Augmented Reality and Virtual Reality Market Overview:
The global augmented reality and virtual reality (AR/VR) market are poised to reach USD 766 billion by 2025, recording a whopping 73.7% CAGR over the forecast period of 2018 to 2025.
The increasing demand for head-mounted displays (HMDs) in gaming and entertainment, adoption of virtual reality for marketing strategies by organizations, increasing demand of Augmented Reality and Virtual Reality Industry in the retail and e-commerce industry is contributing to the need for augmented reality devices in the healthcare sector and rising investments and funding by the major market players operating in the augmented reality and virtual reality market for the expansion of AR/VR solutions is majorly fueling the global market growth over the review period.
the key players identified by MRFR in the global Augmented Reality and Virtual Reality market as Google LLC, Blippar, EON Reality Inc., Hewlett-Packard Company, Augmented Pixels Inc., Terminal Eleven (SkyView), DAQRI LLC, Wikitude GmbH, Sony Corporation, Zapper Limited, Virtalis Limited, awe.org Pty Ltd (buildar.com), Samsung Group, Microsoft Corporation, Facebook Inc., HTC Corporation, Magic Leap Inc., PTC Inc., and Visteon Corporation
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AR and VR Market Segmental Analysis:
- Based on the technology, the market has been bifurcated into mobile augmented reality and virtual reality. The expanded reality segment is further segmented as marker-based augmented reality, and marker-less augmented reality. The virtual reality segment is also divided into semi-immersive projection systems, non-immersive systems, and fully-immersive systems.
- Based on the component, the market has been segregated into hardware, solutions, and software. The hardware segment is further divided into processors, sensors, controllers, cameras, and others. The software segment is also bifurcated as software development kits and platforms.
- Based on the device type, the AR-VR market has been bifurcated into virtual reality devices and augmented reality devices. The augmented reality devices segment has been divided as a head-up display, a head-mounted display, and handheld devices. The virtual reality devices segment is divided into gesture tracking devices, the head-mounted display, and display wall & projectors.
- Based on the vertical, the market has been divided into consumer electronics, aerospace & defense, media & entertainment, retail, healthcare, automotive, BFSI, manufacturing, IT & telecommunication, travel & tourism, education, and real estate
Augmented Reality and Virtual Reality Market Regional Analysis:
The geographical analysis of AR-VR market has been analyzed for North America (Canada, the US, and Mexico), Europe (the UK, France, Germany, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, Singapore, India, Australia, and the rest of Asia-Pacific), and the rest of the world (the Middle East & Africa, and South America).
North America has been assessed as the largest market share in the AR/VR market due to the presence of substantial market players and the growing investors in the AR/VR technology. Retail organizations in the US, Canada, and Mexico are implementing AR devices for visual merchandising of their products. There is a growing need for head-mounted displays owing to their demand in the defense sector for simulation-based training in the region, fueling the market growth in the North American region. Europe has been assessed as the second-largest market share due to the growing adoption of the AR/VR technology in the media & entertainment sector for play-station and mobile games.
The market also produces significant revenue from the rising adoption of virtual reality and augmented reality solutions in countries such as France, the UK, Germany, Spain, Italy, Sweden, the Netherlands, Norway, Austria, and other European countries. Asia-Pacific is expected to account for the third-largest market share and is poised to attain the highest growth in the upcoming years due to the adoption of augmented reality and virtual reality solutions for 3D animation, 3D modeling, and virtualization by various industry verticals. The market growth is slated to gain momentum in countries such as China, India, Japan, Australia, South Korea, Singapore, and other Asian countries. Latin America and the Middle East & Africa region are likely to achieve a substantial market growth growing demand for AR/VR technology and investments from major market players to offer augmented reality and virtual reality solutions to small and medium-sized enterprises in the retail, healthcare, and e-commerce sectors.
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