Global Augmented Reality and Virtual Reality Market Size to Reach USD 789.85 Billion in 2032 | Emergen Research

Increasing collaborations of key players with 5G providers in the market is driving Augmented Reality and Virtual Reality market revenue growth

Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) — Current Market Scenario (Market Estimates)

The global Augmented Reality (AR) and Virtual Reality (VR) market size was USD 21.40 Billion in 2020 and is expected to register a CAGR of 35% over the forecast period. Rising research & development activities aimed at various applications and increased implementation of telehealth platforms integrated with AR and VR technologies, are some key factors driving global AR and VR market revenue growth.

Drivers: Rising applications of AR in the healthcare sector

In the healthcare sector, AR plays a critical role. Augmented Reality is used to show the surgeon a virtual view of a patient’s body parts, which can assist surgeon in performing minimally invasive surgeries. Use of AR modeling and 3D visualization is expected to benefit the healthcare sector. Augmented Reality is also used to improve fitness, teach complex subjects to medical students, train doctors, manage pharmacies, and care for and support patients after they leave the hospital. These factors are propelling growth of AR and VR markets.

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Restraints: Limited user interface

Major challenges confronting AR and VR market growth are security and privacy concerns, which have arisen as a result of inconsistencies in AR programming as well as oversight of developers. A few AR applications have ability to protect user identity and privacy. The main issue is that there are no regulations defining dos and don’ts of Augmented Reality environment. This implies that AR technology can be used with malicious intent, resulting in users misusing personal information. For example, try-before-you-buy concept, can be abused by clothing retailers, but it is possible   for this concept to be hacked if it is not properly secured. Instead of clothes, hacker can overlay a naked body image, which can harm user’s reputation. An unsafe try-before-you-buy application can be manipulated, which is a major factor limiting growth of the market.

Growth Projections

The global AR and VR market size is expected to reach USD 789.85 Billion at a revenue CAGR of 35% in 2028. Increasing demand for AR in architecture and adoption of AR and VR for marketing strategies, are some factors driving market revenue growth.

COVID-19 Direct Impact

COVID-19 pandemic has had a positive impact on growth of the AR and VR market for healthcare applications, as AR and VR head-mounted displays have been widely adopted as protective gear by healthcare professionals. In addition, COVID-19 had a negative impact on the market’s supply chain due to lockdowns and low cross-border trade. Moreover, the global consumer market was experiencing sluggish growth as a result of COVID-19 pandemic. Worldwide shutdown of consumer markets had an impact on sale of products such as head-mounted displays and projectors. However, as trade restrictions and lockdowns were lifted, the market is regaining momentum.

Current Trends and Innovations

In recent years, AR technology has experienced extraordinary growth. Using technology for navigation, such as Apple ARKit 4 and Google ARCore, makes locating routes more convenient. With more bandwidth and control over an inside environment, benefits of AR for indoor navigation are evident. Bluetooth beacons, ceiling antennae, and QR codes are just a few of techniques used to enhance this experience at various scales.

Geographical Outlook

The Asia Pacific market is a major contributor to global AR and VR markets. Largest producers include China, Japan, and India, while largest consumers market are the U.S. and Europe. Increasing number of market players in APAC and rising demand from consumer are driving growth of AR and VR markets in the region.

Strategic Initiatives

In December 2020, Epson America, Inc., a division of Japan’s Seiko Epson Corporation, partnered with 3D HoloGroup, Inc., a company that specializes in AR software architecture and systems integration, to sell Epson’s AR glasses.

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Scope of Research

MAJOR COMPANIES and Competitive Landscape

The global AR and VR market is fragmented with many large, small, and medium-sized players accounting for majority revenue share. Established companies are engaged in various research & development activities and initiatives to develop and deploy new and more efficient product in the AR and VR market. Some prominent players operating in the market are:

• Google LLC
• Apple Inc.
• Sony Group Corporation
• Microsoft Corporation
• Lenovo
• EON Reality
• Samsung Electronics Co., Ltd.
• Sixense Enterprises Inc.
• Seiko Epson Corporation
• HTC Corporation

Strategic Development

In December 2020, Epson America, Inc., a division of Japan’s Seiko Epson Corporation, partnered with 3D HoloGroup, Inc., a company that specializes in AR software architecture and systems integration, to sell Epson’s AR glasses

In November 2021, Apple analyst Ming-Chi Kuo announced the arrival of Apple’s AR headset in the coming years. This device could support AR and VR, as well as micro-OLED displays. With the addition of LiDAR technology on iPhone 12 Pro, Apple has already made strides in AR technology on iPhone and iPad.

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Some Key Highlights From the Report

• The head-up displays segment accounted for a significantly large revenue share in 2020. The automotive industry has benefited greatly from head-up displays as they allow vehicles to communicate more information than a standard dashboard. For example, the system may show how the vehicle understands environment, detects risks, prepares routes, communicates with other technologies, and activates advanced driver support systems. VR and AR head-up displays aid in projection of sophisticated images that correspond to real-world objects. For example, when car’s thermal sensors detect an animal or human on a foggy night, they alert the driver. The driver will be able to react even if a human eye cannot see a person through fog.
• The healthcare segment revenue is expected to register a significantly steady growth rate during the forecast period. With advent of AR and VR, leading life sciences companies are integrating virtual and physical worlds to bring innovative therapies to life. In operating rooms and classrooms, doctors and healthcare specialists use AR and VR technologies. Before undergoing an operation, surgeons can walk around organs they’ll be operating on or study 3-D models of difficult surgical cases using VR and AR technologies. Furthermore, 3-D organ models can be utilized as illustrative tools at conferences, in learning process, or to explain outcomes to patients. 
• Marker-based AR experiences have proved popular for providing high-quality material as well as tracking stability. Marker databases can be stored on a device as well as in cloud, making day-to-day life easier. The marker segment’s growth rate increased significantly during the forecast period.

Emergen Research has segmented the global AR and VR markets based on type, device type, technology, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2018–2028)
  • Augmented Reality Type
    1. Hardware
    2. Software
    3. Services
  •  Virtual Reality Type
    1. Hardware
    2. Software
    3. Services
• Device Type Outlook (Revenue, USD Billion; 2018–2028)
  • Augmented Reality Device Type
    1. Head-Mounted Displays (HMDs)
    2. Head-Up Displays (HUDs)
  • Virtual Reality Device Type
    1. Head-Mounted Displays (HMDs)
    2. Gesture Control Device
    3. Projector and Display Wall
• Technology Outlook (Revenue, USD Billion; 2018–2028)
  • Augmented Reality Technology
    1. Marker
    2. Markerless
  • Virtual Reality Technology
    1. Non-Immersive
    2. Semi-Immersive
    3. Fully Immersive
• End-use Outlook (Revenue, USD Billion; 2018–2028)
  • Aerospace and Defense
  • Gaming and Entertainment
  • Healthcare
  • Automotive
  • Enterprises
  • Others
• Regional Outlook (Revenue, USD Billion; 2018–2028)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest of Middle East & Africa

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