Global Augmented Reality (AR) and Virtual Reality (VR) Market was valued US$ XX Bn in 2019 and is expected to reach US$ X4X.X Bn by 2027, at CAGR of X6.X1% during forecast period.
Augmented Reality and Virtual Reality Market Overview:
The world is totally absorbed with the two technologies, AR and VR. An incredible combination of these two has come into existence, which is a comprehensive reality, recognized as mixed reality. It is a smooth crossing among AR & VR and associations the best of both virtual worlds. Rising awareness about this technology between the consumers in both developed as well as emerging economy, rapid adaptation of AR and VR technology between several industry domains along with a merger of AR and VR to develop the mixed reality that can be employed for prospective applications, propelling the growth of the market. VR supports application of computer technology in order to develop a virtual environment. On the contrary, AR coats computer-created developments over a present reality that increases interaction ability of this system.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Augmented Reality (AR) and Virtual Reality (VR) Market Dynamics
Global AR and VR market has been driven by several key factors, mostly rapid growth in implementation of tablet computers and smartphones, technological development, extreme concentration of key players in the AR and VR system along with broad mobility and versatility. It has been observed that the AR and VR systems are becoming accessible to consumers via several mediums like platforms and devices. Additionally, smartphones are widely being used as input expedients for observing the VR situation, particularly for the virtual reality gaming applications. Furthermore, the rising penetration of smartphones and tablet computers is widely providing towards the growth of the AR and VR market across the globe. The tablet and mobile based AR and VR technology is witnessing rapid application form the key players working in education, interior designing, e-commerce, architecture, and furnishing. These factors are thereby attributing towards the prompt growth of the AR and VR market globally.
Key factors hampering the growth of the AR and VR market are advancement of user-friendly VR systems together with disturbing health concerns because of the use of AR and VR technology. Certain health anxieties that are detected from the use of this system comprise motion sickness, eyestrain, and nausea that are usually extreme for health due to the persistent effect on the eyes. Also, because of these health impacts, the demand for AR and VR technology is impacting in a negative manner.
Globally, industry players of AR and VR market are holding market growth through mergers and acquisitions, technological developments and strategic developments. The prompt improvement of new products are thereby amplifying the demand for AR and VR market globally. For example, Samsung along with Oculus VR has recently developed VR devices for extensive utilization of huge mass along with key smartphone players. These accomplishments are thereby amplifying the growth of AR and VR market across the globe.
Asia-Pacific is expected to witness XX% growth in the global AR and VR market during the forecast period. The growth of this market is attributed towards growing investment in defense and commercial domain in this region. The presence of a large number of display board industrialists together with technological developments are the key factors boosting the growth of AR and VR market. Also, emphasizing growth in automotive and healthcare domain in a country such as Japan is anticipated to further drive the growth of AR and VR market in the near future.
Key Market Trends:
The Gaming Industry Expected to Hold the Majority Share
Because of the various developments in the gaming industry, the substantial technologies which are generating a market attention are Virtual Reality (VR) and Augmented Reality (AR). For a passionate gamer, nothing could be more stimulating than the prospect of being transported inside the game, battling demons, aliens, and spies, discovering incredible environments beyond imagination. The most popular application of AR was revealed in the game Pokemon Go in 2016, where players targeted to search for virtual creatures on their smartphones. Also, the rising adoption of mixed reality in gaming technology in amusement parks and military training is expected to fuel the application of mixed reality in the gaming industry. For example, the enormous theme parks in developed countries such as the U.S. are making large investments to incorporate mixed reality in gaming technology to deliver an immersive gaming experience.
North America to Dominate the Market
The North America region is estimated to be the market leader in the AR & MR markets in the world, during forecast period. Most of the companies making developments in these technologies are based in this region. The North America region is also one of the biggest markets for the media & entertainment industry. For example, Microsoft HoloLens is a discovery in the mixed reality technology, which is located in the United States. The region is leading the market also because of factors like high technology exposure, and easy availability of devices have generated a robust demand for smart devices, in this region. For example, Microsoft Hololens was first released in the United States and Canada and has received a positive response from the consumers in the region.
The report covers the market leaders, followers and new entrants in the industry with the market dynamics by region. It will also help to understand the position of each player in the market by region, by segment with their expansion plans, R&D expenditure and organic & in-organic growth strategies. Long term association, strategic alliances, supply chain agreement and M&A activities are covered in the report in detail from 2014 to 2019. Expected alliances and agreement in forecast period will give future course of action in the market to the readers. More than ten companies are profiled, benchmarked in the report on different parameters that will help reader to gain insight about the market in minimum time.
The objective of the report is to present a comprehensive analysis of the Augmented Reality and Virtual Reality Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Vehicle. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Vehicle on the market have been presented in the report.
External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Augmented Reality and Virtual Reality Market dynamics, structure by analyzing the market segments and project the Augmented Reality and Virtual Reality Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Augmented Reality and Virtual Reality Market make the report investor’s guide.
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Scope of Global Augmented Reality and Virtual Reality Market:
Global Augmented Reality and Virtual Reality Market by Technology
• Augmented Reality technology
o Marker less
• Virtual Reality Technology
o Semi-Immersive and Fully-Immersive
Global Augmented Reality and Virtual Reality Market by Device Type
• Augmented Reality Devices
o Head-Mounted Displays
o Head-Up Display (HUD)
o Handheld Device
• Virtual Reality Devices
o Head-Mounted Display (HMD)
o Gesture Control Device
o Projector & Display Wall
Global Augmented Reality and Virtual Reality Market by Application
• 3D Camera
• Semiconductor Component
• Software Development Kits
• Cloud-Based Services
Global Augmented Reality and Virtual Reality Market by Vertical
• Aerospace and Defense
• Consumer Semiconductor Component
Global Augmented Reality and Virtual Reality Market by Geography
• North America
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players Operated in Augmented Reality and Virtual Reality Market Includes:
• Microsoft Corporation
• EON Reality, Inc.
• Cyberglove Systems LLC.
• Qualcomm Inc.
• Samsung Electronics Co., Ltd.
• Oculus VR, LLC
• Magic Leap, Inc.
• Google Inc.
• Vuzix Corporation
• Infinity Augmented Reality Inc.
• Osterhout Design Group
• Wikitude GmbH
• Apple Inc
• Facebook Inc.
• HTC Corporation
• Marxent Labs, LLC.
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