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Augmented and Virtual Reality Market Sees Unprecedented Growth Owing to the Booming Demand for Immersive Experiences

Augmented and Virtual Reality Market Scope and Overview

The SNS Insider report indicates that the Augmented and Virtual Reality Market size was valued at USD 24.9 Billion in 2023, and is expected to reach USD 134.01 Billion by 2031 and grow at a CAGR of 23.4% over the forecast period 2024-2031. This phenomenal growth is attributed to the surging demand for immersive experiences across various industries. AR and VR technologies are revolutionizing how businesses operate, allowing for enhanced customer engagement, streamlined processes, and improved training effectiveness.

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Major Key Players Studied in this Report are:

  • Samsung Electronics
  • Sony
  • Wikitude
  • HTC
  • Magic Leap
  • Microsoft Corporation
  • Osterhout Design Group
  • Alphabet
  • Facebook
  • Others

The AR and VR market is witnessing a surge in demand due to its diverse applications. Virtual Reality (VR) creates entirely simulated environments ideal for gaming, entertainment, and training applications. VR headsets offer highly realistic experiences, leading to their dominance in the market, particularly in the entertainment and gaming sectors. Advancements in VR hardware and software have further solidified this dominance by improving user comfort, visual quality, and interaction capabilities. AR overlays digital content onto the real world, creating interactive experiences that enhance productivity and user experience. For instance, AR can be used to project sales and inventory data onto products on store shelves, allowing customers to access detailed information without leaving their spot.

Market Segmentation and Sub-Segmentation Included Are:

By Technology

  • Augmented Reality Technology
  • Virtual Reality Technology

By Offering

  • Hardware
    • Sensors
    • Semiconductor Components
    • Displays & Projectors
    • Position Tracker
    • Cameras
    • Others
  • Software

By Enterprise

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

By Device Type

  • Augmented Reality Devices
    • Head-Mounted Displays
    • Head-Up Displays
  • Virtual Reality Devices
    • Head-Mounted Displays
    • Gesture Tracking Devices
    • Projectors & Display Walls

By Application

  • Augmented Reality Application
    • Consumer
    • Commercial
    • Enterprise
    • Healthcare
    • Aerospace & Defense
    • Energy
    • Automotive
    • Others
  • Virtual Reality Application
    • Consumer
    • Commercial
    • Enterprise
    • Healthcare
    • Aerospace & Defense
    • Others
  • Indoor Farms
  • Others

Impact of Global Events

The ongoing Russia-Ukraine crisis has a multifaceted impact on the Augmented and Virtual Reality (AR & VR) market. Disruptions in supply chains, investment patterns, and global market dynamics pose challenges for AR & VR companies. However, the crisis also presents opportunities. Increased focus on remote collaboration and training due to the conflict could drive demand for AR & VR solutions that facilitate these processes. Similarly, the economic slowdown can lead to budget constraints, potentially hindering investments in new technologies. However, AR & VR can also offer cost-saving benefits in areas like training and design, making them attractive options during economic downturns. The AR & VR market is navigating a dynamic environment, but ongoing innovation and the widening applications of these technologies indicate a resilient growth path for the market.

Key Regional Developments

North America currently dominates the augmented and virtual reality market with a share exceeding 31%. This dominance is driven by high demand from sectors such as gaming, entertainment, media, aerospace and defense, retail, and manufacturing. The presence of major industry players like Google, Facebook, and DAQRI in North America further contributes to its leadership position. These companies are at the forefront of developing cutting-edge AR & VR solutions.

Asia-Pacific region is expected to witness the highest compound annual growth rate during the forecast period. The introduction of 4G technology and high-speed communication, coupled with a growing smartphone user base, has driven the adoption of AR and VR technologies in this region. This trend is expected to continue in the coming years.

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Recent Developments

  • In July 2023: Google and Taito partnered to create Space Invaders, an immersive AR game that utilizes Google’s ARCore and Geospatial APIs to design engaging levels in real-world environments.
  • In June 2023: Apple introduced the Apple Vision Pro, a spatial computer that seamlessly integrates digital content with the real world. This advancement paves the way for applications beyond traditional screens, creating a more natural and intuitive user interface.
  • In June 2023: PTC and Rockwell Automation extended their collaboration to promote the adoption of IoT and AR software in manufacturing companies. This collaboration will provide manufacturers with access to cutting-edge solutions that can streamline operations and improve efficiency.

Key Takeaways

  • Gain a deeper understanding of the AR & VR market landscape and emerging trends to identify potential areas for investment and business expansion.
  • Utilize data-driven analysis to make strategic decisions regarding product development, marketing strategies, and resource allocation.
  • Gain valuable knowledge about competitor activity and future market trends to maintain a competitive edge.
  • Identify how AR & VR technologies can be leveraged to streamline internal processes, improve training effectiveness, and enhance customer engagement.

The future of the Augmented and Virtual Reality market is brimming with possibilities. Advancements in technology will lead to lighter, more affordable, and higher-fidelity AR & VR devices, making them more accessible to a wider audience. Integration with Artificial Intelligence (AI) will further enhance user experiences by enabling features like real-time object recognition and personalized content delivery.

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Table of Contents- Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of Ongoing Recession on Major Economies
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Augmented and Virtual Reality Market, By Technology
  9. Augmented and Virtual Reality Market, By Offering
  10. Augmented and Virtual Reality Market, By Enterprise
  11. Augmented and Virtual Reality Market, By Device Type
  12. Augmented and Virtual Reality Market, By Application
  13. Regional Analysis
  14. Company Profile
  15. Competitive Landscape
  16. USE Cases and Best Practices
  17. Conclusion

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