image

Augmented And Virtual Reality Market Report Scope & Overview:

The Augmented And Virtual Reality (AR VR) 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.

Rising demand for AR and VR devices and applications is propelling the market forward. Rising demand for advanced devices in medical training, patient care management, and education is propelling the Augmented and Virtual Reality (AR VR) Market forward. The  market growth is attributed to emerging trends in smart manufacturing. The Global Augmented and Virtual Reality (AR VR) Market report offers a comprehensive analysis of the market. The Growing in popularity of gaming, the cost-effective advantages of augmented and virtual reality solutions, and the increasing adoption of AR and VR technologies by enterprises are expected to Drive the Market.

Augmented And Virtual Reality (AR VR) Market Revenue Analysis

Get more information on the Augmented and Virtual Reality (AR VR) Market - Request Sample Report

Market Dynamics

Drivers:

  • Consumer interest in immersive technologies like AR and VR is driving market growth, fueled by the desire for more engaging content and interactive experiences.
  • The Continuous improvements in hardware and software technologies are enhancing the capabilities of AR and VR devices.
  • The shift towards remote work and virtual collaboration due to global events has increased the adoption of AR and VR solutions for meetings, training, and teamwork, driving market expansion.
  • The market for AR and VR is driven by due to increasing investments in innovative content and gaming experiences.

The AR and VR market experiences growth due to huge investments in creating innovative content and gaming experiences. These investments drive the development of captivating virtual worlds, immersive simulations, and interactive storytelling, attracting a broader audience across various sectors. Companies and developers focus on pushing boundaries in graphics, gameplay mechanics, and user engagement, leading to a competitive landscape that continually evolves with new and exciting offerings.

Restraints:

  • The initial investment required for AR and VR hardware and software can be prohibitive for some consumers and businesses, limiting widespread adoption.

  • Complexities related to hardware compatibility, software integration, and user experience issues can hinder the seamless adoption and usage of AR and VR solutions.

  • Despite growth, the availability of high-quality and diverse AR and VR content and applications remains limited, impacting the overall user experience and adoption rates.

  • Growing regulatory frameworks, licensing issues, and intellectual property rights pose challenges for AR and VR developers and businesses, affecting market expansion.

Opportunities:

  • Increasing adoption of AR and VR technologies by businesses for training, remote collaboration, product design, and customer engagement presents significant growth opportunities.

  • Continued innovation in AR and VR applications for healthcare, including surgical simulations, patient education, telemedicine, and therapy, presents substantial opportunities for market expansion.

  • Growth in AR and VR adoption for education and training purposes, such as virtual classrooms, simulations, and skill development programs, creates a lucrative market segment.

  • Integration of AR and VR with smart city initiatives and Internet of Things (IoT) technologies opens opportunities for urban planning, maintenance, tourism, and public services enhancement.

The adoption of AR and VR for education and training purposes is growing. Virtual classrooms offer immersive learning experiences, simulations enable hands-on training in a safe environment, and skill development programs, interactive tools for effective learning outcomes. This trend is driven by the need for innovative and engaging learning methods, especially in remote or specialized fields. the institutions and businesses recognize the benefits of AR and VR in enhancing learning outcomes and skills acquisition, the market for educational and training applications continues to expand.

Challenges:

  • AR and VR platforms require specialized skills and resources, posing a challenge for content creators and developers.

  • Ensuring a seamless and immersive user experience across different devices.

  • Business AR and VR solutions with existing IT infrastructures, workflows, and business processes can be complex and requires careful planning and implementation.

Impact of Russia-Ukraine War:

The ongoing Russia-Ukraine crisis has a multifaceted impact on the Augmented and Virtual Reality (AR & VR) market, affecting various facets of the industry. The market encounters obstacles such as security and privacy concerns associated with AR technologies and potential health issues linked to excessive use of AR & VR devices. Additionally, factors like display latency and energy consumption can impact the performance of AR & VR devices, potentially impeding market growth. the Russia-Ukraine conflict, and high inflation are also noteworthy, contributing to a complex operational landscape for AR & VR companies. These factors can disrupt supply chains, investment patterns, and global market dynamics, shaping both opportunities and challenges in the AR & VR market. the AR & VR market is navigating through a dynamic environment shaped by rapid technological advancements and significant geopolitical events. Despite the hurdles, ongoing innovation, and the widening applications of AR & VR technologies across diverse industries indicate a resilient growth path for the market.

