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Augmented Reality and Virtual Reality Market Analysis - Global Industry Size, Share, Trends and Forecast 2022 - 2030

Category : ICT | Published at : May-2018 | Delivery Format : PDF | Status: Published | Pages : 125

The global augmented reality and virtual reality market size was valued at USD 22.6 Billion in 2021 and is anticipated to grow to USD 451.5 Billion by 2030 with a projected CAGR of 38.5% during the forecast period from 2022 to 2030.

The global AR And VR market size worth USD 451 Billion by 2030

A synthetic environment created with the aid of artificial intelligence is called virtual reality. It is an imitation or replica of an event or setting from real life that is produced by a computer. Because of its ability to communicate with users, it enhances current reality and gives it greater meaning. The addition of virtual elements like graphics and digital photographs through augmented reality, however, enhances the experiences. The market for ARVR is also anticipated to expand in the years to come due to the rising demand for goods based on augmented reality and virtual reality (ARVR) technology in numerous industries.

AR And VR Market Dynamics

The market's expansion is primarily being driven by rising demand for mobile and handheld devices as well as the widespread use of head-mounted displays (HMD). Additionally, rising R&D expenditures are propelling this market's expansion. Lack of understanding, together with software privacy concerns and expensive ARVR technology, could limit the market's expansion for augmented and virtual reality. An ongoing trend in the industry is the application of ARVR technology in live presentations and seminars, surgeries, video games, battlefields, and 3D modelling. Additionally, growing adoption of ARVR technology across a number of sectors, including healthcare, education, aerospace, military & security, digital manufacturing, and entertainment, is anticipated to propel this market's expansion over the coming years.

Head-up displays (HUDs) are largely used for image augmentation and are currently used in the aerospace and defence sector as well as the automotive industry for training purposes. The market for HUDs that support augmented reality is still in its infancy but is anticipated to become commercially viable soon. The primary purpose of the augmented reality head-up displays in cars and aeroplanes is intended to be navigation. The display of information on the windscreens, such as a route and speed, as well as any additional vital details in the driver's line of sight, would help drivers drive safely. The market would grow more quickly if head-up displays were used in industries like aerospace and defence and automobiles.

AR And VR Market Report Coverage

Report Coverage

Market Augmented Reality and Virtual Reality Market
Market Size 2021 USD 22.6 Billion
Market Forecast 2030 USD 451.5 Billion
CAGR During 2022 - 2030 38.5 %
Analysis Period 2018 - 2030
Base Year 2021
Forecast Data 2022 - 2030
Segments Covered By Device Type, By Component, By Technology, By Platform, By Device Application, And By Geography
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Oculus VR, EON Reality, Inc., Samsung Electronics Co. Ltd., Virtalis Ltd., Qualcomm Technologies Inc., Laster Technologies, Magic Leap, Inc., CyberGlove Systems LLC, Vuzix Corporation, Google Inc., Augmented Pixels Co., Catchoom, Innovega Inc., Facebook Inc., NIVIDIA Corporation, Microsoft Corporation, and Advanced Micro Devices, Inc. among others.
Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Customization Scope

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The wildly successful augmented reality game Pokémon Go was the first evidence of consumer augmented reality technology use. Before that, no one had considered AR apps or experiences for smartphones. This unanticipated application of smartphone augmented reality successfully verified the general consumer adoption of the technology.

New smartphone applications have been unveiled after Pokémon Go's first release in 2016. Retailers have created AR apps to help users make online purchases, while firms like Snapchat and Facebook have developed interesting methods to deliver AR experiences on social media platforms. By putting up their smartphone in front of a room or space, users of the Ikea app, for instance, may see furnishings in their own homes. This lessens some of the anxiety that customers have when purchasing large products like furniture online. It offers an additional convenience.

Since a few years ago, smartphones and headsets have been the most popular method of delivering a VR experience. The easiest way for consumers to start using VR has been through this. Compared to the market for augmented reality today, virtual reality is far more developed. To create an immersive VR experience, the necessary hardware platforms and software tools are now available. Virtual reality experiences are rapidly expanding their applications in our lives thanks to the availability of increasingly sophisticated systems like the Oculus Rift and 360-degree cameras.

