Virtual and Augmented Reality Market to Witness USD 401.8 billion Growth | Blippar Inc., Daqri LLC, Google Inc., Meta Company, Metaio GmbH

United States/New Jersey: The Virtual and Augmented Reality market was valued at US$ 5.16 billion in 2016 and is projected to reach US$ 401.8 billion by 2025

With the help of the leading players' evolving tactics, the global Virtual and Augmented Reality market has improved technologically for all of its goods. To develop a larger market size, the Virtual and Augmented Reality Market reaches out to targeted consumers in order to sell out the necessary items and services. The application of various technologically sophisticated solutions in the development of items linked with the worldwide Out of Virtual and Augmented Reality Market has been a significant factor in the market's success. This market has a large number of important competitors who are supporting it from all sides in order for it to grow and thrive during the present forecast time range.

Virtual and augmented reality have been utilized in some of the traditional medical fields such as biology, obstetrics, Gynecology, neurology, cardiology, dermatology, and even on a smaller scale in the veterinary medical field. Video games are also utilized frequently in the operating room. Aesthetic surgery: Many procedures are performed in a surgical theater, and surgeons try to recreate the exact medical environment as much as possible. For instance, they may use a full-body computer model to better understand a patient's problems and prepare them for surgery. Neurosurgery is a growing field due to the advances in scanning technologies. Some neurosurgeons use virtual reality to train their patients while others are utilizing CT imaging (like MRI's) to train the surgeon before a procedure.

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Major Key players in this Market:

Blippar Inc.
Cyberglove Systems LLC.
Daqri LLC
EON Reality Inc.
Google Inc.
Infinity Augmented Reality Inc.
Magic Leap Inc.
Meta Company
Metaio GmbH
Microsoft Corporation
Oculus VR LLC
Osterhout Design Group (ODG)
Qualcomm Inc.
Samsung Electronics Co. Ltd.
Vuzix Corporation.

Drivers

Increasing demand for VR/AR solutions in the healthcare and retail & e-commerce sector coupled with the rising popularity of HMDs (head-mounted displays) in the gaming and entertainment sector is expected to propel growth of the virtual and augmented reality market over the forecast period.

Furthermore, the evolution of Industry 4.0 (fourth industrial revolution), IoT (Internet of Things), improving cloud infrastructure, and others is expected to boost growth of the virtual and augmented reality market during the forecast period.

The Epitome of the COVID-19 Aftermath

The global virtual and augmented reality market has registered tremendous growth due to the emergence of the COVID-19 pandemic. The imposition of social distancing measures in the wake of the pandemic has engulfed a large portion of the corporate, healthcare, and the IT sector to adopt VR/AR solutions to continue their operations, thus, providing an impetus for the market.

Regional Classification

The primary regions covered in the study report include North America, Europe, Asia Pacific, Central and South America, as well as the Middle East and Africa. The specialists who worked on this area of the study looked at a variety of industries that are driving development and might give manufacturers with profitable expansion prospects in the future years. The study also contains sales and revenue prediction data by region and nation for the years 2021-2027.

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Key Takeaways

The virtual and augmented reality market is anticipated to grow at a CAGR of XX % during the forecast period owing to the growing adoption in the gaming and entertainment sector. For instance, in January 2021, the India Brand Equity Foundation (IBEF) reported that the revenues of virtual gaming services reached over US$ 1 billion in 2020.
In terms of region, the virtual and augmented reality market in the North American region is poised to rise at a substantial rate on the heels of wider adoption of IoT technology and presence of major market players.
Also, the Asia Pacific region is posing bright prospects for the virtual and augmented reality market in the view of rapid adoption of newer technologies coupled with the robust start-up ecosystem.

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