Report Scope & Overview:
The Augmented and Virtual Reality (AR VR) Market Size was valued at US$ 46.93 billion in 2022, expected to reach USD 288.82 billion by 2030 and grow at a CAGR of 25.5% over the forecast period 2023-2030.
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.
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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 turns 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 enterprise's 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 (2030). 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 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
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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
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
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 46.93 Billion |
| Market Size by 2030 | US$ 288.82 Billion |
| CAGR | CAGR of 25.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 |
Ans:- The Augmented and Virtual Reality (AR VR) market size is estimated to reach USD 288.82 billion by 2030.
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. 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
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
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