Global augmented reality (AR) and virtual reality (VR) are projected to generate revenue of USD 165.3 billion with a strong CAGR of 56.6% during the forecast period of 2023-2030.
The internet's increasing adoption and the burgeoning video game industry serve as the market's main propellants and drive growth from USD 28.2 billion in 2022 to the projected revenue. IT giants are anticipated to have a crucial engagement in the market growth by introducing advancements in AR and VR technology. And, the market will experience strong growth due to the expanding applications of augmented reality and virtual reality in healthcare, retail, entertainment, media, manufacturing, aerospace, and military sectors.
The base of the global AR & VR market research done by Vynz research is the growth chart of the past projected period, the role of industry players, factors like Covid-19 affecting the growth plan, and the opportunity for the new start-ups to contribute to the market the projection plan along with industry players. Global market participants in the AR and VR space are taking advantage of this growth through mergers and acquisitions, technological advancements, and strategic initiatives. As a result, the global demand for AR and VR is growing quickly due to the rapid development of new products launched.
Browse the augmented reality and virtual reality market share- analysis and forecast
An AR & VR device is assembling various pertinent components, types of devices, technology, and application. Hence the Global AR-VR market is segmented into the required tools and applications. Applications based on augmented reality and virtual realities are dominating the various industries including media, manufacturing, aerospace, and military sectors. The demand for AR-VR applications has seen exponential growth in healthcare and military segments and the rise will anticipate supporting the market during the forecasted period. Apparently, the gaming sector is anticipated to experience a significant rise in the market share of augmented and virtual reality because of the growing appeal of AR/VR-based games.
Augmented Reality market dynamics and trend
The covid-19 impacted positively on the growth of the AR-VR market and result of that online shopping has come into force. The sudden hike in demand for online shopping platforms has fueled the augmented and virtual reality market expansion. And the convenience will enhance demand in this industry and, in turn, aid to fuel the market expansion for augmented reality during the forecasted period as well. Augmented reality technologies make it easier for customers to be satisfied. Moreover, the market growth is anticipated to support by expanding the use of smartphones and tablet computers. Key companies in the fields of education, interior design, e-commerce, architecture, and furniture are quickly adopting tablet- and mobile-based AR and VR technology. These elements are thus contributing to the market for AR and VR's quick global expansion.
The Asia Pacific is anticipated to contribute the largest to the global AR &VR market growth
The augmented and virtual reality market is scattered all across the globe but the Asia pacific geographically leads the market and is projected to contribute the highest during the forecasted period. China, a prominent distributor of HMDs and other VR-related hardware, saw a considerable increase in the VR market.
The increasing market revenue in the U.S. is the primary cause of the market expansion in North America. The United States is home to many technologically advanced companies, like Apple, Inc., Microsoft, Magic Leap, and Google LLC, and it conducts considerable VR research. Additionally, the American government encourages market expansion by providing online public health veterinarian training courses. Due to rising internet usage and developments in immersive technology, the South American market is anticipated to expand gradually.
Market participants are leveraging market expansion in the global augmented reality and virtual reality industry through mergers and acquisitions, technological advancements, and strategic initiatives. Additionally, these players are introducing new goods to meet the needs of various companies. For instance, Samsung and Oculus VR recently created virtual reality equipment for widespread use by a large population and important smartphone manufacturers.
Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc., and Sony Corporation are a few of the major companies active in the global augmented reality and virtual reality market.
Global AR and VR Market Coverage
Component Insight and Forecast 2018-2030
Device Insight and Forecast 2018-2030
Component Insight and Forecast 2018-2030
AR and VR Market by Region
Middle East & Africa (MEA)