Logo
North America Augmented Reality and Virtual Reality Market 2020-2030

North America Augmented Reality and Virtual Reality Market 2020-2030

Bonafide Trust 29-04-2022 115 Pages Figures : 40 Tables : 31
Region : North America Category : IT & Telecommunications Technology

North America augmented reality and virtual reality market is expected to grow by 34.6% annually in the forecast period and reach $92.54 billion by 2027 considering impact of COVID-19 pandemic. Augmented Reality (AR) technology accounts for a larger market share. North America is the key regional market, which includes the US, Canada, and Mexico. North America is a hub of technological developments that comply with economically robust countries. With the increasing demand from customers for high-quality products and services and better shopping experience, companies are on a constant hunt for innovations to serve their customers in the best possible way. At present, in North America (the US and Canada), the penetration of virtual reality and augmented reality solutions, especially in the retail sector, is high. The rising investments in technologies by both small & medium enterprises and large enterprises to enhance the overall operational efficiency and increase customer satisfaction and shopping experiences by converting traditional online or offline stores into modern smart shopping stores or platforms units, are fueling the growth of the market in the region. Also, increasing adoption of virtual reality (VR) technology to offer better customer experience across online retail stores is the major factor driving the growth of the North America virtual reality and augmented reality in retail market. Augmented and virtual reality techniques are being increasingly adopted in surgeries and diagnostics. Systems such as touch surgery use virtual reality to provide a view of the patient’s anatomy and physiology, thereby providing opportunities for surgeons in the operating room, This, in turn, is expected to augment the growth of the market for augmented reality and virtual reality in healthcare. Additionally, AR is being widely adopted for education and training purposes for medical personnel. Since AR-based learning modules provide anatomical visualization and simulation it gives the medical personnel a more wholesome complete learning experience. Moreover, these learning modules are even being used to train patients and helps them understand the treatment flow and care management better. The concept of live virtual entertainment is evolving worldwide and especially gaining momentum in the region of North America. Today, people are preferring at-home entertainment by adopting technology to access live events or shows. As the technology offers an immersive and real-world environment to the users, its demand for live music concerts, live events, or sports is growing significantly. The concept of live virtual entertainment is evolving worldwide. Today, people are preferring at-home entertainment by adopting technology to access live events or shows. As it offers a virtual world environment to the users, its demand for live music concerts, live events, or sports is growing significantly. 
The technology demands robust hardware components and high computing power for the proper functioning of devices. However, the majority of current desktop accessories are not compatible with applications. Similarly, most head-mounted displays are wireless and consume high energy, requiring high-energy batteries for long-duration operations. In industries such as gaming and entertainment, it is necessary to have devices with long battery life. Further, the highly connected devices and components require high-speed network bandwidth such as 5G. Thus, lack of suitable speed and power for operating the system might challenge the market growth.

COVID-19 Impact
With the COVID-19 pandemic spreading across the US, all industries have been severely impacted. As a result, any impact on industry has a direct impact on the region's economic growth. The unusual spike in COVID-19 cases in the US, as well as the accompanying lockdown to battle the virus's spread across the country in the first two quarters of 2020, has prompted many businesses to prepare for the worst. In 2020, technological investments experienced a dip, owing to the above-mentioned reasons. However, the retail industry has been adopting technologies such as virtual reality and augmented reality much before the pandemic. the pandemic has expedited the shift to digital purchasing by about five years. Virtual "try-before-you-buy" experiences ranging from previewing furniture and products in your house with daily brands like IKEA and Home Depot to digitally trying on luxury fashion brands like Louis Vuitton and Gucci have been on the increase.


Highlighted with 31 tables and 40 figures, this 115-page report “North America Augmented Reality and Virtual Reality Market 2020-2030 by Technology, Component, Device Type, Industry Vertical, End-user, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire North America 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 North America 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 North America augmented reality and virtual reality market in every aspect of the classification from perspectives of Technology, Component, Device Type, Industry Vertical, End-user, and Country. 

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
Hardware
     • Sensors
     • Semiconductor Component
     • Displays and Projectors
     • Position Trackers
     • Cameras
     • Others
Software
     • 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
Consumer
Enterprise
     • Large Enterprises 
     • Small- & Medium-sized Enterprises

By Geography
     • U.S.
     • Canada
     • Mexico

For each key country, detailed analysis and data for annual revenue are available for 2017-2027. The breakdown of key national markets by Technology, Component, and Industry Vertical over the forecast years is 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 North America 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.)

Read More

Card image cap

Interested in this report?
Get your FREE sample!

Requirement Gathering & Methodology
Data Collection Techniques
Our Research Team & Data Sourcing
Data Science & Analytical Tools
Data Visualization & Presentation Skills
Project/ Report Delivery & After Sales Services