Acumen Research and Consulting recently published a report on “Augmented Reality and Virtual Reality Market Analysis - Global Industry Size, Share, Trends and Forecast 2022 - 2030”, which forecasts that the global augmented reality and virtual reality market size is expected to grow over 38% CAGR from 2022 to 2030 and reach the market value of around 451 billion by 2030. The evolution of this technology is being driven by a rising need for augmented reality and virtual reality in healthcare for training purposes using 3D modelling. The privacy of software, a lack of awareness, and the high cost of ARVR hardware are some of the major issues restraining the growth of the ARVR industry.
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Although AR and VR have been around for more than a decade, they are still too expensive for widespread adoption or business use. However, in order to achieve greater growth and profitability, businesses will be forced to use both of these technologies in a variety of ways in the years to come. By 2022, the worldwide AR and VR industry might reach USD 33 billion. By 2022, the number of downloads for AR and VR apps will reach 5.5 billion as well.
According to recent studies, people are more likely to prefer firms that integrate immersive technology into their customer experiences. With the aid of enhanced reality technologies, shoppers may explore showrooms in-depth and test out products online before making a purchase. This includes, whenever possible, the ability to touch, feel, and simulate using certain products. From immersive digital experiences to 360-degree catalogues, VR and AR let clients have an immersive online shopping experience while boosting business growth.
In the data and technology industry, 2022 holds a number of changes. Look at the top market trends for the year when it comes to AR VR solutions.
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Altering the Stimulation and Visualization of the Real World
The expanding use of ARVR in e-commerce, sports, entertainment, gaming, and the military, among other industries, has led to a tremendous increase in the market's acceptability in recent years. In the medical field, 3D models are utilized for training reasons in augmented reality and virtual reality, as well as during surgical procedures. Many industries, including aerospace, entertainment, education, defense & security, digital manufacturing, and healthcare, heavily rely on augmented and virtual reality technologies. The ARVR technology is utilised in the aerospace and defense industries to display data such as the horizon line, aircraft speed, and altitude.
AR & VR Market Trends
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Augmented Reality and Virtual Reality Market Segmentation
The global augmented reality and virtual reality market is segmented by device type, component, technology, platform, device application, and geography.
Based on device type, the market segments are augmented reality devices, and virtual reality devices. Based on component, the global ARVR market segments include hardware and software. The hardware segment is further bifurcated into displays, 3D cameras, sensors and semiconductor components. The software segment comprises software development kits (SDK) and cloud-based services. Due to the increasing demand for software programmes and games, the software segment contributed the most and is predicted to hold a significant portion of the market. Based on application, the global AR and VR market is segmented into aerospace & defense, consumer, medical, commercial, and others.
Some of the key players dealing in the augmented reality and virtual reality market and included in report are Oculus VR, EON Reality, Inc., Samsung Electronics Co. Ltd., Qualcomm Technologies Inc., Virtalis Ltd., Magic Leap, Inc., CyberGlove Systems LLC, Google Inc., Vuzix Corporation, Augmented Pixels Co., Laster Technologies, Catchoom, Advanced Micro Devices, Inc., Innovega Inc., Facebook Inc., NIVIDIA Corporation, and Microsoft Corporation among others.
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