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Augmented Reality And Virtual Reality Market Demand Analysis and Growth Opportunities by 2030 |(CAGR) of 40.7%| Alphabet Inc., Microsoft Corporation, Oculus VR, LLC
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COVID-19 Impact Analysis
The global augmented reality (AR) and virtual reality (VR) market revenue grew during the COVID-19 epidemic. The market witnessed a growing demand for augmented reality and virtual reality technologies among the population. It is mainly due to the sudden change in working mode of businesses. Many companies began operating remotely, which helped the industry expand during the epidemic. Moreover, it offered an opportunity to the service providers to invest in R&D and develop efficient solutions. The 2020 China Spring Cloud Auto Show integrated panoramic content, big data, AR technology, Web 3D, and other technologies to introduce advanced technology that could help organizations by offering multiple services.
Moreover, the global augmented reality (AR) and virtual reality (VR) market may witness emerging opportunities in the healthcare sector, mainly due to the growing demand for point of care, patient management, telehealth, and home-based care.
Factors Influencing
Increasing penetration of smartphones and smart devices is forecast to benefit the global augmented reality (AR) and virtual reality (VR) market.
Increasing demand for AR, VR technology, and their applications in content creation and professional training are forecast to fuel the market growth. The applications of AR and VR technology are not limited to video gaming. Brands are focusing on finding new applications for AR and VR, which would ultimately drive market growth.
Health concerns related to the use of AR and VR technology are forecast to hamper the market growth. People may witness symptoms of stress and anxiety because of the immersive nature and overuse of virtual and augmented reality devices.
The introduction of advanced products is forecast to escalate the market growth during the forecast period. Samsung, together with Oculus VR, unveiled virtual reality devices for widespread utilization of enormous public.
Geographic Analysis
The Asia-Pacific region is forecast to dominate the global augmented reality and virtual reality market due to increasing investments and the growing penetration of smartphones. Moreover, government initiatives to boost the defense and commercial domain are forecast to offer favorable growth opportunities to the market players in the global augmented reality (AR) and virtual reality (VR) market. Moreover, the region is home to a large number of display board industries. Thus, it would contribute to the growth of the Asia-Pacific augmented reality (AR) and virtual reality (VR) market. Moreover, market players may witness ample opportunities in the growing automotive and healthcare domain of the region.
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Competitors in the Market
Alphabet Inc.
Microsoft Corporation
Oculus VR, LLC
Qualcomm Technologies Inc.
Intel Corporation
Himax Technologies Inc.
Samsung Electronics Co. Ltd.
Seiko Epson Corporation
PTC Inc.
Vuzix Corporation
Sony Corporation
Osterhout Design Group (ODG) Inc.
Wikitude GmbH
Marxent Labs LLC
Blippar
Meta Company
Daqri LLC
Leap Motion, Inc.
EON Reality
Visteon Corporation
Zugara
Other prominent players
Market Segmentation
By Application
Consumer
Enterprise
By Organization Size
Large Enterprises
Small- & Medium-sized Enterprises
By Industry Vertical
Gaming
Entertainment & Media
Aerospace & Defense
Healthcare
Education
Manufacturing
Retail
Others
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
-The market report presents the estimated size of the ICT market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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Market Scenario
Global Augmented Reality and Virtual Reality Market was valued US$ 6.1 Bn in 2017, and is expected to reach US$ 58.2 Bn by 2026, at a CAGR of 32.57% during forecast period.
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