Europe Augmented Reality and Virtual Reality Market 2020-2030

Virtual reality can be defined as a technology that creates a simulated environment through the use of computer technology. Virtual reality provides an immersed 3D environment to the user by simulating various senses such as vision, touch, hearing, and even smell. Virtual reality uses devices such as head-mounted displays, projectors, and display walls for generating realistic visuals and sounds for providing the experience of the real world in the virtual environment. Augmented reality (AR) is the integration of digital information with the user's environment in real time. Unlike virtual reality (VR), which creates a totally artificial environment, AR users experience a real-world environment with generated perceptual information overlaid on top of it.

Europe augmented reality and virtual reality market accounted for $8.03 billion in 2020 and will grow by 37.5% annually over 2020-2027 owing to the rising need for AR and VR technology amid the COVID-19 pandemic in the region. The growth of the virtual reality market has been highly increased by the integration of technology into the gaming industry. The gaming industry is using virtual reality to provide an enhanced experience to customers. The virtual reality headsets and projectors have been provided with fully immersive 3D visions and experiences, which are expected to act as a major driver for the growth of the virtual reality market. However, the complexities in user interface designing and integration of technologies in order to build an optimum virtual reality experience are acting as a major restraining factor for the virtual reality market. The defense and aerospace industry uses virtual reality for training the army personals by providing various environmental conditions, this aids in reducing the overall cost of the training. The army personals can experience parachute jumping, submarine conditions, aircraft simulations, and combat scenarios without any loss of life and property through virtual reality. One of the most effective methods to incorporate these technologies into the fashion industry is through virtual try-on. Another excellent method is to provide users with optional features such as navigation in an AR application or a virtual tour of a store. Similarly, with VR, one of the most spectacular features is when a consumer puts on a head-mounted (easy-to-use) device and selects a model based on his or her body dimensions, then sees virtual try-on products on the models in an interactive fashion. This is not limited to clothing. For example, IKEA, a furniture retailer, uses augmented reality to allow buyers to view how furniture and other products would look in their own homes. The possibilities do not end with the consumer's cell phone at home. Smart mirrors and RFID tags in stores provide new opportunities for product recommendations to shoppers. However, factors such as requirement of high speed and computation power, limited user experience, digital fatigue, cybersecurity and regulatory concerns, lack of knowledge and training, lack of resources allocated to IT, and high implementation cost, are also a barrier in AR and VR market growth. Despite of all these drawbacks, benefits and uses of AR and VR is expected to drive adoption and support market growth during the forecast period. Gesture control device segment accounted for a significant revenue share and it is expected to grow at a steady rate over the forecast period. Gesture-based interfaces and technology allow users to control gadgets and manipulate objects in VR using their hands and other body parts. It creates a richer bridge between computers and humans than rudimentary user interfaces such as keyboard and mouse. Benefits and advantages of adopting high-efficiency gesture control devices have been acknowledged in various sectors and industries.

COVID-19 Impact 
During the pandemic, European countries such as the UK and Germany, saw an increase in the adoption of AR and VR in the retail business. Since the outbreak, European businesses such as Adidas and ASOS have made significant investments in developing their own augmented reality fitting rooms and experiences. Customers and merchants have been forced into an almost totally digital landscape because of the COVID-19 crisis, prompting firms to turn to new, inventive solutions to both reproduce the in-store experience and boost customer happiness online. The issue of sizing is one of the most common ecommerce concerns, with online clothes having an especially high return rate. Brands across the region are addressing this problem by providing a tailored experience for their online customers using AR and VR technologies. As a result, the high level of investment by retail companies in technical developments has had a favourable impact on market growth.

Highlighted with 43 tables and 45 figures, this 125-page report “Europe Augmented Reality and Virtual Reality Market 2020-2027 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 Europe 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 Europe 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 Europe 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
     • Germany
     • UK
     • France
     • Spain
     • Italy
     • Russia
     • Rest of Europe

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 Europe 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.)