Introduction to Japan’s Augmented Reality and Virtual Reality Market
The Japan Augmented Reality and Virtual Reality Market is anticipated to grow at a CAGR of 30.6% from 2022 to 2027, in line with a research report published by MarketsandMarkets. This growth is driven by the increasing demand from the entertainment industry, which is a major sector in Japan.
Factors Driving the Growth of the Market
The booming gaming industry and the appearance of 5G within the region are key aspects contributing to the expansion of the market. Japan has a powerful base of technologically advanced manufacturing industries, offering multiple opportunities for firms manufacturing AR and VR devices. Small and enormous firms in Japan are investing in research and development to achieve a competitive edge available in the market. AR and VR devices are primarily utilized in Japan for entertainment purposes, however the technology is anticipated to be applied mainly within the healthcare, retail, and manufacturing industries.
Applications of AR and VR in Japan
Gaming and entertainment are some of the essential industries for VR headsets in Japan. The country is anticipated to create opportunities for AR HMDs in the approaching years. Education is one other essential application area for HMDs in Japan, with many faculties adopting VR HMDs to enable virtual learning. Japan’s healthcare, aerospace & defense, mining, and oil & gas sectors have been investing in automating workflow to scale back human errors, and using AR and VR technology for these applications is anticipated to reinforce its market within the country.
Key Players within the Market
The major players within the Augmented Reality and Virtual Reality market include Google, Microsoft, Sony Corporation, Samsung Electronics, HTC, Apple Inc., PTC Inc., Seiko Epson, Oculus VR, and Lenovo. These firms are taking a keen interest in AR and VR devices, which could translate into potential opportunities for AR and VR vendors.
Booming Sectors in Japan
The major booming sectors in Japan are financial services, healthcare, advanced manufacturing, and retail. The increased use of AR and VR devices in advanced medical applications equivalent to VR diagnostics and VR surgeries is further expected to drive the requirement for AR and VR display modules within the country. Companies equivalent to Sony, JDI, and Seiko Epson are catering to the worldwide AR and VR market, and other major Japanese firms equivalent to Fujitsu, NEC, Honda, Koei Tecmo, Alps Electric, and ASUS are also taking a keen interest in AR and VR devices.
Conclusion
In conclusion, the Japan Augmented Reality and Virtual Reality Market is anticipated to witness rapid growth as a consequence of the increasing demand from the entertainment industry and the appearance of 5G within the region. The market is driven by the growing demand for AR and VR devices in various industries equivalent to gaming, education, healthcare, and manufacturing. The major players available in the market are investing in research and development to achieve a competitive edge, and the country is anticipated to create opportunities for AR HMDs in the approaching years. As the market continues to grow, it is anticipated to have a major impact on the Japanese economy and society as a complete.
