Augmented Reality and Virtual Reality Market Analysis: The Future of Technology

/EIN News/ -- Chicago, June 16, 2024 (GLOBE NEWSWIRE) -- The global augmented reality (AR) and virtual reality (VR) market is expected to grow significantly over the next few years. This report provides an overview of the market, including its size, share, trends, and industry analysis. The report is based on a comprehensive research methodology that includes both primary and secondary sources.

Market Overview:

The Augmented Reality Market Size is expected to reach USD 71.2 billion by 2028 from 25.1 billion in 2023, at a CAGR of 23.2% during the 2023- 2028 period.

The Virtual Reality Market size is expected to reach USD 29.6 billion by 2028 from 12.9 billion in 2023, at a CAGR of 18.0% during the 2023- 2028 period.

The market is driven by factors such as the proliferation of smartphones, the increasing popularity of gaming, and the cost-efficient benefits of AR and VR-based solutions. The market is also influenced by the surge in adoption of AR and VR technologies by enterprises, which is expected to drive the growth of the market.

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Major Augmented and Virtual Reality Companies Include:

• Google (US),
• Microsoft (US),
• Sony Group Corporation (Japan),
• META (US),
• SAMSUNG (South Korea),
• HTC Corporation (Taiwan),
• Apple Inc. (US),
• PTC Inc. (US),
• Seiko Epson Corporation (Japan),
• Lenovo (China).

Market Segmentation:

The global AR and VR market is segmented based on:

• Enterprise,
• Technology,
• Offering,
• Device type,
• Application, and
• Region.

The market is dominated by the enterprise segment, which is expected to maintain its dominance in the upcoming years. The consumer segment is expected to witness significant growth due to the increasing adoption of AR and VR technologies in various consumer applications.

Regional Market Analysis:

Augmented and Virtual Reality Market Trends in North America:

The North American AR and VR market is divided into three distinct countries: the United States, Canada, and Mexico. North America, renowned for its technological advancement and development, stands as the forefront market for cutting-edge display device technologies.

In 2022, North America took the lead as the largest market for AR, securing a significant market share. The widespread acceptance of AR devices among enterprise users to enhance productivity and accuracy played a pivotal role in fueling AR market growth in North America.

In 2022, North America also took the lead globally in terms of the size and revenue generated from VR applications. The VR market is anticipated to witness substantial growth in the coming years in this region. VR's extensive usage across various sectors, particularly in consumer electronics, propels the VR market's expansion. Sectors like aerospace & defense, healthcare, consumer goods, and commercial industries are increasingly adopting VR technologies for further advancements.

Notably, North America also leads in private equity investments, with over 95% of total investments in the AR & VR market concentrated in this region. Magic Leap (US) has emerged as a key beneficiary in this market, attracting substantial investments from companies like Google (US).

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Augmented and Virtual Reality Market Growth in APAC Region:

China stands as one of the world's rapidly growing economies, with APAC taking the lead in the consumer electronics industry. The emergence of numerous startups within China has positioned the nation as a major player in the AR & VR market. Retail sales of goods exhibited consistent growth in 2019, a trend expected to persist throughout the forecast period. Landmark Entertainment Group's (US) VR and AR theme park in China offers a diverse range of attractions, including a digital art gallery, interactive museum, virtual zoo and aquarium, immersive movie theater, and themed experiences.

The nation is poised to lead APAC in the adoption of mobile-based AR and VR devices, driven by its vast mobile user base and high population density, with the widespread mobile internet population serving as a pivotal growth driver. Moreover, video and gaming content companies are anticipated to play a significant role in driving the AR & VR market in China. The country also maintains a strong position in patent activity within the AR & VR sector, exemplified by Samsung's patent filings with China's National Intellectual Property Administration (CNIPA) in January 2020, showcasing innovative designs for PC VR headsets.

In November 2023, China released the country’s first national-level policy document for the development of technologies related to the metaverse, including virtual reality (VR), augmented reality (AR), and mixed reality (MR). The Ministry of Industry and Information Technology (MIIT), in collaboration with four other government departments, unveiled the Virtual Reality and Industry Application Integration Development Action Plan (2022-2026) on November 2, 2022.

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