Global Augmented Reality and Virtual Reality (AR & VR) Market Projected to Hit USD 2,174.18 Billion at a 46.74% CAGR by 2030- Report by Market Research Future (MRFR)
Sep 28, 2022
The augmented reality and virtual reality market is growing rapidly. Over recent years, these technologies have garnered extensive popularity, bridging the digital and physical worlds together to create immersive experiences. AR and VR technologies are set to revolutionize industrial, gaming, and healthcare landscapes, allowing to take information and content visually just as in the real world.
Augmented reality dramatically expands the performances of connected devices in web searching, shopping, and others. Virtual reality creates a 3D environment that immerses users in various outer world places while sitting in the comfort of home. VR gaming allows users to feel the physical presence of a game. AR and VR are used to treat various conditions, such as anxiety & stress, Parkinson’s, rehabilitation, and MS.
Revenue Forecast in 2030:
USD 2,174.18 Billion
CAGR of 46.74% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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The use of augmented reality and virtual reality, once limited to simple gamification, is now extended to therapeutic interventions as well as various industrial processes. Advances in AR-VR technologies have played a causal role in maintaining industrial operations competitive and efficient. These technologies are transforming multiple sectors, such as healthcare, education, tourism, retail, and others.
After the lockdown restrictions get relaxed, AR, VR, and extended reality (XR) technologies enable people to stay close while maintaining social distancing. AR and VR platforms enable businesses to run and grow. According to MRFR, the global augmented reality and virtual reality market will reach USD 2,174.18 BN by 2030, growing at a 46.74% CAGR during the review period (2022–2030).
The growing use of head-mounted displays (HMDs) in gaming and entertainment, alongside the increasing demand for AR-VR devices in businesses and the retail & e-commerce industry, are key driving forces. Furthermore, the rising adoption of augmented and virtual reality solutions in the manufacturing and healthcare sectors, alongside growing investments & funding by key market players to develop AR/VR solutions, drive the Augmented Reality and Virtual Reality (AR & VR) Market growth.
Industrial automation and industry 4.0 foster AR/VR adoption to improve communication between self-monitoring devices, machine-to-machine communication (M2M), production machines, and the IoT. The growing demand for AR and VR technologies from manufacturing industries offers significant opportunities to market players. Increasing utilization of AR-VR capabilities in corporate communications and historic accomplishment of games boosts the Augmented Reality and Virtual Reality (AR & VR) Market size.
AR & VR Market Segments
The AR and VR market is segmented into technology, components, device types, verticals, and regions. The technology segment is sub-segmented into augmented reality (marker-based and marker-less augmented reality, others) and virtual reality (non-immersive systems, semi-immersive projection systems, fully-immersive systems, others). The component segment is sub-segmented into hardware (sensors, processors, controllers, cameras, and others), software (software development kits, platforms, others), and services.
The device type segment is sub-segmented into augmented reality devices (head-mounted display, head-up display, handheld devices, others) and virtual reality devices (head-mounted display, gesture tracking devices, display walls, projectors, others). The vertical segment is sub-segmented into consumer electronics, media & entertainment, healthcare, retail, aerospace & defense, automotive, BFSI, IT & telecommunication, manufacturing, education, travel & tourism, real estate, and others.
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AR & VR Market Regional Analysis
North America dominates the global augmented reality and virtual reality market. Factors such as the strong presence of key players, such as Google, Microsoft, and Facebook Inc., and the growing industrial sector in this region drive market growth. Besides, large technological advances, alongside the growing use of AR & VR technologies and connected devices, expand the market size.
Europe captures the second highest share in the global virtual and augmented reality market. The increasing adoption of AR & VR technology in the media & entertainment, education, and healthcare industry and the proliferation of play-station and mobile game applications substantiate market revenues. Moreover, the rising demand for AR & VR devices from the manufacturing and healthcare industry, alongside considerable healthcare spending, boosts the region’s Augmented Reality and Virtual Reality (AR & VR) Market shares.
APAC is a rapidly emerging market for augmented reality and virtual reality. The growing adoption of AR-VR solutions in various industry verticals and the rising use of 3D modeling, 3D animation, and virtualization applications escalate the market value. Additionally, increasing demand for AR & VR devices and significant investments made by the key players to offer innovative solutions for the healthcare, retail, and e-commerce sectors push the market growth.
AR & VR Market Competitive Landscape
The highly competitive augmented reality and virtual reality market appear extremely fragmented, with several notable players forming the competitive landscape. These players focus on technology development & improvement and expansion of their footprints in the global market. They look for opportunities to invest and integrate across the extended value chain while focusing on R&D investments.
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For instance, on Sept. 05, 2022, Meta, the social networking giant, and Qualcomm, the American chipmaker, announced their partnership to develop customized AR and VR chips for the metaverse. These new customized chipsets will be used for future iterations of Meta’s extended reality (XR) platform. The partnership will extend the existing relationship between Meta and Qualcomm, producing the Snapdragon XR2 that powers Meta’s Quest 2.
Players leading the global AR & VR market are EON Reality Inc., Blippar, Google LLC, Hewlett-Packard Company, DAQRI LLC, Augmented Pixels Inc., Terminal Eleven (SkyView), Sony Corporation, Wikitude GmbH, awe.org Pty Ltd (buildar.com), Virtalis Limited, Zapper Limited, Samsung Group, Microsoft Corporation, Facebook Inc., Magic Leap Inc., PTC Inc., HTC Corporation, and Visteon Corporation.
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