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Virtual and Augmented Reality Market to Expand at a CAGR of 38.9 % from 2021 to 2030

The global Virtual and Augmented Reality market is expected to grow at a CAGR of around 38.9% over the forecast period 2021 to 2030 and expected to reach the market value of around US$ 165 billion by 2030.

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Augmented reality is an advanced version of the real physical world, which uses technology to deliver digital information on an image and is majorly used in apps for tablets & smartphones. On the other hand, virtual reality is a technology that generates a simulated environment offering real user experiences with the support of computer technology such as special goggles with a screen built-in with sensors.

The rising trend of virtual reality becoming progressively social & collaborative, along with the rapid penetration of smartphones and tables is expected to offer several growth opportunities to the virtual and augmented reality market during the forecast period. Other factors boosting the demand for virtual and augmented reality includes increasing application of virtual and augmented reality in architecture and increase in research & development investments. As a result, the virtual and augmented reality market is anticipated to witness healthy growth rate during the forecast period.

Key Driver

Virtual and augmented reality plays a vital role within the healthcare sector. Virtual and augmented reality technologies are used to deliver the virtual sight of a patient to a surgeon to help the surgeon conduct endoscopic surgery. Virtual and augmented reality technologies are used to build immersive mobile apps faster by using tools such as ARKit & AR core, which enables programmers to construct virtual and augmented reality apps for healthcare that sense their position in the physical environment and helps to display static or three dimensional models. The tool Unity is a powerful game engine and the platform to build virtual and augmented reality projects, and to render three dimensional elements superimposed in augmented reality experiences. The benefit of this tool is that it helps to create experiences for different platforms such as Windows, Android, IOS, Linux, and Mac. The use of virtual and augmented reality for training doctors, improving fitness, managing pharmacy, teaching difficult subjects to medical students, and caring & supporting patients once they leave the hospital are some of the major factors expected to boost the adoption of virtual and augmented reality in the healthcare sector during the forecast period.

COVID-19 has effectively reset all the sectors. Presently, technology is the backbone of all sectors, as retail, manufacturing, education, etc., can use technology to provide touchless services to customers. Demand for mobile virtual and augmented reality has been increasing during the COVID-19 pandemic.

Dynamics

In the early days, hardware components of virtual and augmented reality were massive in size and less ergonomic. However, for large masses, hardware solution providers prefer providing a headset and controller of smaller size with high mobility focus. The headsets and controllers are expected to become more compact with the option of integration with mobile devices. This may also influence the demand for wireless devices, long battery life, and better ergonomic value in virtual and augmented reality hardware. Headsets currently available in the market, such as Sony Morpheus, HTC Vive Cosmos, Google Daydream, and Epson Moverio Pro BT350 are designed keeping in mind end user comfort and requirement. Furthermore, rising competition among players is expected to drive technology innovations and subsequently drive the demand for compact hardware virtual and augmented reality devices in the future.

Privacy & security are the major challenges that are faced by the augmented reality industry. These issues have occurred due to the unpredictability in augmented reality programming, and negligence & oversight of both the developers and end users of AR devices & apps. Additionally, high initial price of a headset and other supporting augmented reality, virtual reality, and mixed reality hardware devices is expected to restrain the growth of the virtual and augmented reality market.

Prominent Regions

North America is expected to hold the major share of the global virtual and augmented reality market in 2021, owing to high awareness about virtual and augmented reality among users and technological developments. The presence of a large number of virtual and augmented reality players and the high consumer demand led by high consumer disposable income are expected to support the demand for virtual and augmented reality in North America in the upcoming years. The U.S. is likely to be a significant contributor to the virtual and augmented reality market in North America. Europe is anticipated to contribute substantial market share during the forecast period, owing to the demand from media & entertainment, education, automotive, and manufacturing sectors during the forecast period.

However, the virtual and augmented reality market in Asia Pacific is estimated to expand at a robust pace during the forecast period. Asia Pacific is expected to witness the highest CAGR with major dominance by China, Japan, South Korea, and India by the end of the forecast period. For instance, in February 2021, the Indian Army has acquired ~556 Augmented Reality Head Mounted Display (ARHMD) systems. Rise in penetration of technology as well as significant investment in digitalization of each sector across countries such as India, China, Japan, and Brazil is anticipated to offer lucrative opportunities for providers of virtual and augmented reality in the near future. South America and Middle East & Africa are expected to be high growth potential regions of the global virtual and augmented reality market during the forecast period.

