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Augmented and Virtual Reality (AR VR) Market

Augmented and Virtual Reality (AR VR) Market by Organization Size, (Large Enterprises and Small & Medium Sized Enterprises), by Technology Type (AR: Marker-less, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology), by Component (Hardware (Sensors, Processors, Controllers, Cameras and Others) and Software (Software Development Kits and Platforms)), by End-user Type(Commercial, Consumer), by Application(Consumer, Commercial, Enterprise, Healthcare, Aerospace and Defence, Automotive, Energy, Others.), by Regions and Global Forecast 2022-2028

Report Id: SNS/ICT/2500 | July 2022 | Region: Global | 134 Pages

Report Scope & Overview:

Augmented and Virtual Reality (AR VR) Market Size was valued at USD 36.1 billion in 2021 and US$ 37.4 billion in 2022, expected to reach USD 119.5 billion by 2028, and grow at a CAGR of  25.5% over the forecast period 2022-2028.

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. Furthermore, 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 report provides a thorough examination of key segments, trends, drivers, restraints, the competitive landscape, and factors that are significant in the market.

Augmented Reality is defined as a system that combines the real and virtual worlds, allows for real-time interaction, and accurate 3D registration of virtual and real items. Augmented reality is a type of reality in which digital information is superimposed on top of a physical image using technology. It's most commonly known as augmented reality, and it can be found in tablet and smartphone apps. Because almost everyone has a smartphone, augmented reality is more effective as a branding and gaming tool than virtual reality.

MARKET DYNAMICS:

KEY 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

OPPORTUNITIES:

AR Market

  • Collaborations between telecom companies and AR manufacturers to reduce latency to undetectable levels

  • Increased demand for augmented reality in architecture

VR Market

  • HMD penetration in medical and architectural applications

  • COVID-19 is driving up demand for VR HMDs in healthcare.

CHALLENGES:

AR Market

  • Overcoming social obstacles in order to increase adoption rates

  • Application reconfiguration for various platforms

VR Market

  • The negative impact of COVID-19 lockdown on commercial trade

  • Creating user-friendly virtual reality systems

THE IMPACT OF COVID-19

The COVID-19 epidemic has strongly encouraged the growth of real and agitated markets due to the increasing shift in the adoption of real and unpopular taxpayer technology that we are seeing as the number of businesses turn to remote jobs. HTC has announced that it will be hosting its 2021 online developer conference, and is expected to continue with VR. On the other hand, the 2020 China Spring Cloud Auto Show incorporates AR technology, big data, Web 3D, panoramic content, and other technologies to introduce advanced technologies and products with a wide range of ideas.

COVID-19 compelled the world to adopt a remote work culture, whether for schools, universities, or corporations, resulting in a boom in the AR and VR market due to increased virtual training, education, and shopping, as well as industry training and supervision using AR and VR devices. But it also has a negative impact. Covid-19 had an impact not only on the operations and manufacturing of various AR and VR device and component manufacturers, but also on the businesses of their suppliers and distributors. During the first half of 2020, the key players in this market saw the impact of the pandemic in their inventories for AR and VR device components. 

The large enterprises segment had the highest growth in the augmented and virtual reality market in 2022, and it is expected to maintain its dominance in the coming years. This is due to an increase in augmented and virtual reality applications in the automotive, manufacturing, construction, extractive industry, aircraft, healthcare, education, law enforcement, and real estate industries. However, the SME segment is expected to grow the fastest, owing to the benefits of AR & VR technology such as reduced field staff training costs, faster repairs, and higher customer satisfaction.

The virtual reality market for hardware devices under the device segment is expected to grow rapidly in the event of touch tracking devices. Touch tracking devices can be used in medical training such as surgery and endoscopy, X-ray, etc. These devices can also be used to control stiffness by tracking every touch and movement that warns about joint, muscle and postural. user error. This successful use of these devices in the medical field is planned to increase the market share of these devices by the end of the forecast period (2028). The growth rate of these devices is very high for the stated reasons.

The reason for this market share is that the software market is still developing and growing well, socially behind Covid-19, with growing online visual purchases and virtual training. The software application market has almost completely developed and prospered. As a result, software growth in the AR and VR market will have stalled during the forecast period (2022 - 2028).

