Virtual and Augmented Reality Market Synopsis:
Virtual and Augmented Reality Market Size Was Valued at USD 20.03 Billion in 2023, and is Projected to Reach USD 578.19 Billion by 2032, Growing at a CAGR of 45.3 % From 2024-2032.
The Virtual and Augmented Reality Market essentially encompasses the creating and utilizing of technologies that support the interaction of computer and reality environments. VR produces completely artificial worlds for play, learning, or training, while AR adds computer-generated objects to the player’s environment and makes real-time experience richer. It involves everything from PCs, which include laptops and desktops, handhelds such as PDAs and smartphones, and servers for entertainment, healthcare, retail stores, industrial manufacturing and education sectors, operating systems, applications software, and services.
The Virtual and Augmented Reality market is rapidly expanding globally because of the developments in technology, the widespread application across business sectors, and rising expenditure on virtual reality applications. These types of technologies are being actively used in entertainment and as tools for games so providing the user with a more engaging experience. Hence, advanced use interfaces, better graphics, and lower latency responses are accelerating demand for applications of VR headsets, AR glasses, and other devices. Besides, specific sectors, including medicine, are using VR and AR for training, diagnostic, and therapeutic purposes, the market growth.
Manufacturing and industry are applying VR and AR in various ways to increase productivity, efficiency, and organizational capability. The Metaverse which has been integrated to work with Virtual Reality and Augmented reality has helped make the interest and investment in this field to increase. The growth of digital and information technology services supported by the government’s policies, particularly the rising tendencies of consumers in favor of more engaging content, should help maintain the market expansion shortly.
Virtual and Augmented Reality Market Trend Analysis:
Rise of AR in Retail and E-Commerce
- Perhaps the most profound pattern influencing the Virtual and Augmented Reality Market is the specialization of AR for retail outlets and online business. AR is being employed by brands and retailers to improve the depth of the customer journey by offering virtual fitting and virtual imaging, and shopping assistance. AR based applications enable customers to touch and play with the products virtually thus increasing their confidence in online purchases. It is especially popular in the fashion industry as well as the furniture and beauty industries as AR solutions are being integrated into shopping. Also, an integration of AR with technologies such as mobile devices and the social media has ensured that the general public embrace these technologies.
Expansion in Healthcare and Education Sectors
- Two of the largest sectors with great potential for the Virtual and Augmented Reality Market are health care and education. The main application of VR and AR technology in the healthcare domain includes; Surgery Simulation, Pain Management, Physical therapy, diagnostics, and real-time guidance for surgery. In education, being part of the fourth industrial revolution, VR and AR are transforming traditional learning methodologies into enhanced styles of knowledge attainment. Now that remote learning and telemedicine are on the rise, it is necessary to turn to VR and AR to gain better efficiency and boost scalability. Seize huge market opportunities by setting up specific capacity for these sectors, the analysis found.
Virtual and Augmented Reality Market Segment Analysis:
Virtual and Augmented Reality Market Segmented on the basis of component, application, display, and Region.
By Component, Hardware segment is expected to dominate the market during the forecast period
- Based on the hardware, this segment is expected to dominate the market due to the growing adoption of AR glasses, VR headsets, sensors as well as camera. End-user hardware improvements include lighter notebooks, better batteries and high-quality screens have made these solutions more feasible. Market leaders are, therefore, shifting their efforts to attaching artificial intelligence and machine learning to hardware platforms for optimum and intelligent experience. Increasing the usage of low-end standalone VR headsets is also likely to provide the needed momentum to the segment, while edge computing variables will likely bolster the growth as well.
By Application, the Industrial and Manufacturing segment is expected to hold the largest share
- The industrial and manufacturing segment is expected to hold the largest market share over the forecast period because of the increasing demand for VR and AR in training and remote assistance and the improvement of complicated business processes. Such technologies are making Industries work for less, protect workers, and increase their efficiency. For example, AR may be applied to equipment monitoring and maintenance as well as in assembly procedures with no need to refer to large unanimated instruction manuals, while in contrast, VR can be used to simulate trainings that may pose dangerous consequences when practiced on real-life situations. One of the main considerations that have led to adoption of the VR and AR in manufacturing is that they offer a high level of accuracy and data usefulness in today’s manufacturing sector.
Virtual and Augmented Reality Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- The North America region is expected to gain the highest market share in Virtual and Augmented Reality Market over the forecast period because of more technology enhancements and funding from major technological companies. However, the field of VR and AR is dominated by the United States, where key industry players such as Meta, Google, and Apple have based themselves. The presence of specific government policies that encourage the use of new technologies and green digital transformation is also bolstering this market even further in the region.
- The well-developed support infrastructure, strong base of research and development activity, and favorable legal framework within the region present perfect conditions for the development of VR and AR. These factors are driving industries to provide innovative products that can address the two markets of consumption for enterprises. Similarly, Canada is also experiencing a rise in the usage of VR & AR across verticals, but most prominently in gaming and education making North America again the leader in this industry.
