Introduction to Augmented Reality and Virtual Reality
The Global Augmented Reality and Virtual Reality Market Size accounted for USD 22.6 Billion in 2021 and is estimated to attain a market size of USD 451.5 Billion by 2030 growing at a CAGR of 38.5% from 2022 to 2030.
Augmented Reality and Virtual Reality Market Statistics
Some key statistics concerning the market include:
- Global augmented reality and virtual reality market revenue was price USD 22.6 billion in 2021, with a 38.5% CAGR from 2022 to 2030
- Asia-Pacific augmented reality and virtual reality market share gathered greater than 35.4% in 2021
- According to review, the rise of AR/VR technology within the United States alone will produce 2.3 million jobs over the subsequent few years.
- By component, the hardware category captured over 61.2% of total market share in 2021
- Growing acceptance within the military and defense industries propels the augmented reality and virtual reality market value
Market Overview
The marketplace for augmented reality and virtual reality significantly widens the spectrum of every day tasks that connected devices may assist with, including information search, commerce, in addition to other activities, while virtual reality enables users to travel the world from the convenience of their homes. VR technology generates a simulated environment for its consumers, allowing them to perceive the actual presence of gaming.
Market Trends
The key drivers of the market are the expanding use of the web and the booming video game sector. The AR & VR market will rise rapidly in the course of the forecast period on account of the growing uses of virtual reality and augmented reality in sectors corresponding to retail, entertainment, healthcare, media, aerospace, manufacturing, and defense. Furthermore, governments the world over are encouraging using different technologies and latest technologies to help the automotive industry and manufacturing sectors to thrive.
Market Segmentation
The global augmented reality and virtual reality market has been segmented by Acumen Research and Consulting based on device type, component, technology, platform, and device application. By device type, the segment is separated into augmented reality devices (head-up displays (HUD), head-mounted displays (HMD), and handheld devices), and virtual reality devices (head-mounted displays (HMD), projects & displays wall, and gesture control devices (GCD)).
Regional Overview
Based on the region, the worldwide augmented reality and virtual reality market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an industry review of augmented and virtual reality, the Asia-Pacific area is the fastest-growing market. The expanding consumer segment in nations like Japan, South Korea, and China is answerable for ARVR’s growth.
Market Players
Some of the outstanding augmented reality and virtual reality market firms are Qualcomm Technologies Inc., Vuzix Corporation, Oculus VR, Samsung Electronics Co. Ltd., Laster Technologies, CyberGlove Systems LLC, Google Inc., Innovega Inc., Facebook Inc., Microsoft Corporation, NIVIDIA Corporation, EON Reality, Inc., Magic Leap, Inc., Augmented Pixels Co., and Advanced Micro Devices, Inc.
Conclusion
In conclusion, the worldwide augmented reality and virtual reality market is growing rapidly on account of the increasing use of web and booming video game sector. The market is anticipated to succeed in USD 451.5 Billion by 2030, with a CAGR of 38.5% from 2022 to 2030. The key players available in the market are specializing in developing latest technologies and products to cater to the growing demand from various industries corresponding to retail, entertainment, healthcare, and defense. As the market continues to grow, we are able to expect to see latest and modern applications of augmented reality and virtual reality in the long run.
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