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Report
Global Augmented and Virtual Reality Market Report and Forecast 2024-2032
Market Report I 2024-07-18 I 209 Pages I EMR Inc.
Global Augmented and Virtual Reality Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global augmented and virtual reality market size reached approximately USD 27.79 billion in 2023. Aided by the growing integration of AR and VR technologies into a wide array of industries, the market is projected to grow at a CAGR of 24.6% between 2024 and 2032, reaching a value of nearly USD 201.13 billion by 2032.
Augmented reality (AR) and virtual reality (VR) are two immersive technologies that alter the way users interact with digital content and the physical world. AR overlays digital information onto the real world, enhancing the user's perception of their environment. This technology uses devices such as smartphones, tablets, AR glasses, and headsets to superimpose text, images, or other virtual elements onto real-world scenes.
Virtual reality creates a completely immersive digital environment that replaces the user's real-world surroundings. This is achieved through VR headsets that block out the physical world and simulate a virtual one.
The global augmented and virtual reality market is experiencing a transformative phase, characterised by significant advancements and evolving trends. One of the most prominent trends is the integration of AR and VR technologies into a wide array of industries beyond entertainment and gaming, which were the early adopters. The healthcare sector, for instance, is leveraging AR/VR for surgical simulations, patient care, and medical training, allowing for more precise and less invasive procedures. In education, these technologies are being used to create immersive learning environments, making complex subjects more accessible and engaging for students.
Another key augmented and virtual reality market trend is the increasing adoption of AR/VR in the retail sector. Retailers are utilising these technologies to enhance the shopping experience through virtual try-ons and augmented product displays. This not only improves customer engagement but also reduces return rates, as customers can visualise products more accurately before making a purchase. The use of AR in e-commerce is also gaining traction, enabling customers to see how products would look in their homes before buying, thus bridging the gap between online and offline shopping experiences.
The enterprise sector is witnessing a surge in AR/VR applications for training and remote collaboration. Companies in the augmented and virtual reality market are using VR to provide immersive training experiences that are safer and more effective than traditional methods. AR, on the other hand, is being used to enhance remote assistance and collaboration, allowing experts to provide real-time guidance to field workers using AR overlays. This is particularly beneficial in industries like manufacturing, construction, and maintenance, where on-site expertise is critical.
The gaming industry continues to be a significant driver of the augmented and virtual reality market growth, with ongoing innovations enhancing the immersive experience for users. The development of more sophisticated VR headsets with improved resolution, wider fields of view, and better tracking capabilities is pushing the boundaries of what is possible in gaming. AR games, too, are becoming more popular, blending digital elements with the real world and creating engaging experiences that captivate users.
Technological advancements are a cornerstone of the augmented and virtual reality market expansion. The development of 5G technology is particularly noteworthy, as it promises to address latency issues and provide the high-speed connectivity required for seamless AR/VR experiences. 5G's low latency and high bandwidth capabilities are expected to unlock new possibilities for AR/VR applications, particularly in areas requiring real-time data processing and interaction, such as autonomous vehicles and smart cities.
Another significant trend is the decreasing cost of AR/VR hardware, making these technologies more accessible to a broader audience. The introduction of affordable VR headsets and AR glasses is democratising access to immersive experiences, leading to wider adoption across various sectors. Additionally, improvements in battery life and portability of these devices are enhancing user convenience, further driving augmented and virtual reality market development.
The content creation aspect of AR/VR is also evolving, with an increasing focus on developing high-quality, immersive content. Content creators are exploring new storytelling techniques and interactive elements to create more engaging experiences. The rise of platforms that support user-generated content is also contributing to the expansion of the AR/VR ecosystem, allowing users to create and share their own AR/VR experiences.
In the context of the COVID-19 pandemic, AR/VR technologies have gained renewed importance. The need for remote work and virtual collaboration has accelerated the adoption of these technologies. Virtual meetings, conferences, and events have become more common, with AR/VR providing a sense of presence and interaction that traditional video conferencing tools cannot match. This shift is likely to have a lasting impact, with businesses continuing to leverage AR/VR for remote collaboration even as the world returns to normalcy.
Privacy and security concerns remain a challenge in the augmented and virtual reality market. As these technologies collect and process a vast amount of personal data, ensuring data security and user privacy is critical. Companies are investing in robust security measures and adhering to stringent data protection regulations to address these concerns. The development of ethical guidelines and best practices for AR/VR usage is also gaining attention, aiming to protect users from potential misuse of these technologies.
The global augmented and virtual reality market is also seeing significant investment and partnership activities. Major technology companies are investing heavily in AR/VR research and development, driving innovation. Strategic partnerships and collaborations between technology providers, content creators, and end-user industries are fostering the development of integrated AR/VR solutions tailored to specific industry needs.