Impact of Economic Slowdown

The economic slowdown can have a significant impact. Reduced consumer spending may lead to decreased demand for AR/VR devices and experiences, impacting sales and revenue for companies in the industry. Businesses may also cut back on investments in AR/VR technologies, affecting innovation and development within the sector. The economic downturn could result in increased price sensitivity among consumers, making it challenging for AR/VR companies to maintain profitability and sustain growth.

Market Segmentation

By Technology

  • Augmented Reality Technology

  • Virtual Reality Technology

On the Basis Of Technology Virtual Reality Technology Dominates the Augmented And Virtual Reality (AR VR) Market with holding share of more than 58%, This dominance is attributed to VR's immersive nature, which creates entirely virtual environments for users to explore. VR headsets and systems offer highly realistic simulations and gaming experiences, Growing demand across entertainment, gaming, and training sectors. advancements in VR hardware and software have improved user comfort, visual quality, and interaction capabilities, further solidifying its market leadership. augmented reality (AR) technology is also gaining, especially in industries such as retail, healthcare, and manufacturing, offering interactive overlays on the real world for enhanced experiences and productivity.

Augmented-And-Virtual-Reality-AR-VR-Market-Trend-By-Technology.

Need any customization data on the Augmented and Virtual Reality (AR VR) Market - Enquiry Now

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

Regional Analysis:

North America dominates the augmented and virtual reality market with a holding Revenue share of more than 31%, driven by high demand from sectors such as gaming, entertainment, media, aerospace and defense, retail, and manufacturing. Major industry players like Google, Facebook, and DAQRI are based in North America, offering cutting-edge solutions. Enterprises in this region have made significant investments in AR & VR technologies and simulation. The Asia-Pacific region is expected to grow with highest compound annual growth rate During the Forecast Period of 2024 to 2031. The introduction of 4G technology and high-speed communication, with the increasing number of smartphone users, has Driven the adoption of AR and VR technologies in this region. This trend is expected to continue in the forecast period.

Augmented-And-Virtual-Reality-AR-VR-Market-Share-Regional-Analysis

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

MARKET KEY PLAYER

The key players are Samsung Electronics Co., Ltd, Sony, Wikitude, HTC, Magic Leap, Inc, Microsoft Corporation, OSTERHOUT DESIGN GROUP, Alphabet, DAQRI, Facebook, and Other players.

Magic Leap Inc - Company Financial Analysis

Company Landscape Analysis

Recent Development:

  • In July 2023, Google and Taito are teaming up to develop Space Invaders, an immersive augmented reality (AR) game that allows players to defend the Earth right from their own neighborhoods. This exciting game is powered by our ARCore and Geospatial APIs, creating engaging levels in the real world using AR technology and 3D graphics on the screen, incorporating the player's immediate surroundings, nearby buildings, landscapes, and other architectural elements.

  • Apple made a groundbreaking announcement in June 2023 with the introduction of the Apple Vision Pro, a cutting-edge spatial computer that seamlessly blends digital content with the physical world, enabling users to stay connected and engaged with others. The Vision Pro provides a versatile platform for applications that go beyond traditional screens, featuring a fully three-dimensional user interface controlled by intuitive inputs such as a user's gaze, gestures, and voice commands.

  • Lenovo introduced the ThinkReality™ VRX in May 2023, an all-in-one virtual reality (VR) headset designed specifically for business use. Targeted at enterprises, the Lenovo ThinkReality VRX is tailored to be the ultimate VR solution for professionals in various fields. Whether it's improving employee training, facilitating virtual collaboration, or enhancing 3D design and engineering tasks, extended reality (XR) technologies are becoming increasingly important for businesses, empowering workers to achieve more.

