Market Overview
AR and VR Market size valuation are expected to reach $766 billion by registering a CAGR of 73.7% in the forecast period. Over the years, AR and VR have gained massive popularity by connecting the physical and virtual worlds. Augmented reality is a highly visual and interactive method of giving relevant digital information in the physical environment. It is used in various business applications as well.
On the other hand, virtual reality is a computer-generated environment with objects and scenes that appear to be real. This surrounding is created through a device known as a VR headset or helmet. AR plays a big role in the healthcare sector, and it can be used to provide a virtual view of a patient that allows the surgeon to see the patient’s body parts. VR is also used to improve teaching, fitness, caring, and managing pharmacy as well. Due to this, the AR and VR market is growing rapidly.
VR allows users to experience many outer world places while sitting comfortably at home. VR creates a 3D environment for the users and makes them feel physically present in the virtual environment. Due to the rapid use of both AR and VR, the AR and VR market was rising rapidly and predicted to register healthy CAGR.
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Market segmentation
The AR and VR market is divided based on technology, component, device type, and vertical.
Based on technology, the AR and VR market is segmented into augmented reality and virtual reality. The augmented reality segment is sub-segmented into market-based augmented reality, and market-less augmented reality. Virtual reality is sub-segmented into non-immersive systems, semi-immersive projection systems, and fully-immersive systems. The component segment is segmented into software, hardware, and solutions. The software segment is to play an important role in the AR and VR market.
The device type segment is divided into augmented reality devices and virtual reality devices.
The vertical segment of the AR and VR market is segmented into healthcare, consumer electronics, retail, media & entertainment, IT & telecommunication, aerospace & defense, travel & tourism, BFSI, automotive, real estate, education, and manufacturing.
Regional analysis
The major regions in the market are North America, Europe, Asia Pacific, and the rest of the world. Among these, North America is leading the market and continues to lead in the forecast period. It is due to the presence of strong key players like Google, Facebook, and Microsoft. Additionally, the rapid advancement in technologies is expected to boost the market size.
Europe holds the second-largest share after North America owing to the rising adoption of AR&VR technology in the media & entertainment sector and increasing mobile games applications. The market in the Asia Pacific region is also rising due to the adoption of AR/VR in various industries. China Is the largest AR & VR market and contributes highly to the market.
Industry news
In March 2020, Epson America partnered with 3D Holo Group (US) to sell Epson’s AR glasses. In June 2019, PTC acquired TWNKLS (Netherlands) to speed up the development of AR enterprise apps.
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