Global Augmented Reality and Virtual Reality Market Study Analysis To Grow By USD 169.71 Billion In Forecasting Period

The Global Augmented Reality and Virtual Reality Market was valued at $22.9 billion in 2019 and is anticipated to grow at a CAGR of 48.2% from 2020 to 2027. Augmented reality is a technology that takes a user’s actual surroundings and transforms them into a more advanced version of reality, delivering a digital experience. Augmented reality combines the physical and digital worlds to provide users with a real-time environment in which to engage with software and devices. For gaming and commercial purposes, augmented reality is employed in smartphones and other digital devices. Virtual Reality is a technology that provides users with a computer-generated 3-D environment that closely matches the actual world and provides a genuine experience.

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Parameters Details
Market Size (2019) $22.9 Billion
CAGR (2020 to 2027) 48.2%
Market Segmentation Component, Application, Organization Size, End-User
Companies profiled Qualcomm Technologies Inc, Google LLC, Samsung Electronics Corporation Limited, Intel Corporation, Sony Corporation, Microsoft Corporation, Facebook, Magic Leap, Seiko Epson Corporation, Vuzix Corporation, Himax Technologies Inc, HTC
Country Covered US, Canada, Mexico, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Middle East & Africa, and South America
Base Year 2019
Estimated Year 2020
Forecast Years 2021 to 2027

Global Augmented Reality and Virtual Reality Drivers And Restrain:

The major drivers that impact the growth of the global augmented reality and virtual reality market are increased demand of AR and VR in gaming industry and solution based on AR and VR that is effective in terms of cost, among others.

Increased demand for AR and VR in the gaming industry:

The game industry is embracing AR and VR technology to provide customers with a more realistic gaming experience. This allows the user and the gaming scenario to interact in real-time. As the world’s young population grows, so does the number of gamers, resulting in increased rivalry in the gaming business. To stay competitive, major industry companies are incorporating AR and VR into their games. The rise of the Augmented Reality and Virtual Reality market has been fueled by the demand for AR and VR-enabled games.

Solution based on AR and VR that is effective in terms of cost:

AR and VR technologies can be used for a variety of purposes, including training and skill development. AR and VR training solutions are used in aviation, military, healthcare, and other industries. AR and VR can create a virtual environment that is identical to the real one, removing the need for a trainer and saving money. The advantage of providing training with AR and VR solutions is that the trainee can understand the situation more accurately because the situation is created using AR and VR technology that resembles a real-world environment, allowing for more practical and effective learning, thereby driving the market growth.

The market may be hampered by a lack of user-friendly design and latency in the display and a narrow field of view.

Impact Of COVID-19 on the Augmented Reality and Virtual Reality Market:

  • Impact on Market Size
  • End-User Trend, Preferences, and Budget Impact
  • Regulatory Framework/Government Policies
  • Key Players Strategy to Tackle Negative Impact
  • Opportunity Window

Global Augmented Reality and Virtual Reality Market Segments:

The global Augmented Reality and Virtual Reality market are further segmented into components, application, organization size, end-user, and geography.

By Component: Hardware and Software

By Application: Consumer and Enterprise

By Organization’s Size: Large Enterprises and Small and Medium Enterprises

By End-User: Gaming, Automotive, Entertainment and Media, Manufacturing, Aerospace, Healthcare, Defense, Education, and others

Key Region/ Countries Covered

  • North America (US, Canada, Mexico)
  • Europe (Germany, UK, France, Italy, Russia, Rest of Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa and South America)

The North American area, is using Augmented Reality and Virtual Reality for security systems, dominates the global Augmented Reality and Virtual Reality industry. The Augmented Reality and Virtual Reality market in the Asia-Pacific region are predicted to grow result of increased demand for Augmented Reality and Virtual Reality solutions in industries such as healthcare, military, and automotive. In the next years, the existence of a young population and increased disposable income due to economic development are capable of boosting the market in this region.

Key Players of Global Augmented Reality and Virtual Reality Market:

  • Qualcomm Technologies Inc
  • Google LLC
  • Samsung Electronics Corporation Limited
  • Intel Corporation
  • Sony Corporation
  • Microsoft Corporation
  • Facebook
  • Magic Leap
  • Seiko Epson Corporation
  • Vuzix Corporation
  • Himax Technologies Inc
  • HTC

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Key Questioned Answered Through The Report:

  • The Impact of COVID-19 on the global market
  • What are the potential opportunities for new entrants in the global market
  • What is the market Size and Forecast from 2020 to 2028?
  • Key Players associated with the global Augmented Reality and Virtual Reality Market
  • Value Chain Analysis of Global Augmented Reality and Virtual Reality Market
  • What is the CAGR of the Global Augmented Reality and Virtual Reality Market from 2021 to 2028
  • Major Growth Factors, Challenges, Trends, and Opportunities in the global market
  • Key outcomes of SWOT Analysis

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