Press release
Japan Augmented Reality and Virtual Reality Market to Grow at a CAGR 30.6% from 2022 to 2027
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Growing demand from the entertainment industry to fuel the growth of the market in Japan
Japan's AR and VR market is projected to witness rapid growth owing to the booming gaming industry and the advent of 5G in the region. Japan has a strong base of technologically advanced manufacturing industries that offer multiple opportunities for the growth of companies manufacturing AR and VR devices. Small and large companies offer innovative products incorporated with AR and VR technologies for use in the consumer electronics, gaming, and entertainment industries. Companies in Japan have also made significant research and development investments to gain a competitive edge in the market. AR and VR devices are primarily used in Japan for entertainment purposes. However, the technology is expected to be applied mainly in the healthcare, retail, and manufacturing industries.
Gaming & entertainment is one of the most important industries for VR headsets in Japan, with the country expected to create opportunities for AR HMDs in the coming years. Apart from HTC Vive, the Sony PlayStation VR is a popular headset in Japan. Education is another important application area for HMDs in Japan. Many schools are also adopting VR HMDs to enable virtual learning.
Japan's healthcare, aerospace & defense, mining, and oil & gas sectors have been investing in automating workflow to reduce human errors. The use of AR and VR technology for these applications is expected to enhance its market in the country. Similar to the application of the Times of India (as mentioned above), Tokyo Shimbun, a Japanese newspaper, launched the AR News application to view and promote certain stories in print edition on a smartphone via an AR application. This has helped attract young and aging customers. Also, child-friendly versions are available. These versions explain the topics being discussed and provide pop-up headlines and graphics with animated characters. The telecom carrier-Nippon Telegraph and Telephone Corporation (NTT) (Japan)-and the navigation service developer-Navitime Japan (Japan)-are developing an AR application that would help find free Wi-Fi.
The major booming sectors in Japan are financial services, healthcare, advanced manufacturing, and retail. The increased use of AR and VR devices in advanced medical applications such as VR diagnostics and VR surgeries is further expected to drive the requirement for AR and VR display modules in the country.
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For instance, Japan-based Sony is planning to reshape entertainment delivery within prolonged lockdowns and, eventually, the post-COVID-19 world. The company is planning to promote VR concerts and other VR entertainment solutions to entertain people, to avoid crowds, and create a safe environment for consumers. Similarly, other major Japanese companies such as JDI, Sony, and Seiko Epson are catering to the global AR and VR market. Also, companies such as Fujitsu, NEC, Honda, Koei Tecmo, Alps Electric, and ASUS are taking a keen interest in AR and VR devices, which could translate into potential opportunities for AR and VR vendors.
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