$105+ Mn Augmented Reality (AR) and Virtual Reality (VR) Market is Expected to Grow at a CAGR of over 35.7% During 2022-2028 | Vantage Market Research

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WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) — The “Augmented Reality and Virtual Reality Market Size, Share & Trends Analysis Report by Application (Consumer, Enterprise, Commercial, Others), by Organization Size (Large Enterprises, Small & Medium-sized Enterprises), by Industry Vertical (Gaming, Entertainment & Media, Aerospace & Defense, Healthcare), by AR Technology (Marker-based, Markerless, Anchor-based), by VR Technology (Non-immersive, Semi/ Fully Immersive), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” report has been added to VantageMarketResearch offering.

Synopsis:

The global Augmented Reality and Virtual Reality Market size is expected to reach over USD 105,676.7 Million by 2028, exhibiting a CAGR of 35.7% during the forecast period.

The global Augmented Reality and Virtual Reality Market are witnessing substantial growth owing to the training and infotainment market. Augmented reality is a field of computer research that deals with the combination of computer-generated data and the real world. Moreover, augmented reality involves co-operation with real-time and the data can be produced in real-time which is expected to increase the demand for augmented reality during the forecast period. In addition, augmented reality is used in various applications such as presentation, television, simulations (flying, driving), video games (physical interaction with 3d models) which is projected to drive the growth of the augmented reality market in the upcoming years. Besides, heavy penetration is the wide spectrum of application areas for the virtual reality technology. Moreover, the use of virtual reality in the healthcare sector is experiencing tremendous growth and thus driving the growth of the Augmented Reality and Virtual Reality Market during the forecast period. The rising demand for augmented reality devices in the healthcare sector, growing demand for AR in the retail and e-commerce sector are the major factors projected to boost the market growth during the forecast period. The easy accessibility of affordable virtual reality devices, increasing adoption of HMDs in various industries, growing digitalization, advancement in technologies, and high investments in the virtual reality market are the prime factors expected to drive the virtual reality market growth during the forecast period. Furthermore, growth in the mobile gaming industry, increasing internet connectivity, and increase in the use of consumer electronic devices are predicted to be the key factors contributing to the growth of the Augmented Reality and Virtual Reality Market during the forecast period.

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Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Augmented Reality and Virtual Reality market is predicted to grow at a CAGR of roughly 35.7% during the forecast period.
  • The Augmented Reality and Virtual Reality market was estimated to be worth roughly USD 16.92 Billion in 2021 and is expected to reach USD 105.67 Billion by 2028; based on primary research.
  • On the basis of region, Asia Pacific is projected to dominate the worldwide Augmented Reality and Virtual Reality market.   

List of Prominent Players in the Augmented Reality and Virtual Reality Market:

  • Google (US)
  • Sony (Japan)
  • Apple (US)
  • Samsung Electronics (South Korea)
  • Microsoft (US)
  • HTC (Taiwan)
  • Oculus (US)
  • PTC (US)
  • Seiko Epson (Japan)
  • Lenovo (China)
  • Wikitude (Austria)
  • Magic Leap (US)
  • Blippar (UK)
  • Upskill (US)
  • MAXST (South Korea)
  • EON Reality (US)
  • Vuzix (US)
  • Cyber Glove Systems (US)
  • Leap Motion (US)
  • Atheer (US)
  • Sixense Enterprises (US)
  • Nintendo (Japan)
  • Psious (Spain)
  • Marxent Labs (US)
  • Inglobe Technologies (Italy)
  • Meta Company (US)
  • Niantic (US)
  • Augment (France)
  • Mindmaze (Switzerland)
  • Firsthand Technology (US)
  • Worldviz (US)
  • Virtuix (US)
  • Survios (US)
  • Intel (US)
  • Real Wear (US)
  • Merge Labs (US)
  • SpaceVR (US)
  • Virtually Live (Switzerland)
  • Xiaomi (China)
  • Panasonic (Japan)
  • Dynabook Americas (US)
  • Optinvent (France)
  • Way Ray (Switzerland)
  • Scope AR (US)
  • Continental (Germany)
  • Visteon (US)
  • Talespin (US)
  • Craftars (Romania)
  • Scanta (US)
  • Appentus Technologies (India)
  • BIDON Games Studio (Ukraine)

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Market Dynamics:

Drivers:

Growth in the demand for augmented reality devices and their use in various healthcare applications during the forecast period is driving the growth of the Augmented Reality and Virtual Reality Market. The rising demand for AP in the e-commerce and retail sector due to the Covid-19 pandemic, increase in investments in AR technology are prime factors driving the growth of the AR and VR market during the forecast period. The increasing development in the travel and tourism industry and partnership between telecom players and augmented reality manufacturers to decrease latency in order to improve the imperceptible level is projected to drive the growth of the Augmented Reality and Virtual Reality Market during the forecast period.

Challenges:

An increase in privacy and security issues associated with augmented reality, and reconfiguration of applications for different platforms are the major factors limiting the growth of the Augmented Reality and Virtual Reality Market during the forecast period. Limited field of view and overcoming social challenges to increase the adoption rate of AR and VR is expected to hinder the growth of the market in upcoming years.

