The global virtual and augmented reality market is anticipated to grow at a CAGR of 38.9% over the forecast period 2021 to 2030 and is predicted to surpass US$ 165 billion by 2030.
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.
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.
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.
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 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 By Component
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This report focuses on virtual and augmented reality market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall virtual and augmented reality market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global virtual and augmented reality market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the virtual and augmented reality market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the virtual and augmented reality market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Virtual and augmented reality market.
Market Segments: This part of the report discusses about product, application and other segments of the virtual and augmented reality market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global virtual and augmented reality market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the virtual and augmented reality market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
Competitive Landscape and Market Share Analysis
The virtual and augmented reality market competitive landscape provides details by vendors, including company overview, company total revenue (financials), market potential, global presence, virtual and augmented reality sales and revenue generated, market share, price, production sites and facilities, SWOT analysis, product launch. For the period 2017-2020, this study provides the virtual and augmented reality sales, revenue and market share for each player covered in this report.
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.
The study objectives of this report are:
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