Introduction to Augmented and Virtual Reality
The Global Augmented and Virtual Reality Market was price US$ 379.61 billion in 2023 and is anticipated to succeed in US$ 31,348 billion by 2032 from US$ 620 billion in 2024. It is predicted to register a CAGR of 63.3% throughout the forecast period 2024-2032.
Market Scenario
Augmented reality is a technology that uses the prevailing user environment and overlays digital or virtual information or content to deliver an immersive digital experience in a real-time environment. Virtual reality is a computer-generated 3D environment, which completely immerses end users in a man-made world without seeing the true world. Augmented reality applications are developed in special 3D programs, which permit developers to integrate contextual or digital content with the true world in real time. Virtual reality provides a sensible user experience of the synthetic world in an interactive simulated environment.
Augmented reality integrates digital information with the user’s environment in real-time and uses the prevailing environment to overlay latest information on top of it. AR integrates the truth with the virtual world with the assistance of software platforms or software-defined kits. This technology is partially immersive, which implies that the user can experience the true world and the augmented world at the identical time. Using smartphones and tablets, the user can move around in any environment and thus mix the true world with the augmented world.
Augmented reality and virtual reality are immersive technologies that visualize a virtual environment through the usage of a tool or on a surface / platform. Virtual reality software is used to create a man-made environment and is presented to the user in a way that makes them imagine and experience like an actual environment. Virtual reality is experienced primarily through vision and audio.
Market Growth and Trends
Semi and Fully Immersive Technology
Most firms give attention to developing immersive video games for users. Virtual reality headsets allow users to interact with the virtual world. The growing demand for semi-immersive and fully immersive virtual reality devices is the results of improvements in computer systems and electronic networks. Furthermore, innovations reminiscent of fully immersive HMDs with VR technology that provide a high-resolution 360 ° field of view to the user are expected to drive growth on this market.
Software
The AR and VR software market has seen strong growth lately and is presupposed to dominate the worldwide market in the subsequent five years attributable to the trend of VR content creation and AR games. Mass consumption is believed to contribute to the widespread adoption of AR and VR. Delays within the launch of latest AR and VR hardware and declining AR and VR hardware sales negatively affected revenue growth within the AR and VR software market.
Market Drivers
The increasing penetration of smartphones and mobile games and the rising adoption of virtual and augmented reality solutions in education are presupposed to drive market growth.
Market Restraints
The lack of efficient user experience design and low growth in underdeveloped economies are estimated to hamper market growth throughout the outlook period. Instead, increasing investment out there must be a augmented and virtual reality market opportunity.
Report Coverage
The report covers various elements of the market, including market size, base yr, forecast period, CAGR, segments covered, and regions covered. The report also provides an evaluation of the market leaders and their profiles.
| REPORT METRIC | DETAILS |
|---|---|
| Market Size Available | 2023 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024 to 2032 |
| CAGR | 63.3% |
| Segments Covered | By Organization Size, Application, Industry Vertical, and Region |
| Various Analyses Covered | Global, Regional, and country-level evaluation; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
| Regions Covered | North America, Europe, APAC, Latin America, Middle East & Africa |
| Market Leaders Profiled | Google Inc., Sony, Magic Leap, Inc., HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude |
Segmental Analysis
Global Augmented and Virtual Reality Market Analysis By Organization Size
- Large Enterprises
- Small & Medium-Sized Enterprises
Global Augmented and Virtual Reality Market Analysis By Application
The market evaluation by application is anticipated to play a vital role in the expansion of the market.
Global Augmented and Virtual Reality Market Analysis By Industry Vertical
- Gaming
- Entertainment & Media
- Aerospace & Defense
- Healthcare
- Education
- Manufacturing
- Retail
Regional Analysis
North America and Europe are the most important contributors to this industry, while Asia Pacific and LAMEA are anticipated to supply promising growth opportunities in the long run.
Market Key Players
The major players operating in the worldwide augmented and virtual reality market evaluation include Google Inc., Sony, Magic Leap, Inc., HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude.
Recent Happenings within the Market
- In March 2021, Epson America, Inc., a unit of Japan’s Seiko Epson Corporation, made a cope with 3D HoloGroup (USA), a AR software architecture and systems integration specialist, to give attention to the sales of The Epson AR glasses.
- In June 2019, PTC acquired TWNKLS (Netherlands), a provider of practical AR solutions for Industry 4.0, to speed up the event of enterprise AR applications.
- In May 2019, Microsoft released second-generation HoloLens, HoloLens 2. The complete HoloLens 2 suite includes Unity Pro free trials, Azure credits, and the Unity PiXYZ plug-in for CAD data. The company also announced Unreal Engine 4 support for HoloLens 2, which is able to provide customers with a more realistic experience.
Conclusion
The global augmented and virtual reality market is anticipated to grow significantly in the subsequent few years, driven by the increasing adoption of virtual and augmented reality solutions in various industries, including gaming, education, and healthcare. The market is anticipated to succeed in US$ 31,348 billion by 2032, with a CAGR of 63.3% throughout the forecast period. The market leaders, including Google Inc., Sony, and Microsoft Corporation, are expected to play a vital role in the expansion of the market. However, the shortage of efficient user experience design and low growth in underdeveloped economies are estimated to hamper market growth throughout the outlook period.
