Trending

Augmented Reality and Virtual Reality Market : Record-Breaking Growth during 2021-2027 | Google, Microsoft, Facebook, Apple

Augmented Reality and Virtual Reality Market

The augmented reality (AR) market is projected to grow from USD 15.3 billion in 2020 to USD 77.0 billion by 2027; it is expected to grow at a CAGR of 38.1% from 2020 to 2027. The virtual reality (VR) market is projected to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2027; it is expected to grow at a CAGR of 27.9% from 2020 to 2027.

Latest added Augmented Reality and Virtual Reality Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Google, Microsoft, Facebook, Magic Leap, EON Reality, Atheer, Apple, Intel Corporation. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.

Request for Sample Copy of This Report @ https://marketdigits.com/augmented-reality-and-virtual-reality-market/sample

This report studies the Augmented Reality and Virtual Reality Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Augmented Reality and Virtual Reality Market by companies, region, type and end-use industry.

Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Augmented Reality & Virtual Reality Market for Retail Industry By Technology (Augmented Reality Technology, Virtual Reality Technology), Offering (Hardware, Software), Device Type (Augmented Reality Devices, Virtual Reality Devices), Vertical (Consumer Electronics, Media & Entertainment, Healthcare, Retail, Aerospace & Defence, Automotive, BFSI, IT & Telecommunication, Manufacturing, Education, Travel & Tourism, Real Estate), Region (Europe, Asia-Pacific, North America, South America, Rest of the World) Industry Trends and Forecast to 2026″. Early buyers will get 10% customization on study.

To Avail deep insights of Augmented Reality and Virtual Reality Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.

Unlock new opportunities in Augmented Reality and Virtual Reality Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high growth opportunities for the Augmented Reality and Virtual Reality market by headset type (standalone, smartphone enabled and PC-connected),by application (military, education, entertainment and media, retail, real estate and healthcare), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market (Augmented Reality and Virtual Reality market, Augmented Reality and Virtual Reality market share) dynamics? What are the key challenges and business risks in this Augmented Reality and Virtual Reality market?

Q.5. What are the business risks and competitive threats in this Augmented Reality and Virtual Reality (Augmented Reality and Virtual Reality market, Augmented Reality and Virtual Reality market share) market?

Q.6. What are the emerging trends in this Augmented Reality and Virtual Reality (Augmented Reality and Virtual Reality market share) market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the Augmented Reality and Virtual Reality (Augmented Reality and Virtual Reality market share) market?

Q.8. What are the new developments in the Augmented Reality and Virtual Reality (Augmented Reality and Virtual Reality market share) market? Which companies are leading these developments?

Q.9. Who are the major players in this Augmented Reality and Virtual Reality (Augmented Reality and Virtual Reality market share) market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this Augmented Reality and Virtual Reality (Augmented Reality and Virtual Reality market share) market and how big of a threat do they pose for loss of market share by material or product substitution?

Grab Complete Details with TOC @ https://marketdigits.com/augmented-reality-and-virtual-reality-market/toc

The increasing demand for AR devices and applications in healthcare, rising investments in AR market, and growing demand for AR in retail and e-commerce sectors due to COVID-19 are the key factors driving the AR market growth. The availability of affordable VR devices, growing adoption of HMDs in different industries, advancement of technologies and growing digitization, penetration of HMDs in gaming and entertainment sectors after COVID-19, and high investments in VR market are the key factors driving the VR market growth.

The objective of the report is to define, describe, and forecast the augmented reality and virtual reality market based on technology, offering, device type, application, and region.

Impact of COVID-19 on current augmented reality and virtual reality market size and forecast

The COVID-19 pandemic is expected to positively impact the growth of the AR and VR market for the healthcare application, as AR VR HMDs are expected to be majorly adopted by medical professionals as protective gear in the near future. COVID-19 has negatively impacted the supply chain of the market due to lockdowns and low cross-border trade. Due to the COVID-19 pandemic, the global consumer market for AR & VR is expected to witness sluggish growth in the coming years. The shutdown of consumer markets worldwide has affected the sale of products such as HMDs and projectors. However, the market for VR is expected to regain its complete momentum by 2023.

Augmented Reality and Virtual Reality Market Dynamics

Driver : Increasing demand for AR devices and applications in healthcare

AR plays an important role in the healthcare sector. AR can be used to provide a virtual view of a patient, in which a surgeon can see the condition of the patient’s body parts. This can help the surgeon to conduct minimally invasive surgeries. The use of AR modeling and 3D visualization is expected to help the healthcare sector. The use of AR for improving fitness, teaching complex subjects to medical students, training doctors, managing pharmacy, and caring and supporting patients after they leave the hospital is driving the growth of the AR market in this sector.

