Dallas, Texas, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Market experts and latest studies anticipate that the global Augmented Reality and Virtual Reality products and services market revenue may reach $80.60 billion by 2029 and grow at an annualized rate of 31.7% through the forecast period 2022-2029.
Rising interest in augmented and virtual reality devices and applications in healthcare is driving market growth. Augmented reality and virtual reality participates a vital role in the healthcare industry. Augmented and virtual reality can be used to provide surgeons with a virtual view of a patient's body parts to help assess the patient's condition. This helps surgeons perform minimally invasive surgery. The healthcare industry is expected to benefit from the use of augmented reality modeling and 3D visualization. The expansion of the augmented reality and virtual reality market in this sector is due to the use of augmented reality and virtual reality to improve fitness, teach medical students complex subjects, train doctors, manage pharmacies and subsequently care for patients, and is promoted by supporting hospital discharge.
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The AR and VR Products and Services report profiles the following companies, which includes
- Gaming
- Entertainment & Media
- Aerospace & Defence
- Healthcare
- Education
- Manufacturing
- Retail
Increased preference for advanced devices in medical education, patient care management, and education; increased use in online shopping, retail, and e-commerce; increased investment by tech giants in adopting augmented and virtual reality. The rise of digital information display applications is expected to drive the growth of the augmented reality and virtual reality product and services market for the retail industry. The factors driving the growth of the market are the increasing application of augmented reality in healthcare, the increasing application of augmented and virtual reality in retail and e-commerce, and the strong demand to drive the growth of the augmented reality and virtual reality market.
Augmented reality is defined as a gadget that combines real and virtual worlds, permits actual-time interaction, and lets in for accurate 3-d registration of virtual and actual items. Virtual reality, alternatively, is a type of generation that makes use of laptop technology to create a simulated environment that offers a practical user reveal. Virtual reality is the maximum common time period for it, and it can be artificial, which includes lively, or it is probably an actual area that has been photographed and incorporated into virtual reality.
Based on organization type, the AR and VR Products and Services market is categorized into-
- Large Enterprises
- Small & Medium Sized Enterprises
According to applications, AR and VR Products and Services market classifies into-
- Microsoft
- Sony Corporation
- Samsung Electronics
- HTC
- Apple Inc
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AR and VR Products and Services Market 2022-2029 Regional Overview:
| Regions | Sub-Regions |
| North America | U.S, Canada |
| Europe | Germany, France, UK, Rest of Europe |
| Asia Pacific | China, India, Japan, Rest of Asia Pacific |
| South America | Mexico, Brazil, Rest of South America |
| Middle East and South Africa |
The enterprise for augmented reality and virtual reality is by protection and privacy issues. Augmented and virtual reality services are expensive so they are not affordable by middle-class people. These worries have arisen as a result of inadequacy in augmented reality programming, in addition to the overlook and oversight of each augmented reality app and device builders and users.
The augmented and virtual reality product and services market is segmented into industry organization size and application on considering the industry, it is segregated into aerospace & defense, manufacturing, entertainment & media, gaming, healthcare, education, retail, and others. According to the application, the market share was dominated by the consumer segment. In a geographic perspective, North America accounted for major market share contribution in global AR and VR product and services market. The key factor is the growing demand for gaming, entertainment, and media.
In February 2022, HTC Vive announced Viveverse, a cross-platform metaverse. This is open source VR metaverse consisting of various apps, interactive worlds, and games.
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