Asia Pacific 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. The person using virtual reality can look around the artificial world in 360 degrees and even sense the virtual environment with highly advanced gears. Asia Pacific augmented reality and virtual reality market will grow by 40.8% annually with a total addressable market cap of $201.3 billion over 2021-2027 owing to the rising need for AR and VR technology amid the COVID-19 pandemic in the region. The increasing demand for VR technology due to the COVID pandemic and the increasing interest of large technology corporations acts as a major driving factor to the virtual reality market. On the other hand, the lack of effective in-user experience design and the health concern among the users is the major restraining factor to the virtual reality market. In today's world, maintaining customer relationships has become the most important factor for business expansion. The decreasing number of loyal customers and fast switching between products and services demand innovative customer engagement solutions. Many companies are experimenting with AR to create a long-lasting impression on their customers as it offers a personalized and interactive experience that helps maintain enriched customer satisfaction. The increased deployment of VR technology in aerospace and defense and in the architecture and planning sector and the increased penetration of VR in the healthcare industry may act as the major window of opportunity for the virtual reality market. However, the emerging risks and threats to data integrity and the developing user-friendly VR systems may act as the major challenge for the growth of the virtual reality market. Customer support departments have improved significantly due to advancements in AI-powered chatbots and virtual assistants. However, chatbots experience difficulties with remote troubleshooting, which is a major challenge the customer care team faces. The integration of virtual reality in customer service has been critical for retailers in consumer engagement and consumer satisfaction. Moreover, fundamental and challenging issues can be resolved in less time using this technology after ending the communication between customers and customer care departments. Implementing excellent customer service initiatives for profitable businesses shows customers respect and loyalty. The retail sector is incorporating virtual reality, the most advanced technology that creates an immersive experience with a powerful sensory effect and a strong emotional connection. Companies use this connection to engage with customers in new and relevant ways. When emotionally connected with a brand, customers are likely to repeat purchases and become brand loyalists. Furthermore, virtual reality provides a highly realistic level of customer experience. Augmented reality offers interactive experiences through multiple sensory modalities, including haptic, auditory, visual, somatosensory, and more. The technology has a wide range of applications in entertainment, training, and educational areas. Industries such as manufacturing, healthcare, logistics, among others, are more focusing on adopting this technology for training, maintenance, assistance, and monitoring. Increasing adoption of smartphones and integration of apps is expected to boost the market growth in the near future. The increasing collaboration of the market players with the 5G providers to reduce latency issue is likely to fuel market growth. For instance, in February 2021, Qualcomm announced a collaboration with Bharti Airtel to demonstrate 5G and lower latency issues.

China is expected to dominate the virtual reality market in the Asia-Pacific region due to the growth of high technological advancement in the region and increased partnership among the manufacturers to enhance the business in the region. In May 2020, HP Development Company, LP announced the launch of its new virtual reality (VR) headset HP Reverb G2. The new product is launched in collaboration with Microsoft and Valve and offers spatial 3D audio, inside-out tracking, cutting-edge optics, and plug-and-play support for Windows. The new product increased the product portfolio of the company

COVID-19 impact 
The COVID-19 pandemic has severely impacted global industries. It has resulted in restricted traveling, social distancing, fewer on-site staff, lack of training tools, and much more. However, this technology could offer massive support during the crisis and fuel the market potential in many different verticals. This technology helped to provide real life virtual experience to th users and made many different functions in various markets easy to access. The AR and VR market both helped in customer services, product showcasing and many other different functions. All of these reasons helped the market to grow during the crisis.  

Highlighted with 40 tables and 44 figures, this 123-page report “Asia Pacific 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 Asia Pacific 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 Asia Pacific 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 Asia Pacific 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
     • Japan
     • China
     • South Korea
     • Australia
     • India
     • Rest of APAC

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 Asia Pacific 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.)