Restraint: Limited user interface affecting navigation performance of AR apps
Security and privacy issues associated with AR

Security and privacy issues are the major challenges faced by the AR industry. These issues have emerged due to the inconsistencies in AR programming and negligence and oversight of both the developers and end users of AR apps and devices. Few AR applications do not have capabilities to secure user identity and privacy. The primary issue is that there are no regulations that define the dos and don’ts associated with the AR environment. This implies that AR technology can incorporate malicious intent and lead to users’ misuse of personal information. For instance, the try-before-you-buy concept for clothing retailers can be misused. If the concept is not secured well, it can be hijacked. The hacker can overlay a nude body image instead of clothes, which can harm the user’s reputation. An unsafe try-before-you-buy app can be manipulated, which is a major factor restraining such apps’ growth in the retail clothing sector.

Opportunity : Rise in demand for AR in architecture

The increasing demand for AR in architecture would be a major opportunity for the AR market’s growth. AR can be used to project digital information on architectural models. It can also be used to experience a building’s interior even when the design of the building is in its initial stages. This will help the architects get an image of the project from the screen to the physical space. Streamlining of the construction process is another application in the construction industry using AR. In architecture, AR systems are used for interior design applications, through which a user can transform 2D drawings into 3D physical models and digital simulations. The AR-based architecture applications help users to choose accurate models and designs before construction by looking at their 3D representation. Using these applications, users can rearrange designs and floorings in a building. They can create and analyze a detailed model to evaluate their designs based on sun exposure, cast shadows, wind pattern, and traffic congestion. Head-mounted displays can be used for site surveying and determining the location of underground cables. They can also be used as a visualization tool to track how the building would respond to the surroundings.

Challenge : Display latency and limited field of view

The major challenge faced by these AR manufacturers is to provide a wide field of view (FOV). The field of view is defined as the extent of the observable world at any given moment. Ideally, a human eye has a visual field of ~200° horizontally and 135° vertically; though, currently, AR and VR are capable of providing a FOV of up to 90°. For AR devices to create immersive experiences, they must capture as much of the FOV as possible. Another major challenge for the AR device and application manufacturers is to offer low latency displays. The errors caused by latency often lead to image lagging, thus posing a major challenge for the AR device and application manufacturers. While playing a game, high input lag makes the gameplay feel sluggish and unresponsive. A lower input lag level allows gamers to enjoy a seamless control experience, as movements on the screen respond instantly to the commands. This has been one of the biggest technical challenges faced by AR manufacturers. All possible systems are bound to have some threshold latency, which comes from the content frame rate, the display’s refresh rate, and input lag. Furthermore, these devices are largely being adopted by healthcare and aerospace & defense applications, where any late response would have catastrophic results.

AR & VR Ecosystem

Semi- and fully immersive technology to play a significant role in the growth of augmented reality and virtual reality market

Most companies are focused on developing immersive video games for users. VR headsets allow users to interact with the virtual world. The increasing demand for semi- and fully immersive VR devices results from enhancements in computing and electronic networking systems. Also, innovations—such as fully immersive VR technology-enabled HMDs that provide a 360° field of view and high resolution to a user—are expected to drive the growth of this market.

Software to play a significant role in the growth of augmented reality and virtual reality market

The AR & VR market for software has witnessed high growth in recent years and is set to lead the AR & VR market for the next 5 years owing to the trend of VR content creation and AR gaming. The mass consumerization would help achieve widespread adoption of AR and VR. Delays in the launching of new AR & VR hardware, coupled with a decline in the sale of AR & VR hardware, has negatively impacted the revenue growth of the AR & VR software market. However, the increasing need for maintaining social distancing to curb the spread of the virus is expected to increase the adoption of AR & VR technologies and create growth opportunities for AR & VR software providers in the retail, consumer, education, and enterprise sectors.