Augmented and Virtual Reality (AR VR) Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 24.9 Billion
Market Size by 2031  US$ 134.01 Billion
CAGR  CAGR of 23.4% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Technology (Augmented Reality Technology, Virtual Reality Technology)
• By Offering (Hardware, Software)
• By Enterprise (Small Enterprises, Medium Enterprises, Large Enterprises)
• By Device Type (Augmented Reality Devices, Virtual Reality Devices)
• By Application (Augmented Reality Application, Virtual Reality Application, Indoor Farms, Others)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Samsung Electronics Co., Ltd, Sony, Wikitude, HTC, Magic Leap, Inc, Microsoft Corporation, OSTERHOUT DESIGN GROUP, Alphabet, DAQRI, Facebook, and other players.
DRIVERS • AR Market
COVID-19 is driving up demand for augmented reality in the retail and e-commerce sectors.
Rising demand for augmented reality devices and applications in healthcare
• VR Market
Technological progress and increasing digitization
HMDs are becoming more popular in a variety of industries.
RESTRAINTS • AR Market
AR-related security and privacy concerns
Health risks associated with excessive AR use
• VR Market
The overall performance of VR devices is influenced by display latency and energy consumption.
Health issues associated with low resolution and lack of movement

Frequently Asked Questions

Ans. The projected market size for the Augmented And Virtual Reality (AR VR) Market is USD 134.01 billion by 2031.

Viveverse, a cross-platform metaverse introduced by HTC Vive, is an open source VR metaverse comprising of multiple interactive environments, apps, and games. It allows users to move between platforms such as Vive Sync and Engage. also

Sony improved an existing product, the VR headset PSVR headset. Sony claims to be developing a PSVR headset for a better virtual reality experience on PlayStation, as the PSVR headgear will link directly to the PlayStation 5 console.

Ans: The Augmented And Virtual Reality (AR VR) Market is to grow at a CAGR of 25.5% during the forecast period 2023-2030.

Collaborations between telecom companies and AR manufacturers to reduce latency to undetectable levels and COVID-19 is driving up demand for VR HMDs in healthcare.

Rising demand for augmented reality devices and applications in healthcare

and HMDs are becoming more popular in a variety of industries.

TABLE OF CONTENTS

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Industry Flowchart

 

3. Research Methodology

 

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

 

5. Impact Analysis

5.1 Impact of Russia-Ukraine Crisis

5.2 Impact of Economic Slowdown on Major Countries

5.2.1 Introduction

5.2.2 United States

5.2.3 Canada

5.2.4 Germany

5.2.5 France

5.2.6 UK

5.2.7 China

5.2.8 Japan

5.2.9 South Korea

5.2.10 India

 

6. Value Chain Analysis

 

7. Porter’s 5 Forces Model

 

8.  Pest Analysis

 

9. Augmented And Virtual Reality (AR VR) Market, By Technology

9.1 Introduction

9.2 Trend Analysis

9.3 Augmented Reality Technology

9.4 Virtual Reality Technology

 

10. Augmented And Virtual Reality (AR VR) Market, By Offering           

10.1 Introduction

10.2 Trend Analysis

10.3 Hardware

10.3.1 Sensors

10.3.2 Semiconductor Components

10.3.3 Displays & Projectors

10.3.4 Position Tracker

10.3.5 Cameras

10.3.6 Others

10.4 Software

 

11. Augmented And Virtual Reality (AR VR) Market, By Enterprise      

11.1 Introduction

11.2 Trend Analysis

11.3 Small Enterprises

11.4 Medium Enterprises

11.5 Large Enterprises

 

12. Augmented And Virtual Reality (AR VR) Market, By Device Type   

12.1 Introduction

12.2 Trend analysis

12.3 Augmented Reality Devices

12.3.1 Head-Mounted Displays

12.3.2 Head-Up Displays

12.4 Virtual Reality Devices

12.4.1 Head-Mounted Displays

12.4.2 Gesture Tracking Devices

12.4.3 Projectors & Display Walls

 

13. Augmented And Virtual Reality (AR VR) Market, By Application

13.1 Introduction

13.2 Trend analysis

13.3 Augmented Reality Application

13.3.1 Consumer

13.3.2 Commercial

13.3.3 Enterprise

13.3.4 Healthcare

13.3.5 Aerospace & Defense

13.3.6 Energy

13.3.7 Automotive

13.3.8 Others

13.4 Virtual Reality Application

13.4.1 Consumer

13.4.2 Commercial

13.4.3 Enterprise

13.4.4 Healthcare

13.4.5 Aerospace & Défense

13.4.6 Others

13.4.7 Indoor Farms

13.4.8 Others

 

