Augmented Reality & Virtual Reality Market By Offering (Hardware, Software); By Application (Gaming, Healthcare, Aerospace & Defense, Automotive, Education, Entertainment, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
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The global augmented reality & virtual reality market size is estimated to be USD 38.8 billion in 2022 and is expected to reach USD 373.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 25.9% during the forecast period i.e., 2022-2032.
The market is being driven by a number of factors, including:
- The rising demand for augmented reality in retail and e-commerce.
- The increasing use of augmented reality in the manufacturing industry.
- The growing popularity of virtual reality gaming.
- The development of new and innovative augmented reality and virtual reality applications.
The Asia Pacific region is expected to be the fastest-growing market for augmented reality and virtual reality, followed by North America and Europe.
Augmented Reality & Virtual Reality Market Insights
Augmented reality & virtual reality is being widely appreciated across different industries. With continuous discoveries of new potentials of AR & VR, they are expected to become mainstream in various industries including the gaming, media & entertainment, automotive and others. Increasing adoption of augmented & virtual reality solutions and rising investment in the field of AR & VR is predicted to foster the growth of the global market in the near future. Further, these technologies are used for meetings, seminars, lectures, training, and self-learning processes. Thus, major players in the market are focusing on enhancement of products & solutions, which in turn is anticipated to drive the growth of the overall market in the upcoming years.
Augmented Reality & Virtual Reality Market Segmentation Analysis
he global market for augmented reality & virtual reality is segmented by offering and application. On the basis of offering, the market is segmented into hardware and software, out of which, hardware segment is expected to grow at a notable CAGR over the forecast period, i.e., 2022-2032. Further, it was followed by software segment in terms of market share in 2019. In addition, the hardware is sub-segmented into headsets, smart glasses, head-up display, handheld devices and others.
Based on application, the market is divided into gaming, healthcare, aerospace & defense, automotive, education, entertainment and others, out of which, gaming segment is anticipated to register a higher revenue share in the global augmented reality & virtual reality market over the forecast period. Apart from this, the entertainment segment is projected to attain a noteworthy CAGR over the forecast period.
Augmented Reality & Virtual Reality Market Geographical Analysis
In terms of geography, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the augmented reality & virtual reality market, North America is projected to capture a significant market share over the forecast period. Further, factor such as increasing number of AR & VR companies and growing inclination of customers over adoption of new technology in the region are expected to drive the growth of North America augmented reality & virtual reality market. Also, the Asia Pacific market is driven on the back of rising adoption of technologically advanced solutions and is projected to grow at a considerable compound annual growth rate (CAGR) from 2022 to 2032.
Augmented Reality & Virtual Reality Market Competitive Analysis
The report also covers detailed competitive analysis of major market players of global augmented reality & virtual reality market, such as Apple Inc., Google Inc., HTC Corporation, Microsoft Corporation, Magic Leap, Inc., Samsung Corporation, Lenovo Corporation, Sony Corporation, Oculus, Continental AG and other major & niche players. The global augmented reality & virtual reality market is witnessing a wide range of industry activities such as product launch, acquisition, partnership, research & development, innovation and expansion across the globe.
Augmented Reality & Virtual Reality Market Segmentation
By Offering
- Hardware
- - - Headsets
- - - Smart Glasses
- - - Head-up Display
- - - Handheld Devices
- - - Others
- Software
By Application
- Gaming
- Healthcare
- Aerospace & Defense
- Automotive
- Education
- Entertainment
- Others
By Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa)
Augmented Reality & Virtual Reality Market Key Players
The report profiles various major market players such as;
- Apple Inc.
- Google Inc.
- HTC Corporation
- Microsoft Corporation
- Magic Leap, Inc.
- Samsung Corporation
- Lenovo Corporation
- Sony Corporation
- Oculus
- Continental AG
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in augmented reality & virtual reality market.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2032: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global augmented reality & virtual reality market by the following segments:
- Offering
- Application
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Augmented Reality & Virtual Reality Industry Report:
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 27th November 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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