MARKET KEY PLAYER

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

MARKET SEGMENT:

by Organization Size

  • Large Enterprises

  • Small Enterprise & Medium Sized Enterprises

by Technology Type

AR Technology

  • Marker-based AR technology

  • Markerless AR technology

VR Technology

  • Non-Immersive

  • Semi-immersive and Fully Immersive Technology

by Component

  • Hardware

  • Software

by End-user Type

  • Commercial

  • Consumer

by Application

  • Consumer

  • Commercial

  • Enterprise

  • Healthcare

  • Aerospace and Defence

  • Automotive

  • Energy

  • Others

REGIONAL ANALYSIS

The market share of reality in the Asia Pacific region was large because few countries in the region such as China, Japan and South Korea focused on training and assisting in medical and electronic learning services for clients using virtual reality. technology. But at the same time, countries like India are on the verge of adopting this technology and focusing it on various sectors and forums, which in turn leads to the indication that the region will show rapid growth in the real estate market. region at the time of forecast.

The outbreak and spread of COVID-19 disrupted and disrupted the list of AR and VR devices and their component manufacturers and suppliers. For example, the outbreak of COVID-19 in the US has led to door closures that include closure of production facilities and warehouses and has affected exports and exports to various industries. Closed-door measures announced in several countries around the world as they are affected by the COVID-19 epidemic have also led to a decline in the supply of marketers of AR and VR device components. However, there has been progress in the AR and VR industry due to the sudden evolution of work culture on online platforms.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Augmented and Virtual Reality (AR VR) Market Report Scope
Report Attributes Details
Market Size in 2021 US$ 36.1 Billion
Market Size by 2028 US$ 119.5 Billion
CAGR CAGR of 25.5% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Organization Size, (Large Enterprises and Small & Medium Sized Enterprises)
• By Technology Type (AR: Marker-less, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology)
• By Component (Hardware (Sensors, Processors, Controllers, Cameras and Others) and Software (Software Development Kits and Platforms))
• By End-user Type(Commercial, Consumer)
• By Application(Consumer, Commercial, Enterprise, Healthcare, Aerospace and Defence, Automotive, Energy, Others.)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, 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 (FAQ) :

According to SNS insiders, the Augmented and Virtual Reality Market size was USD 37.4 billion in 2022 and is expected to reach USD 119.5 billion by 2028 with a CAGR of 25.5% over the forecasted period

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.

North America, Europe, Asia-Pacific, The Middle East & Africa, Latin America.

These are main region covered in this report.

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. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Augmented and Virtual Reality Market, by Organization Size

8.1 Large Enterprises

8.2 Small Enterprise & Medium-Sized Enterprises

 

9. Augmented and Virtual Reality Market, by Technology Type

9.1 AR Technology

9.1.1 Marker-based AR technology

9.1.2 Markerless AR technology

 

9.2 VR Technology

9.2.1 Non-Immersive

9.2.2 Semi-immersive and Fully Immersive Technology

 

10. Augmented and Virtual Reality Market, by Component

10.1 Hardware

10.2 Software

 

11. Augmented and Virtual Reality Market, by End-user Type

11.1 Commercial

11.2 Consumer

 

12. Augmented and Virtual Reality Market, by Application

12.1 Consumer

12.2 Commercial

12.3 Enterprise

12.4 Healthcare

12.5 Aerospace and Defence

12.6 Automotive

12.7 Energy

12.8 Others

 

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3 Europe

13.3.1 Germany

13.3.2 UK

13.3.3 France

13.3.4 Italy

13.3.5 Spain

13.3.6 The Netherlands

13.3.7 Rest of Europe

13.4 Asia-Pacific

13.4.1 Japan

13.4.2 South Korea

13.4.3 China

13.4.4 India

13.4.5 Australia

13.4.6 Rest of Asia-Pacific

13.5 The Middle East & Africa

13.5.1 Israel

13.5.2 UAE

13.5.3 South Africa

13.5.4 Rest

13.6 Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Rest of Latin America

 

14. Company Profiles

14.1 Samsung Electronics Co., Ltd

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 DAQRI

14.3 Magic Leap, Inc

14.4 Sony

14.5 Wikitude

14.6 Alphabet (Google Inc.)

14.7 Microsoft Corporation

14.8 OSTERHOUT DESIGN GROUP

14.9 Facebook

14.10 HTC

 

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share Analysis

15.3 Recent Developments

 

16. 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.

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.

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Step 4: QA/QC Process

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