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Segmentation of Augmented Reality and Virtual Reality Market:

By Application -(Revenue- USD Million, 2016-2028)

  • Consumer
  • Enterprise
  • Commercial

By Organization size-(Revenue- USD Million, 2016-2028)

  • Large Enterprises
  • Small- & Medium-sized Enterprises

By Industry Vertical-(Revenue- USD Million, 2016-2028)

  • Gaming
  • Entertainment & Media
  • Aerospace & Defense
  • Healthcare
  • Education
  • Manufacturing
  • Retail
  • Others

By Technology-(Revenue- USD Million, 2016-2028)

By AR Technology-

  • Marker-based
  • Markerless
  • Anchor-based

By VR Technology-

  • Non-immersive
  • Semi/ Fully Immersive

By Region- (Revenue- USD Million, 2016-2028)

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

Middle East and Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

Regional Trends:

APAC region is projected to lead the Augmented Reality and Virtual Reality Market and is estimated to grow at the highest CAGR during the forecast period. APAC is an emerging economy and is witnessing prime changes in the acceptance of the latest advancements and technologies. APAC region is witnessing an increase in the adoption of the latest technologies owing to the presence of numerous display panel manufacturers in the region. The Augmented Reality and Virtual Reality Market in the APAC region are projected to grow substantially in various sectors such as commercial, healthcare, and consumer which is responsible for the growth of the region. The increasing growth in consumer and commercial markets is the prime factor expected to drive the Augmented Reality and Virtual Reality Market in years to come. Moreover, growing commercial and consumer markets with the rise in investments in developing countries like India, China, and Japan are estimated to boost the growth of the Augmented Reality and Virtual Reality Market in the APAC region.

Recent Developments:

  • In July 2021, Matterport, Inc; partnership with PTC Inc; to allow to generate an AR experience for large spaces, with PTCs augment reality software Vuforia studio and Vuforia engine, customers can enhance digital twin captured with Matterport platform with AR experience Known as Area Targets.
  • In March 2020, Epson America, Inc., a partition of Seiko Epson Corporation of Japan, combined with 3D Holo Group (US), a company that focuses on AR software architecture and systems integration, to sell Epson’s AR glasses.

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Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Augmented Reality and Virtual Reality Market?
  • How will the Augmented Reality and Virtual Reality Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Augmented Reality and Virtual Reality Market?
  • What is the Augmented Reality and Virtual Reality market drivers and restrictions?
  • What will be the CAGR and size of the Augmented Reality and Virtual Reality Market throughout the forecast period?          

The report on the Augmented Reality and Virtual Reality Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

This market titled “Augmented Reality and Virtual Reality Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2021
Historic Years 2016-2020
Forecast Years 2022-2028
Segments Covered  • Application
     • Consumer
     • Enterprise
 • Organization Size
     • Large Enterprises
     • Small- & Medium-sized Enterprises
 • Industry Vertical
     • Gaming
     • Entertainment & Media
     • Aerospace & Defense
     • Healthcare
     • Education
     • Manufacturing
     • Retail
     • Others
Region & Counties Covered  • North America
     • U.S.
     • Canada
     • Mexico
 • Europe
     • U.K
     • France
     • Germany
     • Italy
     • Spain
     • Rest Of Europe
 • Asia Pacific
     • China
     • Japan
     • India
     • South Korea
     • South East Asia
     • Rest Of Asia Pacific
 • Latin America
     • Brazil
     • Argentina
     • Rest Of Latin America
 • Middle East & Africa
     • GCC Countries
     • South Africa
     • Rest Of Middle East & Africa
Companies Covered  • Google (US)
 • Sony (Japan)
 • Apple (US)
 • Samsung Electronics (South Korea)
 • Microsoft (US)
 • HTC (Taiwan)
 • Oculus (US)
 • PTC (US)
 • Seiko Epson (Japan)
 • Lenovo (China)
 • Wikitude (Austria)
 • Magic Leap (US)
 • Blippar (UK)
 • Upskill (US)
 • MAXST (South Korea)
 • EON Reality (US)
 • Vuzix (US)
 • Cyber Glove Systems (US)
 • Leap Motion (US)
 • Atheer (US)
 • Sixense Enterprises (US)
 • Nintendo (Japan)
 • Psious (Spain)
 • Marxent Labs (US)
 • Inglobe Technologies (Italy)
 • Meta Company (US)
 • Niantic (US)
 • Augment (France)
 • Mindmaze (Switzerland)
 • Firsthand Technology (US)
 • Worldviz (US)
 • Virtuix (US)
 • Survios (US)
 • Intel (US)
 • Real Wear (US)
 • Merge Labs (US)
 • Space VR (US)
 • Virtually Live (Switzerland)
 • Xiaomi (China)
 • Panasonic (Japan)
 • Dynabook Americas (US)
 • Optinvent (France)
 • Way Ray (Switzerland)
 • Scope AR (US)
 • Continental (Germany)
 • Visteon (US)
 • Talespin (US)
 • Craftars (Romania)
 • Scanta (US)
 • Appentus Technologies (India)
 • BIDON Games Studio (Ukraine)
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