Market Segmentation
The global augmented and virtual reality market can be divided based on technology, device type, enterprise size, application, end use, and region.
Market Breakup by Technology
- Augmented Reality
- Virtual Reality
Market Breakup by Device Type
- Augmented Reality Devices
- Virtual Reality Devices
Market Breakup by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Market Breakup by Application
- Consumer
- Enterprises
Market Breakup by End Use
- Gaming
- Entertainment and Sports
- Aerospace and Defence
- Healthcare
- Education
- Manufacturing
- Retail
- Automotive
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global augmented and virtual reality market. Some of the major players explored in the report by Expert Market Research are as follows:
- Google LLC
- Microsoft Corporation
- Apple Inc.
- Meta Platforms, Inc.
- Samsung Electronics Co., Ltd.
- Lenovo Group Ltd.
- Seiko Epson Corporation
- HTC Corporation
- Sony Corporation
- Magic Leap, Inc.
- Other
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Augmented and Virtual Reality Market Analysis
8.1 Key Industry Highlights
8.2 Global Augmented and Virtual Reality Historical Market (2018-2023)
8.3 Global Augmented and Virtual Reality Market Forecast (2024-2032)
8.4 Global Augmented and Virtual Reality Market by Technology
8.4.1 Augmented Reality
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Breakup by Type
8.4.1.3.1 Marker-Based Augmented Reality
8.4.1.3.2 Marker-Less Augmented Reality
8.4.2 Virtual Reality
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Breakup by Type
8.4.2.3.1 Non-Immersive Systems
8.4.2.3.2 Semi-Immersive and Fully Immersive Technology
8.5 Global Augmented and Virtual Reality Market by Device Type
8.5.1 Augmented Reality Devices
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.1.3 Breakup by Type
8.5.1.3.1 Head-Mounted Displays
8.5.1.3.2 Head-Up Displays
8.5.1.3.3 Handheld Devices
8.5.2 Virtual Reality Devices
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.2.3 Breakup by Type
8.5.2.3.1 Head-Mounted Displays
8.5.2.3.2 Gesture-tracking Devices
8.5.2.3.3 Projector and Display Walls
8.6 Global Augmented and Virtual Reality Market by Enterprise Size
8.6.1 Small and Medium Enterprises
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Large Enterprises
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Augmented and Virtual Reality Market by Application
8.7.1 Consumer
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Enterprises
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Augmented and Virtual Reality Market by End Use
8.8.1 Gaming
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Entertainment and Sports
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Aerospace and Defence
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Healthcare
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Education
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
8.8.6 Manufacturing
8.8.6.1 Historical Trend (2018-2023)
8.8.6.2 Forecast Trend (2024-2032)
8.8.7 Retail
8.8.7.1 Historical Trend (2018-2023)
8.8.7.2 Forecast Trend (2024-2032)
8.8.8 Automotive
8.8.8.1 Historical Trend (2018-2023)
8.8.8.2 Forecast Trend (2024-2032)
8.8.9 Others
8.9 Global Augmented and Virtual Reality Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Augmented and Virtual Reality Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Augmented and Virtual Reality Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Augmented and Virtual Reality Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Augmented and Virtual Reality Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Augmented and Virtual Reality Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Google LLC
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Microsoft Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Apple Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Meta Platforms, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Samsung Electronics Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Lenovo Group Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Seiko Epson Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 HTC Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Sony Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Magic Leap, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Other
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Augmented and Virtual Reality Market: Key Industry Highlights, 2018 and 2032
2. Global Augmented and Virtual Reality Historical Market: Breakup by Technology (USD Billion), 2018-2023
3. Global Augmented and Virtual Reality Market Forecast: Breakup by Technology (USD Billion), 2024-2032
4. Global Augmented and Virtual Reality Historical Market: Breakup by Device Type (USD Billion), 2018-2023
5. Global Augmented and Virtual Reality Market Forecast: Breakup by Device Type (USD Billion), 2024-2032
6. Global Augmented and Virtual Reality Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
7. Global Augmented and Virtual Reality Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
8. Global Augmented and Virtual Reality Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Augmented and Virtual Reality Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Augmented and Virtual Reality Historical Market: Breakup by End Use (USD Billion), 2018-2023
11. Global Augmented and Virtual Reality Market Forecast: Breakup by End Use (USD Billion), 2024-2032
12. Global Augmented and Virtual Reality Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Augmented and Virtual Reality Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Augmented and Virtual Reality Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Augmented and Virtual Reality Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Augmented and Virtual Reality Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Augmented and Virtual Reality Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Augmented and Virtual Reality Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Augmented and Virtual Reality Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Augmented and Virtual Reality Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Augmented and Virtual Reality Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Augmented and Virtual Reality Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Augmented and Virtual Reality Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Global Augmented and Virtual Reality Market Structure
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