Augmented Reality and Virtual Reality Market to Expand at a CAGR of 46.74% Until 2030 – Report by MRFR
Research Reports
Aug 23, 2023
According to projections of Market Research Future, the market for augmented reality and virtual reality would be worth over USD 2,174.18 billion by 2030, growing at a CAGR of 46.74% between 2022 and 2030. The breadth of daily chores that linked devices may help with, such as information search, purchasing, and other activities, has substantially expanded thanks to the augmented reality and virtual reality (AR/VR) industry. Virtual reality, on the other hand, enables users to explore the globe from the comfort of their homes. Customers of virtual reality gaming are given access to a 3D environment that gives them a sense of the game’s physical presence. While augmented reality (AR) technology enhances the actual world by superimposing computer-generated data on top of it, virtual reality (VR) technology creates experiences that are almost real and/or credible in an artificial or virtual environment.
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Aside from teaching and training, there are many more uses for virtual reality. Technology, for instance, enables engineers in the automotive sector to experiment with a vehicle’s design and construction at the perception stage rather than starting with expensive prototypes. VR exposure treatment is another method for treating patients with mental diseases. Additionally, tourism organisations use virtual reality technology to offer virtual tours of landmarks, famous locations, eateries, and hotels to potential clients or customers. The increasing use of VR applications in the design and planning industries is another aspect that is predicted to contribute to market expansion. The use of virtual reality technology in architecture aids in decision-making and the ability to see how potential urban designs and architectural plans will affect the surrounding area.
Additionally, it makes it possible to identify defects early and fix them, which saves both time and money. Additionally, a number of real estate agencies have started to use virtual reality to offer virtual tours of houses, improving the likelihood of a sale.
Prominent players in the augmented reality and virtual reality market include
- Google (US),
- Sony Corporation (Japan),
- HTC Corporation (Taiwan),
- Apple Inc. (US),
- Samsung (South Korea),
- Microsoft (US),
- Oculus (US), PTC (US),
- Seiko Epson Corporation (Japan),
- Lenovo (China),
- Wikitude (Austria),
- Blippar Group Limited (UK),
- MAXST CO., Ltd. (South Korea),
- EON Reality (US),
- Uil VR Solutions BV (US),
- CyberGlove Systems Inc. (US),
- Nintendo (Japan),
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Segmentation
Based on technology, there are four categories of augmented reality and virtual reality: marker-based (passive marker, active marker), marker-less (model-based, image processing-based), anchor-based, non-immersive, and semi- and fully-immersive. The augmented reality and virtual reality market’s semi- and fully-immersive sector had the biggest revenue share in 2021.
Hardware, sensors, semiconductor components, displays and projectors, position trackers, cameras, and others (computer/video generator and combiner) make up the market segmentation for augmented reality and virtual reality based on offering. The market is anticipated to grow at the greatest CAGR in the hardware sector during the forecast period, which had the highest revenue share in 2021.
Consumer electronics, media & entertainment, automotive, healthcare, retail, aerospace & defence, BFSI, IT & telecommunication, manufacturing, education, travel & tourism, and real estate make up the vertical segments of the augmented reality and virtual reality market. Due to the numerous prospects for VR in the healthcare sector, including medical marketing, disease awareness, and medical learning and training, the healthcare category is anticipated to grow at the quickest rate throughout the projection period.
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According to the type of equipment, there are six categories of augmented reality and virtual reality market research: head-mounted displays, head-up displays, virtual reality, gesture-tracking devices, projectors, and display walls. The AR/VR market was dominated by head-up displays in 2021, and during the forecast period, this market is expected to develop at the quickest CAGR.
North America, Europe, Asia-Pacific, and the Rest of the World are the regions into which the augmented reality and virtual reality market study has been divided. The largest market share was accounted for by the Asia-Pacific region. During the study period, the North American Region is anticipated to have the greatest CAGR. Due to continued developments in VR technology, Asia-Pacific reported the greatest revenue share in the AR/VR market in 2021.
Since China is a big distributor of HMDs and other VR-related hardware, the country’s VR market expanded dramatically. The growth of the industry in Southeast Asian nations is also being helped by technological advancements. During the projection period, North America is anticipated to experience the quickest growth. This is because VR technology is widely used in a variety of applications across numerous business sectors, particularly in the gaming and automotive sectors.
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