Augmented Reality and Virtual Reality Market
According to a new report published by Allied Market Research titled, “Augmented Reality and Virtual Reality Market,” the augmented reality and virtual reality market size was valued at $27.6 billion in 2021 and is projected to reach $856.2 billion by 2031, growing at a CAGR of 41.1% from 2022 to 2031.
Augmented reality (AR) and virtual reality (VR) are immersive technologies that change how we perceive the real and virtual worlds. AR overlays digital information, such as images and data, onto the real world through devices like smartphones or AR glasses, enhancing interaction with your surroundings. VR, on the other hand, creates a fully immersive digital environment that replaces the real world, allowing users to experience and interact with a completely virtual space through a VR headset. Both technologies deliver unique experiences by blending or completely replacing reality, and they have applications in areas such as gaming, training, education and design.
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Unprecedented demand for better hardware and software technologies is a key factor for the development of the market. The use of AR and VR technologies is not limited to a particular age group and the diversity of demand is driving the market growth. Many people tend to purchase the latest electronic devices. Moreover, increasing affordability for the masses is creating various opportunities within the augmented reality and virtual reality market, which is expected to be positive for the market growth in the coming year.
Based on organization size, the large enterprise segment is expected to show the highest growth in the AR and VR market in 2021 and maintain its dominance in the coming years. This is due to the increasing application of augmented reality and virtual reality in the automotive, manufacturing, construction, extractive industries, aviation, healthcare, education, law enforcement, and real estate industries. However, the small and medium enterprise segment is expected to witness the highest growth owing to the benefits of AR and VR technologies such as reduced training costs for field staff, faster repairs, and increased customer satisfaction.
While varying across industries, the gaming sector is expected to dominate the augmented reality and virtual reality market share in 2021, and this trend is expected to continue during the forecast period. This is attributed to continued advancements in technology, increasing penetration of mobile devices and gaming consoles, and significant expansion of the gamer community, which are projected to drive the market growth during the forecast period. However, the retail sector is expected to witness the highest growth next year.
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Rising customer demand for personalization and convenience is constantly motivating retailers to implement AR and VR in-store, in apps, and within products. The adoption of Augmented Reality (AR) technology has the potential to transform the retail industry by allowing users to view real-world environments overlaid with digital data. Such advantages provide lucrative growth opportunities for the market in the coming year.
The pandemic has caused an economic downturn, forcing various companies around the world to dramatically and rapidly pivot their operations. While industries around the world have been severely affected by the COVID-19 downturn, the impact on the technology sector during the crisis has been relatively small compared to other parts of the economy.
During the pandemic, most organizations have cut back on their IT spending. As a result, the large enterprise market has seen a slowdown and many planned projects and investments have been delayed or postponed. However, despite the economic impact of the pandemic on the global economy, various organizations are adopting augmented and virtual reality to enhance their operations during COVID-19.
On the contrary, there was a potential increase in market demand for smooth and efficient operation from healthcare and law enforcement agencies during the COVID-19 outbreak. Technology is playing a key role in addressing the short-term challenges caused by the virus. Moreover, 3D visualization of AR models helps medical education staff provide an immersive learning experience to students and budding surgeons. Augmented reality allows surgeons to visualize joints, muscles, and internal organs without cutting into the patient’s body and make further decisions regarding incisions after diagnosing the body through augmented reality technology. This improves the accuracy of diagnosis and surgery.
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The augmented reality and virtual reality market trend in Asia Pacific is expected to witness the highest growth during the forecast period. Industries in this region are realizing the potential of augmented reality and virtual reality in the manufacturing, defense, and entertainment sectors in emerging economies such as China and India. With the increasing adoption of immersive technologies in the region, small and medium-sized enterprises are expected to capitalize on this market.
Furthermore, government investments and initiatives in emerging economies, increasing internet user penetration, rising demand for online content, increase in online certification programs, increase in air traffic and commercial aircraft, and increasing adoption of AR and VR technologies in healthcare, digital manufacturing, and defense are the major factors stimulating the augmented reality and virtual reality market in the Asia Pacific region.
Key findings of the study:
1. Based on organization size, large enterprises dominated the Augmented Reality and Virtual Reality market analysis in 2021. However, small and medium-sized enterprises are expected to show significant growth during the forecast period.
2. Based on application, the consumer segment dominated the augmented reality and virtual reality market forecast for 2021. However, it is the enterprise segment that is expected to register the highest growth rate during the forecast period.
3. It varies by industry, but the gaming industry generated the highest revenue in 2021. However, the retail industry is expected to register the highest growth rate soon.
4. Regionally, North America dominated the AR and VR market in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
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The report provides detailed profiles of key market players in the Augmented Reality & Virtual Reality industry, including Alphabet Inc. (Google Inc.), DAQRI, Facebook, HTC Corporation, Magic Leap, Microsoft Corporation, Osterhout Design Group, Samsung Electronics, Sony Corporation, and Wikitude GmbH. The study includes Augmented Reality & Virtual Reality industry trends, market analysis, and future predictions to determine imminent investment pockets.
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