Augmented Reality and Virtual Reality Market forecast, 2021-2028
AR and VR Market
The AR and VR Market was valued at USD 22,500 million in 2020, growing at a CAGR of 55.7% over the forecast period (2021-2028).
The factors driving the growth of AR and VR Market includes growing application of Augmented Reality (AR) and Virtual Reality (VR) in end-use industries such as aircraft, healthcare, real estate and Automotive, growing internet penetration and booming gaming industry. According to the report published by Bloomberg, the Global Metaverse Market is anticipated to reach USD 678.8 billion by 2030, exhibiting a CAGR of 39.4% over the forecast period, which is expected to accelerate the AR and VR Market Growth in the approaching years. Moreover, the increasing investment by Venture Capitalists on VR/AR based start-ups, growing number of consumer electronic devices and increasing demand for AR in the retail and e-commerce sector, are some of the additional factors supplementing the AR and VR Market share. As per Crunchbase News, the around USD 1.9 billion were invested by Venture Capitalist on AR/VR space in 2020 and their investment increased to USD 3.9 billion, which will create lucrative opportunities in the AR and VR Market in the coming years. In addition, the increasing digitalization, growing technological advancements and rising tech savvy population, are further contributing to the AR And VR Market size.
However, the growth of AR and VR Market is hindered due to growing concerns about data and privacy issues
The prominent players operating in the market are IBM, Oracle, NVIDIA, Xilinx, Inc., Microsoft Corporation, Facebook, Intel Corporation, Samsung, Google LLC and Sony Corporation among others.
Application – Segment Analysis
As per the AR VR Market Forecast, the consumer gaming segment captured a significant market share during the forecast period attributed to growing application of Augmented Reality in Gaming industry for creating 3D visual objects in the real world and increasing demand for Head Mounted Display (HMD) systems, are some of the factors responsible for the growth of the segment.
Regional – Segment Analysis
According to the AR VR Market Analysis, the Asia-Pacific region is projected to expand at a remarkable CAGR over the forecast period. The increasing economic activities in the developing economies such as India, China and Vietnam, growing smartphone penetration, improvements in the living standards, rising disposable incomes, high population growth and the collaboration between the industry leaders, are some of the important factors influencing the market growth in Asia-Pacific. As per IBEF’s report, Facebook is going to invest around USD 5.7 billion for a minority stake of 9.99% in India based Jio Platforms, a subsidiary of Reliance Industries (RIL), which will strongly focus on utilizing advanced technologies such as Artificial Intelligence, Big Data Analytics and Augmented Reality to expand their business operations in the Indian market.
Market Segmentation
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Offering
Hardware
Software
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Type
VR
AR
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Application
Consumer (Gaming)
Consumer (Video)
Retail & Marketing
Transportation & Automotive
Education
Manufacturing and CPG
Healthcare
Government
Others (Enterprise, Utilities & Energy)
Global Augmented Reality (AR) and Virtual Reality (VR) Market by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
Leave a Comment:
To notify a previous commenter, mention their user name: @peter or @peter-smith if there are spaces.