From real estate to tourism, virtual reality is demonstrating some useful business use cases. On a recent trip to Israel, I saw how the Jerusalem Visitor's Bureau immersed travelers in the city's 5,000-year-old appearance utilizing virtual reality. These cutting-edge VR experiences are emerging in a variety of global sectors.

Due to its limits, lack of standards, and higher price, augmented reality technology is still in its infancy compared to virtual reality, but it is already being used in sectors including manufacturing, healthcare, and logistics. Experiences with augmented reality are often provided through headsets like Meta, ODG, Vuzix, and HoloLens, and early indications indicate that the technology is about to revolutionize business and industrial markets. Before these technologies are widely used, however, there is more work to be done.

AR And VR Market Segmentation

AR & VR Market By Device Type

  • Augmented Reality Devices
    • Head-Mounted Displays (HMD)
    • Head-Up Displays (HUD)
    • Handheld Devices
  • Virtual Reality Devices
    • Head-Mounted Displays (HMD)
    • Gesture Control Devices (GCD)
      • Data Gloves
      • Others
    • Projects & Displays Wall

AR & VR Market By Component

  • Hardware
    • 3D Camera
    • Semiconductor Components
      • Integrated Circuits (IC)
      • Controller/ Processor
      • Others
    • Displays
    • Sensors
      • Accelerometer
      • Gyroscope
      • Magnetometer
      • Proximity Sensors
      • Global Positioning Systems
  • Software
    • Cloud-Based Services
    • Software Development Kits (SDK)

AR & VR Market By Technology

  • Marker-Based Augmented Reality
    • Active Marker
    • Passive Marker
  • Marker-less Augmented Reality
    • Model-Based Tracking
    • Image Processing-Based
  • Virtual Reality Technology
    • Non-Immersive Technology
    • Semi-Immersive & Fully-Immersive Technologies 

AR & VR Market By Platform

  • Mobile
  • Console
  • PC
  • Others

AR & VR Market By Device Application

  • Augmented Reality Application
    • Commercial
    • E-learning
    • Tourism
    • E-Commerce & Marketing Applications
      • Real Estate
      • Footwear
      • Beauty (Cosmetics)
      • Jewel Toning
      • Apparel Fitting
      • Furniture and Lighting Design
      • Grocery Shopping
      • Commercial Vertical Overall Review
    • Consumer
      • Gaming
      • Sports and Entertainment
        • Entertainment Application
          • Theme Parks
          • Art Gallery and Exhibitions
          • Museums (Archeology)
          • Consumer Vertical Overall Review
    • Aerospace & Defense
    • Medical
      • Surgery
      • Pharmacy Management
      • Medical Training
      • Fitness Management
      • Medical Segment Overall Review
    • Other  
      • Automotive
      • Geospatial Mining
      • Enterprise Solutions
      • Architecture and Building Design
  • Virtual Reality Application
    • Commercial
      • Fashion
      • Advertisement
    • Consumer
      • Gaming
    • Aerospace and Defense
    • Medical
    • Industrial
    • Others

AR & VR Market By Geography

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Latin America

  • Mexico
  • Brazil
  • Rest of Latin America

Asia-Pacific

  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Rest of Asia-Pacific

The Middle East & Africa (MEA)

  • Gulf Cooperation Council (GCC)
  • South Africa
  • Rest of the Middle East & Africa

Companies Covered

Oculus VR, EON Reality, Inc., Samsung Electronics Co. Ltd., Virtalis Ltd., Qualcomm Technologies Inc., Laster Technologies, Magic Leap, Inc., CyberGlove Systems LLC, Vuzix Corporation, Google Inc., Augmented Pixels Co., Catchoom, Innovega Inc., Facebook Inc., NIVIDIA Corporation, Microsoft Corporation, and Advanced Micro Devices, Inc. among others.


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