Augmented & Virtual Reality Market by Technology (Augmented Reality, Virtual Reality), Product (Hardware, Software), Devices, Organization Size, Application - Global Forecast 2024-2030
Description
Augmented & Virtual Reality Market by Technology (Augmented Reality, Virtual Reality), Product (Hardware, Software), Devices, Organization Size, Application - Global Forecast 2024-2030
The Augmented & Virtual Reality Market size was estimated at USD 36.08 billion in 2023 and expected to reach USD 42.52 billion in 2024, at a CAGR 17.92% to reach USD 114.46 billion by 2030.
Augmented & virtual reality (AR/VR) involves innovative technologies that merge digital content with the real-life environment of the user or generate an immersive, computer-simulated environment. These technologies utilize sensors, cameras, displays, and software to create an interactive experience beyond traditional 2D screens. Advancements in hardware components such as processors and graphics cards have enabled powerful computing capabilities for complex AR/VR applications. Additionally, increased internet connectivity worldwide has allowed a broader audience to access AR/VR services. However, prolonged AR/VR headset use may cause motion sickness, eye strain, or other physical discomforts to some users. Nevertheless, VR simulations are expected to aid doctors in practicing surgeries before actual operations, and students can engage in immersive learning experiences through AR-enhanced virtual field trips, which are expected to create potential opportunities for the augmented & virtual reality (AR/VR) market.
Regional Insights
The augmented & virtual reality market is evolving in the Americas owing to heavy investments in AR/VR research and new product development activities. The European Union (EU) countries witness substantial AR/VR adoption growth for training and knowledge-sharing purposes. In the Middle East and Africa region, the augmented & virtual reality market is developing with smart city initiatives, including incorporating AR into public services and deploying VR-based solutions in education, training, tourism, and oil & gas industries. The Asia-Pacific region represents a growing AR/VR technology landscape owing to its vast consumer base driving demand for immersive experiences across multiple sectors such as gaming, retail, education, and healthcare. Besides, technological advancements and research to expand AR/VR applications in diverse sectors are anticipated to propel their use in end-use sectors globally.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Augmented & Virtual Reality Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Government initiatives promoting AR/VR and industry 4.0 activities
- Increasing use of VR in aerospace & defense for training and simulation
- Rising demand for AR in retail and e-commerce sectors
- Market Restraints
- Functionality and performance limitations of AR/VR devices and software
- Market Opportunities
- Technological advancements in AR/VR hardware and software
- Expansion of the technology in the gaming and metaverse community
- Market Challenges
- Security and privacy issues associated with AR & VR
- Market Segmentation Analysis
- Technology: Proliferation of virtual reality to create realistic simulations
- Product: Rising penetration of AR/VR software for content creation
- Devices: Evolving AR/VR device landscape to enhance user experiences and widespread adoption of augmented and virtual reality technologies
- Organization Size: Burgeoning adoption of AR/VR in large enterprises
- Applications: Emerging utilization of AR/VR technologies for medical and education & training purposes
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Augmented & Virtual Reality Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Augmented & Virtual Reality Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Google's AR Microscope Paves the Way for Early Cancer Detection
Google LLC by Alphabet Inc. is collaborating with the U.S. Department of Defense to develop an Augmented Reality Microscope (ARM) powered by artificial intelligence (AI) for cancer detection. The ARM aims to provide visual data, including arrows, contours, heatmaps, animations, object detection, quantification, and classification. The goal is to reduce the time and labor required for cancer detection.
Accenture, Microsoft Uses Metaverse to Unite Decision-Makers
Microsoft Corp. and Accenture PLC have joined forces with The World Economic Forum (WEF) to expand its Global Collaboration Village, an immersive virtual space that caters to international decision-makers. This metaverse service has been enhanced by including a Polar Tipping Points Hub, where stakeholders from businesses, governments, and academia can come together to address climate-related issues through virtual collaboration.
VR Owl Group Acquires MeetinVR in Company Shakeup
The VR Owl Group has acquired MeetinVR to enhance its business operations. With this acquisition, MeetinVR's services is planned to continue to be independently available to their valued customers.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Augmented & Virtual Reality Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Augmented & Virtual Reality Market, highlighting leading vendors and their innovative profiles. These include Amazon Web Services, Inc., Apple Inc., Atheer, Inc., Blippar Group Limited, Capermint Technologies Pvt. Ltd., Cisco Systems, Inc., CyberGlove Systems Inc., EON Reality, Inc., Google LLC by Alphabet Inc., Hewlett-Packard Development Company, L.P., HTC Corporation, Inglobe Technologies Srl, Innovega Inc., Intel Corporation, International Business Machines Corporation, KT Corporation, Lenovo Group Limited, LG Corporation, Magic Leap, Inc., Marxent Labs LLC, MAXST Co., Ltd., Meta Platforms, Inc., Microsoft Corporation, Niantic, Inc., NVIDIA Corporation, PTC Inc., Qualcomm Incorporated, Samsung Electronics Co., Ltd., Seiko Epson Corporation, Sony Group Corporation, Toshiba Corporation, Trimble Inc., Vuzix Corporation, and Zugara Inc..
