a part in the industry’s expansion, making it more accessible to people worldwide. The gaming industry will likely continue to thrive and expand as AR and VR technology evolves in the coming years.
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Based on end-use industry, the global augmented and virtual reality market is segmented into augmented reality by end-use industry and virtual reality by end-use industry. In 2023, the augmented reality, by end-use industry segment, is expected to account for the largest share of the global augmented and virtual reality market. The large share of the segment is attributed to its ability to enhance user experiences, improve productivity, and provide innovative solutions. In each sector, AR technology has its different significance, and the cumulative growth by these sectors majorly driving the market growth. Such as immersive storytelling and interactive experiences in media and gaming, training simulations and maintenance tasks in aerospace and defense, assembly processes, and remote assistance in the manufacturing industry, among others, are gaining traction. In recent years, AR technology has witnessed many developments, such as advanced AR glasses, improved tracking and mapping technologies, and the integration of AI for real-time data analysis. These developments will create lucrative opportunities for the segment.
Based on geography, the global augmented and virtual reality market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the augmented and virtual reality market. The region's large share is attributed to the increasing government initiatives to implement immersive technologies across various sectors, growing investment in digital infrastructure, and the presence of leading players in the region.
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