14. Regional Analysis

14.1 Introduction

14.2 North America

14.2.1 USA

14.2.2 Canada

14.2.3 Mexico

14.3 Europe

14.3.1 Eastern Europe

14.3.1.1 Poland

14.3.1.2 Romania

14.3.1.3 Hungary

14.3.1.4 Turkey

14.3.1.5 Rest of Eastern Europe

14.3.2 Western Europe

14.3.2.1 Germany

14.3.2.2 France

14.3.2.3 UK

14.3.2.4 Italy

14.3.2.5 Spain

14.3.2.6 Netherlands

14.3.2.7 Switzerland

14.3.2.8 Austria

14.3.2.10 Rest of Western Europe

14.4 Asia-Pacific

14.4.1 China

14.4.2 India

14.4.3 Japan

14.4.4 South Korea

14.4.5 Vietnam

14.4.6 Singapore

14.4.7 Australia

14.4.8 Rest of Asia Pacific

14.5 The Middle East & Africa

14.5.1 Middle East

14.5.1.1 UAE

14.5.1.2 Egypt

14.5.1.3 Saudi Arabia

14.5.1.4 Qatar

14.5.1.5 Rest of the Middle East

14.5.2 Africa

14.5.2.1 Nigeria

14.5.2.2 South Africa

14.5.2.3 Rest of Africa

14.6 Latin America

14.6.1 Brazil

14.6.2 Argentina

14.6.3 Colombia

14.6.4 Rest of Latin America

 

15. Company Profiles

15.1 Samsung Electronics Co., Ltd.

15.1.1 Company Overview

15.1.2 Financials

15.1.3 Products/ Services Offered

15.1.4 SWOT Analysis

15.1.5 The SNS View

15.2 Sony.

15.2.1 Company Overview

15.2.2 Financials

15.2.3 Products/ Services Offered

15.2.4 SWOT Analysis

15.2.5 The SNS View

15.3 Wikitude

15.3.1 Company Overview

15.3.2 Financials

15.3.3 Products/ Services Offered

15.3.4 SWOT Analysis

15.3.5 The SNS View

15.4 HTC.

15.4 Company Overview

15.4.2 Financials

15.4.3 Products/ Services Offered

15.4.4 SWOT Analysis

15.4.5 The SNS View

15.5 Magic Leap, Inc .

15.5.1 Company Overview

15.5.2 Financials

15.5.3 Products/ Services Offered

15.5.4 SWOT Analysis

15.5.5 The SNS View

15.6 Microsoft Corporation.

15.6.1 Company Overview

15.6.2 Financials

15.6.3 Products/ Services Offered

15.6.4 SWOT Analysis

15.6.5 The SNS View

15.7 OSTERHOUT DESIGN GROUP.

15.7.1 Company Overview

15.7.2 Financials

15.7.3 Products/ Services Offered

15.7.4 SWOT Analysis

15.7.5 The SNS View

15.8 Alphabet.

15.8.1 Company Overview

15.8.2 Financials

15.8.3 Products/ Services Offered

15.8.4 SWOT Analysis

15.8.5 The SNS View

15.9 DAQRI

15.9.1 Company Overview

15.9.2 Financials

15.9.3 Products/ Services Offered

15.9.4 SWOT Analysis

15.9.5 The SNS View

15.10 Facebook

15.10.1 Company Overview

15.10.2 Financials

15.10.3 Products/ Services Offered

15.10.4 SWOT Analysis

15.10.5 The SNS View

 

16. Competitive Landscape

16.1 Competitive Benchmarking

16.2 Market Share Analysis

16.3 Recent Developments

16.3.1 Industry News

16.3.2 Company News

16.3.3 Mergers & Acquisitions

 

17. USE Cases and Best Practices

 

18. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

Start a Conversation

Hi! Click one of our member below to chat on Phone