Market Segmentation & Coverage
This research report categorizes the Augmented & Virtual Reality Market to forecast the revenues and analyze trends in each of the following sub-markets:- Technology
- Augmented Reality
- Marker-Based Augmented Reality
- Active Marker
- Passive Marker
- Markerless Augmented Reality
- Image-Based Processing
- Model-Based Tracking
- Virtual Reality
- Nonimmersive Technology
- Semi-Immersive & Fully Immersive Technology
- Product
- Hardware
- Cameras
- Displays & Projectors
- Position Trackers
- Semiconductor Component
- Sensors
- Software
- 3D Modeling
- AR Remote Collaboration
- Documentation
- Navigation
- Visualization
- VR Content Creation
- Workflow Optimization
- Devices
- Display Walls & Projectors
- Gesture Tracking Devices
- Head-Mounted Displays
- Head-Up Displays
- Organization Size
- Large Enterprises
- Small & Medium Enterprises
- Application
- Commercial & Industrial
- Aerospace & Defense
- Automotive & Transportation
- Banking, Financial Services & Insurance
- Building, Construction & Real Estate
- Consumer Goods & Retail
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- Information Technology
- Manufacturing
- Media & Entertainment
- Telecommunication
- Travel & Hospitality
- Personal
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Commercial & Industrial
- Hardware
- Marker-Based Augmented Reality
- Augmented Reality
- Market Drivers
Table of Contents
193 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Government initiatives promoting AR/VR and industry 4.0 activities
- 5.1.1.2. Increasing use of VR in aerospace & defense for training and simulation
- 5.1.1.3. Rising demand for AR in retail and e-commerce sectors
- 5.1.2. Restraints
- 5.1.2.1. Functionality and performance limitations of AR/VR devices and software
- 5.1.3. Opportunities
- 5.1.3.1. Technological advancements in AR/VR hardware and software
- 5.1.3.2. Expansion of the technology in the gaming and metaverse community
- 5.1.4. Challenges
- 5.1.4.1. Security and privacy issues associated with AR & VR
- 5.2. Market Segmentation Analysis
- 5.2.1. Technology: Proliferation of virtual reality to create realistic simulations
- 5.2.2. Product: Rising penetration of AR/VR software for content creation
- 5.2.3. Devices: Evolving AR/VR device landscape to enhance user experiences and widespread adoption of augmented and virtual reality technologies
- 5.2.4. Organization Size: Burgeoning adoption of AR/VR in large enterprises
- 5.2.5. Applications: Emerging utilization of AR/VR technologies for medical and education & training purposes
- 5.3. Market Trend Analysis
- 5.3.1. Established AR/VR startup ecosystem catering to different industries across Americas favored by private and public funding
- 5.3.2. Huge demand from the younger population and rising penetration of the global vendors to commercialize AR/VR products in APAC
- 5.3.3. Enhanced emphasis on technological innovations, strategic collaborations, and significant investments in Metaverse in EMEA
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Augmented & Virtual Reality Market, by Technology
- 6.1. Introduction
- 6.2. Augmented Reality
- 6.3. Virtual Reality
- 7. Augmented & Virtual Reality Market, by Product
- 7.1. Introduction
- 7.2. Hardware
- 7.3. Software
- 8. Augmented & Virtual Reality Market, by Devices
- 8.1. Introduction
- 8.2. Display Walls & Projectors
- 8.3. Gesture Tracking Devices
- 8.4. Head-Mounted Displays
- 8.5. Head-Up Displays
- 9. Augmented & Virtual Reality Market, by Organization Size
- 9.1. Introduction
- 9.2. Large Enterprises
- 9.3. Small & Medium Enterprises
- 10. Augmented & Virtual Reality Market, by Application
- 10.1. Introduction
- 10.2. Commercial & Industrial
- 10.3. Personal
- 11. Americas Augmented & Virtual Reality Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Augmented & Virtual Reality Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Augmented & Virtual Reality Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. Google's AR Microscope Paves the Way for Early Cancer Detection
- 14.3.2. Accenture, Microsoft Uses Metaverse to Unite Decision-Makers
- 14.3.3. VR Owl Group Acquires MeetinVR in Company Shakeup
- 14.3.4. Sony to Invest USD 2 Billion into Extended Reality Research
- 14.3.5. PTC and Rockwell Automation Extend Relationship with Focus on IoT and Augmented Reality for Manufacturing
- 14.3.6. Apple Confirms Acquisition of AR Startup Mira Following Vision Pro Launch
- 14.3.7. Meta Launches New Quest 3 Mixed Reality Headset
- 14.3.8. Lenovo ThinkReality VRX is Now Available In Select Markets Worldwide
- 14.3.9. Meta and BMW Unveil Next-Level Augmented and Virtual Reality Experiences
- 14.3.10. Magic Leap Collaborates with NVIDIA to Advance Digital Twins for Enterprise
- 14.3.11. Vuzix Signs Distribution Agreement with MACE Virtual Labs and Receives Substantial Initial Volume Smart Glasses Order
- 14.3.12. Samsung, Google and Qualcomm Team Up to Build a New Mixed-Reality Platform
- 14.3.13. VR Startup Trezi Secures Funding to Offer Enhanced Immersive Design Collaboration
- 14.3.14. HTC Plans to Reveal its Meta Quest Competitor Next Month
- 14.3.15. Key Strategic Partnership Will Bring Virtual Reality and Augmented Reality to Real World Underwater Operations
- 14.3.16. Microsoft Wins USD 21.9 Billion Contract with U.S. Army to Supply Augmented Reality Headsets
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
Pricing
Currency Rates
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