Key Players

Key players operating in the global virtual and augmented reality market are Atheer, Inc., Barco N.V., Blippar.com Ltd., Curiscope, Dell Technologies Inc., EON Reality, Inc., Google, LLC, Honeywell International, Inc., HP Development Company, L.P., HTC Corporation, Magic Leap, Inc., Manus Machinae B.V., Microsoft Corporation, Nokia Corporation, Oculus VR LLC, Qualcomm Incorporated, Samsung Electronics Co., Ltd., Semcon, Sony Interactive Entertainment LLC, and Vuzix Corporation.

Market Segmentation

Market By Component

  • Hardware
    • VR Head Mounted Display
    • AR Head Mounted Display/Glasses
  • Software
  • Services
    • Professional
      • Consulting & Integration
      • Support & Maintenance
    • Managed

Market By Industry

  • Healthcare
  • Education
  • Retail & eCommerce
  • Gaming
  • Construction
  • Media & Entertainment
  • Manufacturing
  • Aerospace & Defense
  • Others

Market By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa (MEA)
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Research Methodology

The research methodology adopted by analysts for compiling the global virtual and augmented reality market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global virtual and augmented reality market.

Table of Contents

Chapter 1.    Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.    Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.    Executive Summary

3.1.  Market Snapshot

Chapter 4.    Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.     Raw Material Procurement Analysis

4.3.2.     Sales and Distribution Channel Analysis

4.3.3.     Downstream Buyer Analysis

Chapter 5.    Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.     Market Drivers

5.1.2.     Market Restraints

5.1.3.     Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.     Bargaining power of suppliers

5.2.2.     Bargaining power of buyers

5.2.3.     Threat of substitute

5.2.4.     Threat of new entrants

5.2.5.     Degree of competition

Chapter 6.    Competitive Landscape

6.1.1.     Company Market Share/Positioning Analysis

6.1.2.     Key Strategies Adopted by Players

6.1.3.     Vendor Landscape

6.1.3.1.          List of Suppliers

6.1.3.2.          List of Buyers

Chapter 7.    Global Virtual and Augmented Reality Market, By Component

7.1.  Virtual and Augmented Reality Market, by Component, 2021-2030

7.1.1.     Hardware

7.1.1.1.          Market Revenue and Forecast (2016-2030)

7.1.2.     Software

7.1.2.1.          Market Revenue and Forecast (2016-2030)

7.1.3.     Services

7.1.3.1.          Market Revenue and Forecast (2016-2030)

Chapter 8.    Global Virtual and Augmented Reality Market, By Capacitor

8.1.  Virtual and Augmented Reality Market, by Capacitor, 2021-2030

8.1.1.     Healthcare

8.1.1.1.          Market Revenue and Forecast (2016-2030)

8.1.2.     Education

8.1.2.1.          Market Revenue and Forecast (2016-2030)

8.1.3.     Retail & eCommerce

8.1.3.1.          Market Revenue and Forecast (2016-2030)

8.1.4.     Gaming

8.1.4.1.          Market Revenue and Forecast (2016-2030)

8.1.5.     Construction

8.1.5.1.          Market Revenue and Forecast (2016-2030)

8.1.6.     Media & Entertainment

8.1.6.1.          Market Revenue and Forecast (2016-2030)

8.1.7.     Manufacturing

8.1.7.1.          Market Revenue and Forecast (2016-2030)

8.1.8.     Aerospace & Defense

8.1.8.1.          Market Revenue and Forecast (2016-2030)

8.1.9.     Others

8.1.9.1.          Market Revenue and Forecast (2016-2030)

Chapter 9.    Global Virtual and Augmented Reality Market, Regional Estimates and Trend Forecast

9.1.  North America

9.1.1.     Market Revenue and Forecast, by Component (2016-2030)

9.1.2.     Market Revenue and Forecast, by Capacitor (2016-2030)

9.1.3.     U.S.

9.1.3.1.          Market Revenue and Forecast, by Component (2016-2030)

9.1.3.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.1.4.     Rest of North America

9.1.4.1.          Market Revenue and Forecast, by Component (2016-2030)

9.1.4.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.2.  Europe

9.2.1.     Market Revenue and Forecast, by Component (2016-2030)

9.2.2.     Market Revenue and Forecast, by Capacitor (2016-2030)

9.2.3.     UK

9.2.3.1.          Market Revenue and Forecast, by Component (2016-2030)

9.2.3.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.2.4.     Germany

9.2.4.1.          Market Revenue and Forecast, by Component (2016-2030)

9.2.4.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.2.5.     France

9.2.5.1.          Market Revenue and Forecast, by Component (2016-2030)

9.2.5.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.2.6.     Rest of Europe

