The global augmented reality and virtual reality market size are expected to grow from USD 14.2 billion in 2020 to USD 90.2 billion by 2027, at a CAGR of 36.1% from 2021 to 2027.
As of my last knowledge update in September 2021, the augmented reality (AR) and virtual reality (VR) market were experiencing significant growth and innovation. However, the market is continually evolving, so it's important to note that the situation may have changed since then. Here's an overview of the AR and VR market as of that time:
- Market Size and Growth:The AR and VR market had been steadily growing before 2021, with increasing investments from both tech giants and startups. The COVID-19 pandemic further accelerated the adoption of AR and VR technologies in various industries, including gaming, healthcare, education, and enterprise.
- Key Players:Several prominent companies were driving innovation and competition in the AR and VR space. Notable players included Facebook (now Meta Platforms, Inc.), which owns Oculus, Microsoft (with its HoloLens AR headset), Sony (PlayStation VR), Google (ARCore and Daydream), and various startups like Magic Leap and Unity Technologies.
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Augmented Reality and Virtual Reality Market Dynamics
The dynamics of the augmented reality (AR) and virtual reality (VR) market have continued to evolve since my last update in September 2021. Here are some key dynamics that may be shaping the AR and VR market as of 2023:
- Market Growth and Expansion:
- AR and VR technologies continue to gain traction across various industries, including gaming, healthcare, education, automotive, retail, and more.
- Market growth is driven by advancements in hardware, software, and content development, making these technologies more accessible and appealing to consumers and businesses.
- Hardware Advancements:
- AR and VR headset technology has continued to improve in terms of performance, comfort, and affordability.
- Standalone VR headsets and AR glasses have become more prevalent, reducing the reliance on external hardware, such as powerful computers or smartphones.
- Enterprise Adoption:
- Businesses are increasingly integrating AR and VR into their operations for training, product design, remote collaboration, and marketing.
- Use cases in manufacturing, maintenance, and healthcare have expanded, with AR headsets being used for hands-free guidance and support.
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Market Segmentation Analysis
The study categorizes the global Augmented Reality and Virtual Reality market based on equipment type, technology, type, installation method, distribution channel, application, and regions.
By Component Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
By Application Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
- Surgical Training
- Pain Management
By Region Outlook (Sales, Production, USD Million, 2019-2033)
- North America (Mexico, Canada, US)
- South America (Peru, Brazil, Colombia, Argentina, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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REGIONAL ANALYSIS, 2023
Based on the region, the global Augmented Reality and Virtual Reality market has been analyzed and segmented into five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America has been a prominent market for Augmented Reality and Virtual Realitys due to high consumer spending on electronics and a strong demand for home entertainment systems. The United States, in particular, has a large market for Augmented Reality and Virtual Realitys, driven by the popularity of streaming services and the desire for immersive audio experiences.
The Asia Pacific region, including countries like China, Japan, and South Korea, has witnessed substantial growth in the Augmented Reality and Virtual Reality market. Factors contributing to this growth include the rising disposable income, increasing urbanization, and the growing popularity of home theater systems among consumers in the region.
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Major Key Players in the Augmented Reality and Virtual Reality Market
The global Augmented Reality and Virtual Reality market is fragmented into a few major players and other local, small, and mid-sized manufacturers/providers, they are –
The augmented reality and virtual reality market are mildly concentrated in nature with few numbers global players operating in the market such as DAQRI LLC., Psious, Mindmaze, Firsthand Technology, Atheer, Medical Realities, Augmedix, Echopixel, Osso VR, Surgical Theater, Orca Health, and CAE Healthcare.