Meticulous Research®—a leading global market research
company, published a research report titled, ‘Augmented and Virtual Reality
Market by Type (Augmented Reality, Virtual Reality), Offering (Hardware,
Software), Device (AR Devices, VR Devices), Application (Health and Safety,
Training), End-use Industry, and Geography - Global Forecast to 2030.’
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The global augmented and virtual reality market is projected
to reach $367.5 billion by 2030, at a CAGR of 33.6% from 2023 to 2030. The
growth of this market is attributed to the surging adoption of AR and VR
technology by manufacturers and enterprises, the rising adoption of AR in the
healthcare sector, the enormous rise in gaming and entertainment applications,
and favourable initiatives by governments to propel the adoption of AR and VR
technology in several sectors. However, the privacy and security concerns
associated with AR and VR technology restrain market growth to a certain
extent. The penetration of head-mounted displays for training purposes and
increasing advancements in gadgets and digitization are expected to create
significant opportunities for this market. However, the need for strong network
infrastructure and health-related concerns associated with excessive AR usage
pose challenges to the growth of this market.
The global augmented and virtual reality market is segmented
based on type, offering, device, application, end-use industry, and geography.
The study also evaluates industry competitors and analyses the regional and
country-level markets.
Key Players
The key players profiled in the global augmented and virtual
reality market study include Microsoft Corporation (U.S.), Sony Semiconductor
Solutions Corporation (Japan), HTC Corporation (Taiwan), Apple Inc. (U.S.),
Samsung Electronics Co., Ltd. (South Korea), Epson America, Inc. (U.S.),
Panasonic Holdings Corporation (Japan), Vuzix Corporation (U.S.), Shanghai
Lexiang Information Technology Co., Ltd. (China), PTC Inc. (U.S.), Blippar
Group Limited (U.K.), Zappar Ltd. (U.K.), Niantic (U.S.), BidOn Games Studio
(Ukraine), SpaceVR Inc (U.S.).
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Based on type, the global augmented and virtual reality
market is segmented into augmented reality and virtual reality. In 2023, the
augmented reality segment is expected to account for the largest share of the
global augmented and virtual reality market. The large share of this segment is
attributed to its versatility and practical applications in various sectors
such as gaming, retail, and education. Also, the ability to enhance real-world
experiences and its accessibility through smartphones is continuously boosting
the segment growth. The increasing development in 5G technology and the new
growth market for AR in the tourism industry are expected to offer significant
opportunities for the segment in the coming years.
Based on offering, the global augmented and virtual reality
market is segmented into hardware and software. In 2023, hardware is expected
to account for the largest share of the global augmented and virtual reality
market. The large share of this segment is attributed to the growing adoption
of smartphones, tablets, and other advanced electronic handheld gadgets that
are contributing to the segment’s growth. Favorable initiatives to launch AR
and VR-based features in several devices due to the growing popularity of smart
gadgets among consumers. Further, the growing use of VR headsets in commercial
applications, theme & amusement parks, and other places is anticipated to
offer growth opportunities to Original Equipment Manufacturers (OEMs) in the
near future.
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Based on device, the global augmented and virtual reality
market is segmented into AR devices and VR devices. In 2023, the AR devices
segment is expected to account for the largest share of the augmented and
virtual reality market. AR devices, such as AR head-mounted displays, are
widely adopted by the military, police, and firefighters to display tactical
information such as maps or thermal imaging data while viewing a real scene. AR
head-up displays (HUD) have been rapidly changing the automotive industry with
a centerpiece of smart cockpit designs and helping to improve the overall
driving experience with driver assistance and safety features. Besides, AR
devices are gaining considerable share for gaming, advertising, and
recreational activities due to growing consumer demand, which is rapidly
influencing market growth.
Based on application, the global augmented and virtual
reality market is segmented into gaming and recreational activities, designing,
prototyping and manufacturing, travel and tourism, journalism, health and
safety, advertising and retail, training, and other applications. In 2023, the
gaming and recreational activities segment is expected to account for the
largest share of the global augmented and virtual reality market. As the global
population is increasing, the world is experiencing a massive growth in gaming
activities, which drove the adoption of smart gadgets such as smartphones,
laptops, and smart headsets. Over the years, technological advancements have
played a significant role in the growth of the gaming industry. From powerful
hardware to high-speed internet connections, the availability of tools enables
games to immerse themselves in virtual worlds more seamlessly than ever before.
With the introduction of virtual reality (VR) and augmented reality (AR),
consumers leverage more immersive and realistic gameplay experiences, which is
promoting exponential growth in the segment.
Additionally, the popularity of social media and streaming
platforms has created a new space for gamers to connect, share their
experiences, and build communities around common interests. The emergence of
mobile gaming has also played a part in the industry’s expansion, making it
more accessible to people worldwide. The gaming industry will likely continue
to thrive and expand as AR and VR technology evolves in the coming years.
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Based on end-use industry, the global augmented and virtual
reality market is segmented into augmented reality by end-use industry and
virtual reality by end-use industry. In 2023, the augmented reality, by end-use
industry segment, is expected to account for the largest share of the global
augmented and virtual reality market. The large share of the segment is
attributed to its ability to enhance user experiences, improve productivity,
and provide innovative solutions. In each sector, AR technology has its
different significance, and the cumulative growth by these sectors majorly
driving the market growth. Such as immersive storytelling and interactive
experiences in media and gaming, training simulations and maintenance tasks in
aerospace and defense, assembly processes, and remote assistance in the
manufacturing industry, among others, are gaining traction. In recent years, AR
technology has witnessed many developments, such as advanced AR glasses,
improved tracking and mapping technologies, and the integration of AI for
real-time data analysis. These developments will create lucrative opportunities
for the segment.
Based on geography, the global augmented and virtual reality
market is segmented into North America, Europe, Asia-Pacific, Latin America,
and the Middle East & Africa. In 2023, North America is expected to account
for the largest share of the augmented and virtual reality market. The region's
large share is attributed to the increasing government initiatives to implement
immersive technologies across various sectors, growing investment in digital
infrastructure, and the presence of leading players in the region.
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