Virtual and Augmented Reality Market to Reach US$ 1.69 Trn by 2031, TMR Study

Inclination of manufacturers for smaller size and high mobility of headsets and controllers and integration with mobile devices to stimulate demand in the virtual and augmented reality market

ALBANY N.Y., April 20, 2022 (GLOBE NEWSWIRE) -- The virtual and augmented reality market is projected to expand at a CAGR of 38.9% over the forecast period from 2021 to 2031. Expanding applications of virtual and augmented reality in a number of areas of everyday functioning such as online retail, education, and entertainment is fueling the growth of the virtual and augmented reality market.

The applications of virtual and augmented reality in the healthcare sector are expanding at a rapid pace. Virtual and augmented technologies are used for virtual viewing of internal organs of the body to perform a procedure. Virtual and augmented reality is used to develop immersive mobile apps for healthcare that senses the position of the subject in the physical environment and helps to display static or three dimensional models.

The swelling demand for next-gen technology during COVID-19 opened immense opportunities for the growth of the virtual and augmented reality market. Entertainment, education, and online retail displayed vast demand for virtual and augmented reality technologies during the pandemic to enable users to continue carry out routines.

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Virtual and Augmented Reality Market – Key Findings of Report

  • Manufacturers of virtual and augmented reality hardware are making efforts to develop headsets and controllers of smaller size with high focus on mobility. This will be a leap from massive size and low ergonomic characteristics of predecessor hardware for virtual and augmented reality. Prospects of integration of headsets and controllers with mobile devices is likely to further increase their compact characteristics.

  • Adoption of VR is changing the education landscape for excellent learning outcomes. The technology helps to increase interest in theoretical subjects, wherein VR virtually transport students from classrooms to actual location of study or allows them to experience science experiments in class without the need to handle costly lab equipment. This is attracting investments in digitized classroom from companies in the virtual and augmented reality market.

  • Advantages of digitized classroom sessions extends to allow teachers to create detailed recordings of lessons with assistance from 360 degree cameras. This is helping students who miss a class to use VR recordings to keep pace with topic discussed in class.

  • Changing practices of the construction sector to serve evolving consumer requirements is providing ample opportunities in the augmented and virtual reality market. Augmented reality is being used for project planning, project presentation, and 3D models of projects. AR enables engineers, architects, contractors, and builders to showcase 3D models and even provide virtual tours, which give clients a solid idea how the project would look like after completion.

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Virtual and Augmented Reality Market – Growth Drivers

  • Crucial advantage of augmented reality to enable users to experience advanced version of real physical world for several areas of everyday functioning fuels the growth of the augmented and virtual reality market

  • Scope of integrating AI-based deep learning and image recognition technology to analyze VR and AR produced datasets to help users better connect with the virtual environment to stimulate the virtual and augmented reality market

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Virtual and Augmented Reality Market – Key Players

Some of the key players operating in the virtual and augmented reality market are;

  • Atheer Inc.
  • Ltd.
  • EON Reality Inc.
  • Honeywell International Inc.
  • HTC Corporation
  • Manus Machinae B.V.
  • Nokia Corporation
  • Qualcomm Incorporated
  • Semcon
  • Vuzix Corporation
  • Barco N.V.
  • Curiscope
  • Google LLC
  • Dell Technologies Inc.
  • HP Development Company
  • Magic Leap Inc.
  • Microsoft Corporation
  • Oculus VR LLC
  • Samsung Electronics Co. Ltd.
  • Sony Interactive Entertainment

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The virtual and augmented reality market is segmented as follows;

Virtual and Augmented Reality Market, by Component

  • Hardware
    • VR Head Mounted Display
    • AR Head Mounted Display/Glasses
  • Software
  • Services
    • Professional
      • Consulting & Integration
      • Support & Maintenance
    • Managed

Virtual and Augmented Reality Market, by Industry

  • Healthcare
  • Education
  • Retail & eCommerce
  • Gaming
  • Construction
  • Media & Entertainment
  • Manufacturing
  • Aerospace & Defense
  • Others

Virtual and Augmented Reality Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa (MEA)
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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