Global Augmented Reality and Virtual Reality Market 2020-2030

Global Augmented Reality and Virtual Reality Market 2020-2030

Bonafide Trust 29-04-2022 173 Pages Figures : 76 Tables : 88
Region : Global Category : IT & Telecommunications Technology

The augmented reality and virtual reality market dramatically expands the ways connected devices can help with everyday activities such as searching for information, shopping, and others, while virtual reality allows users to experience various outer world places from the comfort of their own homes. VR gaming creates a 3D environment for its users, allowing them to experience a game's physical presence. Global augmented reality and virtual reality market will reach $246.85 billion by 2027, growing by 37.1% annually over 2020-2027 considering impact of COVID-19 pandemic. Augmented Reality (AR) technology accounts for a larger market share and will grow at 42.4% annually over the forecast years, faster than the Virtual Reality (VR) technology. Growing demand for head-mounted displays (HMDs) in gaming and entertainment, adoption of augmented reality and virtual reality market for marketing strategies, and increasing demand for AR/VR in the retail and e-commerce industry are key factors positively impacting the AR/VR market growth. Furthermore, rising demand for augmented and virtual reality devices in the manufacturing and healthcare sectors and increased investments and funding by key market players to develop AR/VR solutions are propelling market growth. In the healthcare industry, augmented reality plays a critical role. AR can be used to show a surgeon a virtual view of a patient's body parts. This can assist the surgeon in performing minimally invasive surgeries. Augmented reality modelling and 3D visualisation are expected to benefit the healthcare sector. The use of augmented reality (AR) for improving fitness, teaching complex subjects to medical students, training doctors, managing pharmacies, and caring for and supporting patients after they leave the hospital is propelling the augmented reality and virtual reality market in this sector forward. Virtual Reality has revolutionized the gaming and entertainment sectors by allowing users to immerse themselves in a highly simulated environment. Furthermore, the growing use of this technology in instructional training, such as for teaching engineers, mechanics, pilots, field workers, defense warriors, and technicians in the manufacturing and oil and gas sectors, is propelling the market growth. Apart from educational and training purposes, virtual reality is widely adopted for various other applications. For instance, the technology allows engineers to experiment with a vehicle's design and construction at the concept stage before beginning on costly prototypes in the automobile industry. With VR exposure therapy, the technology is also used for treating people with mental health issues. Furthermore, tourism companies use VR technology to enable potential clients or customers to take a virtual tour of monuments, iconic destinations, restaurants, and hotels. The entertainment and sports industries have gained significant benefits from VR technology. The market for virtual reality is projected to be widely adopted in location-based entertainment, gaming, theaters, and music. For instance, in 2018, Europa-Park, a German amusement park, installed VR rollercoasters called Eurostat Coastality, which allow visitors to experience a world based on the film Valerian and the City of a Thousand Planets.

North America dominates the augmented and virtual reality market due to the demand from gaming, entertainment & media, aerospace & defense, retail, and manufacturing industries. In addition, North America is a home to major players such as Google, Facebook, DAQRI, and others, which offer advanced solutions. Moreover, enterprises in this region have invested on AR & VR along with simulation. However, Asia-Pacific is expected to observe highest growth rate during the forecast period. Introduction of 4G technology and high-speed communication along with growing number of smartphone users has driven the adoption of AR and VR market in this region. By application, the augmented and virtual reality market share was dominated by the consumer segment in 2020 and is expected to maintain its dominance in the upcoming years. However, the enterprise segment is expected to witness the highest growth, as the increase in number of enterprises apart from gaming and other consumer entertainment subsectors are adopting and testing AR and VR technologies in an extensive range of work-related applications. The increasing use of VR applications in the architecture and planning sector is another factor likely to foster market growth. The use of VR technology in architecture aids in decision-making and visualizing the effects of suggested urban designs and architectural plans. It also enables the early detection and correction of faults, thus saving time and money.

The high investment required for AR/VR development and SoC integration is a major factor impeding the growth of the augmented and virtual reality markets. In addition, issues with security compliance and rising cyber-attacks as a result of a lack of security standards are major factors challenging market dynamics. Furthermore, a lack of technical expertise, which results in data manipulation, spoofing, sniffing, cyber-attacks, and man-in-the-middle attacks, is expected to pose some challenges to market growth.

COVID-19 Impact 
The COVID-19 pandemic has significantly fostered the augmented and virtual reality market growth rate owing to the increased shift toward the adoption of virtual and augmented reality technologies as more number of businesses have turned to remote work. Moreover, augmented and virtual reality is finding emerging healthcare applications such as the patient management, tele-health, point of care, and home-based care. This is opportunistic for the growth of the market during the post pandemic period.

Highlighted with 88 tables and 76 figures, this 173-page report “Global Augmented Reality and Virtual Reality Market 2020-2030 by Technology, Component, Device Type, Industry Vertical, End-user, and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global augmented reality and virtual reality market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain.

In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure 
• Growth Drivers 
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global augmented reality and virtual reality market in every aspect of the classification from perspectives of Technology, Component, Device Type, Industry Vertical, End-user, and Region. 

By Technology
Augmented Reality (AR)
     • Marker-based Augmented Reality (further segmented into Passive Marker and Active Marker)
     • Markerless Augmented Reality (further segmented into Model based Tracking and Image based Processing)
Virtual Reality (VR)
     • Nonimmersive Technology
     • Semi-Immersive and Fully Immersive Technology

By Component
     • Sensors
     • Semiconductor Component
     • Displays and Projectors
     • Position Trackers
     • Cameras
     • Others
     • Software Developer Kits
     • Cloud Services

By Device Type
Augmented Reality Devices
     • Head-Mounted Display (HMD)
     • Head-Up Display (HUD)
     • Handheld Device
Virtual Reality Devices
     • Head-Mounted Display (HMD)
     • Gesture-Tracking Device
     • Projector & Display Wall

By Industry Vertical
     • Gaming
     • Entertainment & Media
     • Aerospace & Defense
     • Healthcare
     • Education
     • Manufacturing
     • Retail
     • Others

By End User
     • Large Enterprises 
     • Small- & Medium-sized Enterprises

By Geography
     • APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
     • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
     • North America (U.S., Canada)
     • Latin America (Brazil, Mexico, Argentina, Rest of South America)
     • RoW (UAE, Saudi Arabia, Iran)

For each aforementioned region and country, detailed analysis and data for annual revenue are available for 2017-2027. The breakdown of all regional markets by country and split of key national markets by Technology, Component, and Industry Vertical over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Specifically, potential risks associated with investing in global augmented reality and virtual reality market are assayed quantitatively and qualitatively through GMD’s Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.

Key Players (this may not be a complete list and extra companies can be added upon request): 
DAQR, EON. Reality Inc., Facebook, Google, HTC ,Microsoft, Samsung, Seiko Epson, Sony, Vuzix Corporation, 

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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