Pune, India, June 22, 2023 (GLOBE NEWSWIRE) -- According to our latest market study on "Augmented Reality and Virtual Reality Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Component, and End-User Industry," the market is expected to grow from US$ 27.96 billion in 2021 to US$ 252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021–2028.
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Global Augmented Reality and Virtual Reality Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 27.96 billion in 2021 |
| Market Size Value by | US$ 252.16 billion by 2028 |
| Growth rate | CAGR of 36.9% from 2021 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 171 |
| No. of Tables | 89 |
| No. of Charts & Figures | 87 |
| Historical data available | Yes |
| Segments covered | Technology, Component, and End-User Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Immersive Gaze, Google LLC, EON Reality, Vuzix Corporation, Blippar Group Limited (Layar B V), Innovega Inc., Simulanis Solutions Private Limited, Kanda ApS, YeppAR, Zugara, Inc. |
Browse key market insights spread across 171 pages with 89 list of tables & 87 list of figures from the report, “Augmented Reality and Virtual Reality Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Technology (Augmented Reality and Virtual Reality), Component (Semiconductor Components, Sensors, and Others), and End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/augmented-reality-and-virtual-reality-market
Global Augmented Reality and Virtual Reality Market: Competitive Landscape and Key Developments
Informatica, NetApp, IBM, Broadcom Corporation, Microfocus, Varonis Systems, Talend, Orange Cyberdefense, Forcepoint, and Imperva are among the leading market players profiled in the augmented reality and virtual reality market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In November 2022, Snap and Amazon Fashion partnered to bring millions of Snapchatters new Virtual Try-On (VTO) experiences, expanding Augmented Reality (AR) for both brands and customers.
In May 2022, Google LLC announced the acquisition of Raxium, a startup working on microLED display technologies for wearables and augmented and virtual reality (AR and VR) headsets.
Global Augmented Reality and Virtual Reality Market: Key Insights
Increasing Investments in AR and VR Technologies to Provide Lucrative Opportunities for Augmented Reality and Virtual Reality Market Growth During Forecast Period. Augmented reality (AR) and virtual reality (VR) are the two biggest and fastest-growing technology areas in many industries nowadays. The growth of these technologies is driven by new uses of the technology beyond gaming, such as healthcare, engineering, defense, and entertainment. Rapid advances in augmented reality and virtual reality and their increased adoption, coupled with changing consumer behavior, are supporting the augmented reality and virtual reality market growth. Global giants such as Meta, Microsoft, Nvidia, and Sony are heavily investing in augmented reality and virtual reality technologies to fuel their growth in the coming years. For instance, Meta, formerly known as Facebook, is investing billions of dollars in the Metaverse and is making the popular Quest 2 headset. Further, Meta invests more than US$10B annually in the Metaverse, hoping that VR and AR will become the next big computing platform. Meta spent a total of US$10.2 billion in 2021 and spent US$9.4 billion in the first three quarters of 2023 on Reality Labs, the division that develops VR and AR products. In January 2022, San Francisco-based Niantic, an augmented reality platforms provider, closed a US$300 million Series D. Similarly, South Korea-based 3D avatar application developer NAVER Z raised a Series B worth approximately US$188.2 million. Florida-based wearable tech developer Magic Leap raised US$500 million. Thus, such increasing investments in AR and VR technologies provide lucrative growth opportunities for augmented reality and virtual reality market growth during the forecast period.
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Global Augmented Reality and Virtual Reality Market: Industry Overview
The augmented reality and virtual reality market is segmented on the basis of technology, component, and end users. The market is bifurcated based on technology into augmented and virtual reality. By component, the augmented reality and virtual reality market is bifurcated into semiconductor components, sensors, and others. In terms of the end-user industry, the augmented reality and virtual reality market are bifurcated into entertainment, educational, industrial, medical, real estate and architecture, retail, aerospace and defense, and others. By region, the augmented reality and virtual reality market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The augmented reality and virtual reality market in North America is projected to witness significant market growth from 2022 to 2028 due to the increasing number of augmented and virtual reality users in North American countries. For instance, as per TIP analysis, it is predicted that around 60 million and 90 million people in the US will use VR and AR at least once a month, accounting for 17% and 28% of the total US population in 2021. Further, according to Finances Online, The US was the second biggest AR/VR spender with US$5.1 billion. Similarly, VR adoption stats showed that there were 57.4 million VR users in the US and 90.9 million AR users in 2020. All such factors contribute to the growth of the augmented reality and virtual reality market in North America. Moreover, the presence of leading market players in the region, including Immersive Gaze; Google, LLC; EON Reality; Vuzix Corporation; Innovega Inc.; and Zugara, among others, is further anticipated to propel the augmented reality and virtual reality market growth during the forecast period.
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