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 Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • 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.

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