9.2.6.1.          Market Revenue and Forecast, by Component (2016-2030)

9.2.6.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.3.  APAC

9.3.1.     Market Revenue and Forecast, by Component (2016-2030)

9.3.2.     Market Revenue and Forecast, by Capacitor (2016-2030)

9.3.3.     India

9.3.3.1.          Market Revenue and Forecast, by Component (2016-2030)

9.3.3.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.3.4.     China

9.3.4.1.          Market Revenue and Forecast, by Component (2016-2030)

9.3.4.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.3.5.     Japan

9.3.5.1.          Market Revenue and Forecast, by Component (2016-2030)

9.3.5.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.3.6.     Rest of APAC

9.3.6.1.          Market Revenue and Forecast, by Component (2016-2030)

9.3.6.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.4.  MEA

9.4.1.     Market Revenue and Forecast, by Component (2016-2030)

9.4.2.     Market Revenue and Forecast, by Capacitor (2016-2030)

9.4.3.     GCC

9.4.3.1.          Market Revenue and Forecast, by Component (2016-2030)

9.4.3.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.4.4.     North Africa

9.4.4.1.          Market Revenue and Forecast, by Component (2016-2030)

9.4.4.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.4.5.     South Africa

9.4.5.1.          Market Revenue and Forecast, by Component (2016-2030)

9.4.5.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.4.6.     Rest of MEA

9.4.6.1.          Market Revenue and Forecast, by Component (2016-2030)

9.4.6.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.5.  Latin America

9.5.1.     Market Revenue and Forecast, by Component (2016-2030)

9.5.2.     Market Revenue and Forecast, by Capacitor (2016-2030)

9.5.3.     Brazil

9.5.3.1.          Market Revenue and Forecast, by Component (2016-2030)

9.5.3.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

9.5.4.     Rest of LATAM

9.5.4.1.          Market Revenue and Forecast, by Component (2016-2030)

9.5.4.2.          Market Revenue and Forecast, by Capacitor (2016-2030)

Chapter 10.   Company Profiles

10.1.                 Atheer, Inc.

10.1.1.  Company Overview

10.1.2.  Product Offerings

10.1.3.  Financial Performance

10.1.4.  Recent Initiatives

10.2.                 Barco N.V.

10.2.1.  Company Overview

10.2.2.  Product Offerings

10.2.3.  Financial Performance

10.2.4.  Recent Initiatives

10.3.                 Blippar.com Ltd.

10.3.1.  Company Overview

10.3.2.  Product Offerings

10.3.3.  Financial Performance

10.3.4.  Recent Initiatives

10.4.                 Curiscope

10.4.1.  Company Overview

10.4.2.  Product Offerings

10.4.3.  Financial Performance

10.4.4.  Recent Initiatives

10.5.                 Dell Technologies Inc.

10.5.1.  Company Overview

10.5.2.  Product Offerings

10.5.3.  Financial Performance

10.5.4.  Recent Initiatives

10.6.                 EON Reality, Inc.

10.6.1.  Company Overview

10.6.2.  Product Offerings

10.6.3.  Financial Performance

10.6.4.  Recent Initiatives

10.7.                 Google, LLC

10.7.1.  Company Overview

10.7.2.  Product Offerings

10.7.3.  Financial Performance

10.7.4.  Recent Initiatives

10.8.                 HTC Corporation

10.8.1.  Company Overview

10.8.2.  Product Offerings

10.8.3.  Financial Performance

10.8.4.  Recent Initiatives

10.9.                 Honeywell International, Inc.

10.9.1.  Company Overview

10.9.2.  Product Offerings

10.9.3.  Financial Performance

10.9.4.  Recent Initiatives

10.10.              HP Development Company

10.10.1.                   Company Overview

10.10.2.                   Product Offerings

10.10.3.                   Financial Performance

10.10.4.                   Recent Initiatives

Chapter 11.   Research Methodology

11.1.                 Primary Research

11.2.                 Secondary Research

11.3.                 Assumptions

Chapter 12.   Appendix

12.1.                 About Us

12.2.                 Glossary of Terms

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