Augmented Reality and Virtual Reality Market Report, History and Forecast 2021-2028, Breakdown Data by Manufacturers, Key Regions, Types and Application

The Global Augmented Reality (AR) and Virtual Reality (VR) market size is expected to reach USD 237.80 Billion at a steady revenue CAGR of 35% in 2028, according to the latest analysis by Emergen Research. Growing digitization, increasing investments in AR and VR markets, rising demand for AR and VR in retail and e-commerce sectors, and surge in adoption of head-mounted displays in various industries are major factors driving market revenue growth.

Augmented Reality (AR) is a multisensory experience in which real-world items are improved with computer-generated perceptual information, sometimes across many sensory modalities such as visual, aural, haptic, somatosensory, and olfactory. AR is a system that brings real and virtual worlds together, allowing for real-time interaction and accurate 3D registration of virtual and real items. The sensory information superimposed can be either constructive (i.e., beneficial to the natural environment) or destructive (i.e., harmful to the natural environment). On the other hand, Virtual Reality (VR) makes use of computer modelling and simulation to allow a person to interact with an artificially constructed three-dimensional visual or other sensory world. VR applications use interactive equipment, such as goggles, headsets, gloves, or body suits, to immerse user in a computer-generated environment that resembles reality.

Various industries, sectors, and companies are experimenting with AR and VR as a potential feature for improving patient consultations, body scanning to improve diagnosis and treatment, improve learning experience, increase business performance, and other advantages and benefits. As a result, AR and VR markets are rapidly expanding. Factors, such as a diverse product offerings, introduction of high-speed communication technology, and increasing number of smartphones, are currently driving revenue growth of the global Augmented Reality (AR) and Virtual Reality (VR) markets.

Some major factors expected to hamper market growth include lack of flexibility, major functionality issues caused by hardware and software, and deterioration in human connection with the real world. Regardless of these disadvantages, various benefits and advantages of AR and VR are expected to drive deployment during the forecast period.

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Some Key Highlights From the Report

In November 2021, Apple analyst Ming-Chi Kuo announced the arrival of Apple's AR headset in the coming years. This device could support AR and VR, as well as micro-OLED displays. With the addition of LiDAR technology on iPhone 12 Pro, Apple has already made strides in AR technology on iPhone and iPad.

The head-mounted displays segment accounted for a significant revenue share in 2020. Traditional methods of how we look around have been altered by technological advancements, therefore internet and smartphones, combined with a head-mounted display, have been revolutionary. It enables user to move around a VR environment simply by moving head, eliminating need for a separate controller. Additionally, neutral position of head allows for a straighter and more relaxed posture, reducing fatigue caused by turning eyes, head, or body towards a monitor. These benefits are the primary reason for high penetration of head-mounted displays in the market.

The semi and fully-immersive segment accounted for a significantly robust revenue share in 2020. Majority of companies are focused on creating immersive video games for users, who can interact with virtual world using VR headsets. Growing demand for semi- and fully-immersive VR devices is being driven by advancements in computing and electronic networking systems. Furthermore, innovations such as fully immersive VR technology-enabled head mount displays that provide a user with a 360° field of view and high resolution, are expected to drive revenue growth of this segment.

The software segment accounted for a moderately robust revenue share in 2020. Due to the trend of VR content creation and AR gaming, Augmented Reality and Virtual Reality markets for software has seen a rapid growth in recent years. Benefits, such as developing objects that exist in a virtual 3D space, incorporate sensory feedback to provide a sense of presence. For example, sound or haptic feedback and immersing user in interactive elements have all contributed positively to growth of this segment.

The Asia Pacific market accounted for largest revenue share in 2020 due to rising demand for AR and VR devices in various sectors in this region. Rapid digitization and technological advancement are also contributing to market revenue growth.

Major players in the market report include Google LLC., Apple Inc., Sony Group Corporation, Microsoft Corporation, Lenovo, EON Reality, Samsung Electronics Co., Ltd., Sixense Enterprises Inc., Seiko Epson Corporation, and HTC Corporation.

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Emergen Research has segmented the global AR and VR market based on type, device type, technology, end-use, and region:

Type Outlook (Revenue, USD Billion; 2018-2028)

Augmented Reality Type

Hardware

Software

Services

Virtual Reality Type

Hardware

Software

Services

Device Type Outlook (Revenue, USD Billion; 2018-2028)

Augmented Reality Device Type

Head-Mounted Displays (HMDs)

Head-Up Displays (HUDs)

Virtual Reality Device Type

Head-Mounted Displays (HMDs)

Gesture Control Device

Projector and Display Wall

Technology Outlook (Revenue, USD Billion; 2018-2028)

Augmented Reality Technology

Marker

Markerless

Virtual Reality Technology

Non-Immersive

Semi-Immersive

Fully Immersive

End-use Outlook (Revenue, USD Billion; 2018-2028)

Aerospace and Defense

Gaming and Entertainment

Healthcare

Automotive

Enterprises

Others

Regional Outlook (Revenue, USD Billion; 2018-2028)

North America

U.S.

Canada

Mexico

Europe

Germany

UK

France

Spain

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

Israel

Rest of Middle East & Africa

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Table of Contents:

Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study.

Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and global market size. It also covers market share and growth rate by regions.

Key Players: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.

Breakdown by Product and Application: This section provides details about market size by product and application.

Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.

Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.

Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.

Appendix: It includes details about research and methodology approach, research methodology, data sources, authors of the study, and a disclaimer.

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