Augmented Reality and Virtual Reality Market by Offering (Hardware & Software), Device Type (HMD, HUD, Handheld Device, Gesture Tracking), Application (Enterprise, Consumer, Commercial, Healthcare, Automotive), and Geography - Global Forecast to 2023
“Increasing demand for AR in healthcare and retail & e-commerce is the major driver for the augmented reality market”
The augmented reality market was valued at USD 11.14 billion in 2018 and is expected to reach USD 60.55 billion by 2023, growing at a CAGR of 40.29% during the forecast period. The increasing demand for AR devices in healthcare, growing demand for AR in retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market. The limited user interface (UI) affecting the navigation performance of AR applications, limited processing power, less storage, and restricted size of the memory card in mobile phones, and varied infrastructure quality of digital network will restrain the growth of AR.
“Increasing use of VR in gaming and entertainment is the major driver for the virtual reality market”
The virtual reality market was valued at USD 7.90 billion in 2018 and is expected to reach USD 34.08 billion by 2023, growing at a CAGR of 33.95% during the forecast period. The high penetration of HMDs in gaming and entertainment, huge investments in the VR market, advancement of technology and digitization, and availability of affordable VR devices are the major drivers of the VR market. The health concerns relating to low resolution and lack of movement and display latency and energy consumption affecting the overall performance of VR devices are the major restraints in the VR market.
“Augmented reality and virtual reality market for the head-mounted displays is expected to grow at a high rate during the forecast period”
The use of HMDs in the enterprises for instructions and training purposes is likely to boost the growth of HMDs in the AR market. AR smart glasses are expected to be mainly used HMDs in the augmented reality market. The major applications for VR HMDs have been gaming and entertainment, and are expected to dominate the market during the forecast period. The head-mounted devices from companies such as Sony, Oculus, HTC, Samsung, Google, TLC Alcatel, and Osterhout Design Group are already in use and have received an overwhelming response from the users.
“Augmented reality market for enterprise application is expected to witness high growth during the forecast period”
Augmented reality is used in enterprises for training personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. The enterprise applications would witness a high growth for HMDs in the near future. The use of HMDs in the manufacturing setups is the major driver for the growth of enterprise application in the augmented reality market.
“Virtual reality market for consumer application is expected to lead the market during the forecast period”
Virtual reality technology is used mainly for consumer applications such as gaming and entertainment. Virtual reality is used in various gaming types such as PC gaming, gaming consoles, Internet games, smartphones, and tablets. In all these game types, virtual reality is used to enhance a user’s gaming experience.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts in the augmented reality and virtual reality industry. The breakup of the profiles of primary participants has been shown below:
• By Company Type: Tier 1 = 36%, Tier 2 = 44%, and Tier 3 = 20%
• By Designation: C-Level Executives = 17%, Directors = 44%, and Others = 39%
• By Region: North America = 35%, Europe = 32%, APAC = 21%, South America = 7%, Middle East & Africa = 5%.
The report also profiles the key players in the augmented reality and virtual reality market. These key players are Sony (Japan), Oculus (US), Samsung (South Korea), Google (US), HTC (Taiwan), PTC (US), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara, (US), Blippar (UK), Osterhout Design Group (US), Magic Leap (US), Upskill (US), Continental (Germany), Visteon (US), Eon Reality (US), and Vuzix (US).
This research categorizes the augmented reality and virtual reality market on the basis of technology, device type, offering (hardware & software), application, and geography. The report also discusses major drivers, restraints, challenges, and opportunities for the market.
Reasons to Buy the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the augmented reality and virtual reality market comprehensively and provides the closest market size estimation for major industries across various regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on drivers, restraints, challenges, and opportunities for the market.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, fund raising, and acquisitions.