Commercial application expected to grow at a high CAGR in the augmented reality and virtual reality market

There has been a constant evolution over the decades in the way goods and services are promoted and marketed. Technological advancements have changed the traditional methods of marketing and promotion. The advent of the Internet and smartphones, combined with content-based technologies, e.g., AR, has helped enhance marketing activities. Using AR, a buyer can compare the products by superimposing virtual images in the real world. This not only helps the buyers in the decision-making process but is also convenient for sellers. The enhanced buying experience is beneficial for the entire retail industry segment.AR tags can be scanned using AR-enabled smartphones, which not only display the advertisement but also create an interactive environment for the users. By clicking the image or I con, the users can examine and purchase the products through their smartphones or tablets. Such advantages are the major reason for the heavy penetration of AR technology in the marketing and promotion segment.

APAC is expected to lead the augmented reality and virtual reality market and is projected to grow at the highest CAGR from 2020 to 2027

Being an emerging economy, APAC is witnessing major changes in the adoption of new technologies and advancements. Due to the presence of a number of display panel manufacturers in the region, APAC witnesses an increasing adoption of the latest technologies. The AR & VR market in APAC is expected to grow at a high rate in sectors such as healthcare, commercial, and consumer. The increasing number of players in the region is projected to boost the growth of the AR & VR market. The high growth in commercial and consumer markets is the major factor driving the growth of the AR & VR market in APAC. Growing consumer and commercial markets with increasing investments in countries such as Japan, India, and China are expected to boost the growth of the AR & VR market in APAC.

Key Market Players

Major vendors in the augmented reality and virtual reality market include Google (US), PTC (US), Apple (US), Sony (Japan), Samsung Electronics (South Korea), Microsoft (US), HTC (Taiwan), Oculus (US), Seiko Epson (Japan), Lenovo (China), Wikitude (Austria), Magic Leap (US), Blippar (UK), Upskill (US), MAXST (South Korea), EON Reality (US), Vuzix (US), CyberGlove Systems (US), Leap Motion (US), and Sixense Enterprises (US)

Scope of the Report:

This report categorizes the augmented reality and virtual reality market based on type, offering, device type, application, and geography.

Augmented Reality and Virtual Reality Market, by Technology:

  • Augmented Reality
  • Virtual Reality

Augmented Reality and Virtual Reality Market, by Offering:

  • Hardware
  • Software

Augmented Reality and Virtual Reality Market, by Device Type:

  • Augmented Reality
  • Head-mounted Displays
  • Head-up Displays
  • Virtual Reality
  • Head-mounted Displays
  • Gesture-tracking Devices
  • Projectors and Display Walls

Augmented Reality and Virtual Reality Market, by Application:

Augmented Reality

  • Consumer (Gaming, Sports & Entertainment)
  • Aerospace & Defense
  • Healthcare (Surgery, Patient Care Management, Fitness Management, Pharmacy Management, Medical Training and Education)
  • Commercial (Tourism & Sight-seeing, E-learning, E-commerce & Marketing)
  • Enterprise (Manufacturing)
  • Energy
  • Automotive
  • Others (Agriculture, Construction, Transportation & Logistics, Public Safety)

Virtual Reality

  • Consumer (Gaming and Entertainment, Sports)
  • Commercial (Retail and Ecommerce, Education and Training, Travel and Tourism, Advertising)
  • Enterprise (Manufacturing)
  • Healthcare (Surgery, Patient Care Management, Fitness Management, Pharmacy Management, Medical Training and Education)
  • Aerospace & Defense
  • Others (Automotive, Real Estate, Geospatial Mining)

Augmented Reality and Virtual Reality Market, by Geography:

  • North America
  • Europe
  • APAC
  • RoW

Recent Developments

  • In March 2020, Epson America, Inc., a division of Seiko Epson Corporation of Japan, partnered with 3D HoloGroup (US), a company which specializes in AR software architecture and systems integration, to sell Epson’s AR glasses.
  • In June 2019, PTC acquired TWNKLS (Netherlands), a supplier of practical AR solutions for Industry 4.0, to accelerate the development of AR enterprise apps.
  • In May 2019, Microsoft launched the second-gen HoloLens, the HoloLens 2. The HoloLens 2 complete set includes free trials of Unity Pro, Azure credits, and the Unity PiXYZ Plugin for CAD data. The company also announced the Unreal Engine 4 support for HoloLens 2, which will leverage customers with a more realistic experience.

Any Questions? Inquire Here Before Buying @ https://marketdigits.com/augmented-reality-and-virtual-reality-market/analyst

About Market Digits :

MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.

We offer services that are most relevant and beneficial to the users, which help businesses to sustain in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.

Contact Us:
MarketDigits
USA : +1 847 450 0808
Email : sales@marketdigits.com

Back to top button