Augmented Reality and Virtual Reality Market Analysis by Size, Share, Growth, Trends up to 2030
The Augmented Reality and Virtual Reality Market provides businesses with the opportunity to create new products across a variety of industries. For example, AR can improve the user experience across a range of fields, including medicine, retail and tourism.
Despite the COVID-19 epidemic AR/VR headset sales are predicted to rise this year. Apple's introduction of a headset is expected to bring much-needed attention to the genre.
Augmented Reality and Virtual Reality Market is expected to grow rapidly at a 24.8% CAGR consequently, it will grow from its existing size of from $71 Billion in 2023 to $301 Billion by 2030.
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Competitive Landscape of the Augmented Reality and Virtual Reality Market
- Blippar Limited
- Infinity Augmented Reality Limited
- Niantic, Inc.
- Zappar Limited.
- Magic Leap, Incorporated
- Wikitude GmbH
- HTC
- Google LLC
- Apple, Inc.
- Sony Corporation
- Vuzix Corporation
Recent Developments in Augmented Reality and Virtual Reality Market
Oct 25, 2023: Google launches AR beauty tools for shoppers and brands
Sep 26, 2023: Matrix Partners India promotes three principals to managing directors
Overseas Market
Augmented Reality (AR) can be described as a method of interaction that allows users to communicate with electronic objects or spaces and add layers of information on real-world objects. AR apps are increasingly being utilized by various industries like healthcare, retail as well as gaming to improve user experience as well as enable innovative product features.
The world AR market is expanding rapidly because of the increasing demands from different industries and the growth of numerous unique products. The rapid growth of the AR market is also fueled by the growth of modern display technologies, including OLED LCD, OLED and IPS. These displays have higher brightness as well as resolution and color gamut. This allows them to offer a more immersive AR experience.
A startup based in London has created a wearable, lightweight device that allows surgeons to be able to share their first-person view of open surgery and minimally invasive procedures with colleagues from the distance. The devices are expected assist doctors in avoiding mistakes and improve the patient experience.
Research and Markets estimates that AR will be a major trend in the retail sector as a whole, with a market of about $10.7 billion in 2021.
AR will soon become a key device for shoppers and will allow them to see products on the internet and make better informed purchases. AR can also be beneficial for medical professionals who can utilize the technology to conduct virtual simulations and training on a range of situations in the clinical.
Trend Analysis
Virtual Reality is 3D computer-generated environment that allows the user to be immersed. It is utilized in various fields like medicine, industry tourism and construction. It enhances the efficiency of manufacturing of goods, enhances learning, and creates a more enjoyable and engaging for customers. It also helps reduce expenses by providing information in real-time.
Many industries have taken advantage of AR/VR technology to enhance the user experience and expand business opportunities.
These include e-commerce and retail (for instance Nike's use of AR technology to let customers see how their shoes look when they walk) as well as medical (for training) entertainment, travel and entertainment (such as using VR to visit remote places as well as the museums) as well as education.
Virtual and augmented reality market is expanding rapidly and new technology is continuously being developed to improve the experience of users. The COVID-19 virus has led to the use of these technologies. Companies are looking for new ways to utilize these technologies.
However, despite these advantages but there are some obstacles in the way of widespread adoption of AR/VR. One of the challenges is reducing the price of hardware in order to make it accessible to the average person.
Another challenge is cutting down on front light leakage in optical combiners. This requires specific materials that are currently costly to make. These issues will be addressed as technology develops and becomes more common. The market for AR/VR is expected to expand at a rate of 35 percent over the next 10 years.
Growth Driver
The world's expanded real-time (XR) marketplace is growing rapidly, driven by variety of factors, including the rising interest in VR gaming as well as the rapid use of AR technology by businesses. As the price of hardware decreases, AR and VR will become more commonplace technologies that can be utilized across a variety of industries.
AR and VR technologies are changing the landscape of business through the development of new methods to engage customers and provide compelling brand experiences. Its benefits span a range of industries, from increasing worker efficiency through effective training to reducing machine downtime, and cost savings.
Splunk is one example. It has developed a dashboard which lets warehouse floor managers as well as mechanical technicians to view live performance metrics that are that are overlayed over physical objects.
Furthermore, AR could be utilized in e-commerce as well as retail to improve the customer experience and boost sales. For example, AR can enable customers to see the items in their homes before they buy they purchase, or even provide an interactive tour of the property to prospective buyers. This helps customers make better choices and lower the amount of money they spend.
The world XR market is marked with the existence of numerous top firms, including tech giants like Sony Corporation, HTC Corporation, Samsung Electronics Co. Ltd. as well as Microsoft Corp. It is also predicted to grow significantly within Asia Pacific, owing to the rapid use of new technologies and the increasing concentration on XR development.
Segmentation
Augmented Reality can be utilized to overlay digital data directly onto actual objects and environments improving the user experience in making it more easy to process the information and to take action.
It's an excellent device for providing education to health professionals because it will assist them in creating realistic images of structures and anatomical structures in a virtual way. The increasing market for AR in the field of healthcare is predicted to propel the market's growth.
The global AR and VR market is classified by product kind and the end-user. The items comprise mobile AR and AR software and hardware for augmented reality. Its software section is subdivided into three different types of application including social media apps games, games, and e-commerce applications. Additionally, the hardware category is subdivided into standalone headsets and tethered headsets.
The market for augmented realities is driven by technological advances like the introduction of 5G as well as the increasing popularity of smartphones. The rapid growth of these technologies allows businesses to create rich and engaging experiences that they can offer their clients. They also allow companies to cut cost and time to market.
Furthermore, augmented realities can be utilized to improve existing services and products by making them more appealing to the public. Additionally, it can be utilized to enhance customer service by allowing customers to make purchases based on relationships that are in line with their lifestyle and needs.
Segments Covered in the Augmented Reality and Virtual Reality Market
Augmented Reality and Virtual Reality Market by Device Type
- AR technology
- VR Technology
Augmented Reality and Virtual Reality Market by Offering Type
- Hardware
- Software
Augmented Reality and Virtual Reality Market by End Use
- Aerospace & Defense
- Consumer
- Commercial
- Enterprise
- Gaming and Entertainment
- Healthcare
- Others
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