Active Key Players in the Virtual and Augmented Reality Market:
- Alphabet Inc. (USA)
- Apple Inc. (USA)
- DAQRI (USA)
- EON Reality, Inc. (USA)
- Facebook Technologies, LLC (USA)
- HTC Corporation (Taiwan)
- Magic Leap, Inc. (USA)
- Microsoft Corporation (USA)
- Niantic, Inc. (USA)
- Oculus VR (USA)
- PTC Inc. (USA)
- Samsung Electronics Co., Ltd. (South Korea)
- Sony Corporation (Japan)
- Vuzix Corporation (USA)
- Wikitude GmbH (Austria)
- Other Active Players
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Global Virtual and Augmented Reality Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 20.03 Billion |
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Forecast Period 2024-32 CAGR: |
45.3 % |
Market Size in 2032: |
USD 578.19 Billion |
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Segments Covered: |
By Component |
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By Application |
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By Reality Display |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Virtual and Augmented Reality Market by Component
4.1 Virtual and Augmented Reality Market Snapshot and Growth Engine
4.2 Virtual and Augmented Reality Market Overview
4.3 Hardware Software Service
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Hardware Software Service: Geographic Segmentation Analysis
Chapter 5: Virtual and Augmented Reality Market by Application
5.1 Virtual and Augmented Reality Market Snapshot and Growth Engine
5.2 Virtual and Augmented Reality Market Overview
5.3 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others: Geographic Segmentation Analysis
Chapter 6: Virtual and Augmented Reality Market by Deployment
6.1 Virtual and Augmented Reality Market Snapshot and Growth Engine
6.2 Virtual and Augmented Reality Market Overview
6.3 Cloud On-Premise
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Cloud On-Premise: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Virtual and Augmented Reality Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 ALPHABET INC. (USA)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 APPLE INC. (USA)
7.4 DAQRI (USA)
7.5 EON REALITY INC. (USA)
7.6 FACEBOOK TECHNOLOGIES LLC (USA)
7.7 HTC CORPORATION (TAIWAN)
7.8 MAGIC LEAP INC. (USA)
7.9 MICROSOFT CORPORATION (USA)
7.10 NIANTIC INC. (USA)
7.11 OCULUS VR (USA)
7.12 PTC INC. (USA)
7.13 SAMSUNG ELECTRONICS CO. LTD. (SOUTH KOREA)
7.14 SONY CORPORATION (JAPAN)
7.15 VUZIX CORPORATION (USA)
7.16 WIKITUDE GMBH (AUSTRIA)
7.17 OTHER ACTIVE PLAYERS
Chapter 8: Global Virtual and Augmented Reality Market By Region
8.1 Overview
8.2. North America Virtual and Augmented Reality Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Component
8.2.4.1 Hardware Software Service
8.2.5 Historic and Forecasted Market Size By Application
8.2.5.1 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others
8.2.6 Historic and Forecasted Market Size By Deployment
8.2.6.1 Cloud On-Premise
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Virtual and Augmented Reality Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Component
8.3.4.1 Hardware Software Service
8.3.5 Historic and Forecasted Market Size By Application
8.3.5.1 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others
8.3.6 Historic and Forecasted Market Size By Deployment
8.3.6.1 Cloud On-Premise
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Virtual and Augmented Reality Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Component
8.4.4.1 Hardware Software Service
8.4.5 Historic and Forecasted Market Size By Application
8.4.5.1 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others
8.4.6 Historic and Forecasted Market Size By Deployment
8.4.6.1 Cloud On-Premise
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Virtual and Augmented Reality Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Component
8.5.4.1 Hardware Software Service
8.5.5 Historic and Forecasted Market Size By Application
8.5.5.1 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others
8.5.6 Historic and Forecasted Market Size By Deployment
8.5.6.1 Cloud On-Premise
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Virtual and Augmented Reality Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Component
8.6.4.1 Hardware Software Service
8.6.5 Historic and Forecasted Market Size By Application
8.6.5.1 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others
8.6.6 Historic and Forecasted Market Size By Deployment
8.6.6.1 Cloud On-Premise
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Virtual and Augmented Reality Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Component
8.7.4.1 Hardware Software Service
8.7.5 Historic and Forecasted Market Size By Application
8.7.5.1 BFSI Public Sector Manufacturing Hospitality IT and Telecommunication Healthcare Others
8.7.6 Historic and Forecasted Market Size By Deployment
8.7.6.1 Cloud On-Premise
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
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Global Virtual and Augmented Reality Market |
|||
|
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 20.03 Billion |
|
Forecast Period 2024-32 CAGR: |
45.3 % |
Market Size in 2032: |
USD 578.19 Billion |
|
Segments Covered: |
By Component |
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By Application |
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By Reality Display |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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