Global Augmented Reality & Virtual Reality Market is anticipated to grow at a robust pace in the forecast period, 2023-2028. The global augmented reality & virtual reality market is primarily driven by the expansion of the mobile gaming sector and rising internet connectivity. Additionally, it is anticipated that rising consumer electronics devices usage will support market expansion on a global scale.
The augmented and virtual reality solutions are designed to provide a digitally immersive user experience that can be used for commercial and entertainment purposes across a variety of industrial verticals. A multi-sensory computer-generated experience that allows individuals to engage and interact with a simulated environment is referred to as virtual reality. Contrarily, augmented reality uses digitally created perceptual overlays to improve the real environment. When compared to alternative solutions, training and simulation solutions have greater initial expenditures and development costs among diverse end-user sectors. In contrast to conventional tools and approaches, augmented and virtual technology-based solutions offer improved training possibilities. The developers of the solutions concentrate on the tiniest aspects of actual situations when creating them, allowing users to receive practical training with the least amount of financial, human, and physical waste.
Moreover, increase in the number of gamers and a better understanding of the advantages of augmented and virtual reality technology-based solutions among end users in many industries are leading to market growth. Leading companies in the augmented and virtual reality space are drawn to creating augmented and virtual content that can run on a range of devices, including mobile phones, game consoles, tablets, and personal computers.
Expansion of the Gaming Community
One of the most primary applications of augmented and virtual reality technologies is in video games. The number of gamers in the world has previously been growing quickly. Applications for augmented reality and virtual reality are evolving quickly and penetrating many industries. Instead of smartphone manufacturers, startups and game businesses have been mostly responsible for the latest trends in AR and VR. In order to give players who are continually seeking for the optimal gaming experience what they want, video games continue to expand and evolve alongside the advent of new technological developments. Additionally, AR and VR are expanding the field of video gaming by providing gamers with captivating experiences, which is fueling the market's expansion.
Growth in the Use of Smartphones
Users can now view virtual graphics embedded in real situations because of growing smartphone penetration and technological improvements. Customers may also interact with these images and objects by just utilizing the camera on their smartphone devices, which is another important reason driving the AR and VR market's expansion. Moreover, mobile devices are anticipated to increase demand for these technologies as augmented reality (AR) and virtual reality (VR) are becoming important components of contemporary smartphones. Additionally, smartphone manufacturers are currently working to create the new generation of ground-breaking computing devices, which is anticipated to create new market expansion chances. Additionally, owing to location-based AR apps, AR can now be delivered solely through smartphones. Even though AR adoption is still in its early stages, there are many prospects for its widespread use because smartphone use is expanding quickly in developing nations like India. For instance, it is anticipated that by 2020, there will be over 400 million users, up from the current 300 million users, which would present an opportunity for the AR and VR business to flourish. Additionally, Samsung has already filed for patents on the display technologies that should allow holograms or holographic icons to be shown in three dimensions on smartphones and TVs.
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Market Segmentation
Global
Market players
Recent Development
- January 2021, Samsung bug-eye VRheadset was granted patents in Europe. The majority of rival headsets andcontrollers have shining silver joysticks; therefore, it is more correct to saythat it is significantly more ergonomic than previous Samsung headsets.
- HTC Vive announced the arrivalof two VR headsets in May 2021. The HTC Vive Focus 3 isa stand-alone VRheadset, and the other new VR headset can be connected to a computer. Theseproducts address both the high-end and low-end VR markets.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million and CAGR for 2018-2022 and 2023E-2028F |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | By Product Type By Organization Size By Offering By Application By End User |
| Regional scope | North America; Asia-Pacific; Europe; South America; Middle East |
| Country scope | United States; Canada; Mexico; China; Indian; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Russia, Spain; Belgium; Italy; Brazil; Colombia; Argentina; Peru; Chile; Africa, Saudi Arabia; South Africa; UAE; Israel; Turkey |
| Key companies profiled | Alphabet Inc., DAQRI LLC, Facebook Inc., HP Inc., HTC Corporation, Magic Leap Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Toshiba Corporation. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
