Market Overview
The global augmented reality and virtual reality (AR/VR) market 2020 are poised to reach USD 767.67 billion by 2027, recording a whopping 73.7% CAGR over the assessment period (2020 to 2027).
Market highlights
The increasing need for head-mounted displays (HMDs) in gaming and entertainment, the adoption by firms of virtual reality for marketing campaigns, the increasing need for augmented reality and virtual reality in the automobile and e-commerce sectors contribute to the need for augmented reality technology in the healthcare sector and the investment and funding by major market players.
The growing penetration across industries such as consumer electronics, automobiles, and retail of advanced technology is responsible for driving the development of the demand for augmented reality. In addition , growing mobile device usage across the world is driving consumer growth, as it seems to be the most convenient type of augmented reality. The COVID-19 pandemic has spread across the globe and has had both a positive and a negative effect on different sectors. The planet is facing a pandemic that has slowed down the world economy.
Segmental Analysis
The industry has been bifurcated between handheld augmented reality and virtual reality on the basis of technology.
The industry has been divided into devices, solutions, and applications based on the component.
The AR-VR market has been divided into virtual reality devices and augmented reality devices based on the device type.
The market has been split into consumer electronics, aerospace defence, media entertainment, hospitality, healthcare, automobile, BFSI, engineering, IT telecommunication, travel tourism, education, and real estate, based on the vertical.
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Regional Overview
The geographical analysis of AR-VR market has been analyzed for North America, Europe, Asia-Pacific, and the rest of the world.
Due to the association of eminent market players and rising investors in AR / VR technology, North America has been identified as the most significant market share in the AR / VR market. Retail organisations are implementing AR devices for visual merchandising of their products in Canada, the US, and Mexico. As a result of their demand in the defence industry for simulation-based training in the region, there is a rising need for head-mounted displays, accelerating market growth in the North American region.
Europe has been assessed as the second largest market share due to the growing adoption of VR / AR technologies in the media entertainment industry for play-stations and mobile games. The industry also produces considerable revenue from the growing implementation of virtual reality and augmented reality technologies in countries such as France, the United Kingdom , Germany, Spain , Italy and other European nations.
Asia-Pacific is expected to account for the third-largest market share and is poised to experience considerable growth in the coming years due to the acceptance of augmented reality and virtual reality technologies for 3D modelling, 3D rendering, and virtualization by various industry verticals. Business development is expected to gather traction in nations such as China , India , Japan, Australia , South Korea, among others.
With growing demand for AR / VR technologies and acquisitions from key markets to provide solutions for virtual and augmented reality to small and medium-sized enterprises in the retail, medical and e-commerce sectors, the region of Latin America and the Middle East Africa is likely to reach substantial market growth.
Competitive Scenario
the major players identified by MRFR in the global Augmented Reality and Virtual Reality market as EON Reality Inc., Terminal Eleven (SkyView), Hewlett-Packard Company, Augmented Pixels Inc., DAQRI LLC, Wikitude GmbH, Sony Corporation, Zapper Limited, Virtalis Limited, Google LLC, awe.org Pty Ltd (buildar.com), HTC Corporation, Samsung Group, Blippar, Microsoft Corporation, Facebook Inc., Magic Leap Inc., PTC Inc., and Visteon Corporation
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