Augmented and Virtual Reality Market Exponential CAGR of 41.1% Through 2031

As per a report by Allied Market Research, the global augmented and virtual reality market is predicted to garner a revenue of $856.2 billion by 2031. The market accounted for $27.6 billion in 2021 and is anticipated to rise at a CAGR of 41.1% during the 2022-2031 period. The report provides insights on the major companies in the market and their strategies, along with the latest trends in the industry.

The augmented and virtual reality market trends in Asia-Pacific are expected to exhibit the highest growth during the forecast period. Industries in this region are comprehending the potential of augmented and virtual reality in the manufacturing, defense, and entertainment sectors in emerging economies such as China, and India. SMEs are anticipated to be opportunistic for this market owing to growth in the adoption of immersive technologies in this region.

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Furthermore, government investments and initiatives in emerging economies, increased penetration of internet users, growth in demand for online content, rise in online certification programs, growth in air traffic & fleet of commercial aircraft, and rise in adoption of AR and VR technology in healthcare, digital manufacturing, and defense are the primary factors that fuel the augmented and virtual reality market in Asia-Pacific region.

By organization size, the large enterprises segment exhibited the highest growth in the AR and VR market in 2021 and is expected to maintain its dominance in the upcoming years. This is due to rising applications of augmented and virtual reality in automotive, manufacturing, construction, extractive industries, aircraft, healthcare, education, law enforcement, and real estate industries. However, the SME segment is expected to witness the highest growth, due to AR and VR technology benefits such as reduced field staff training costs, faster repairs, and greater customer satisfaction.

Depending on the industry vertical, the gaming sector dominated the Augmented and Virtual Reality Market Share in 2021 and is expected to continue this trend during the forecast period. This is attributed to continuous advancements in technology; increased penetration of mobile devices & gaming consoles; and significant expansion in the gamer community is projected to drive the market growth during the forecast period. However, the retail sector is expected to witness the highest growth in the upcoming year.

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Growth in customer demand for personalization and convenience has been constantly motivating retailers to implement AR and VR in-store, through their apps, and within their products. The adoption of augmented reality (AR) technology, allows users to view the actual environment superimposed with digital data that has the potential to transform the retail industry. Such benefits provide lucrative growth opportunities for the market in the upcoming year.

By application, the consumer sub-segment accounted for the maximum revenue in 2021, with around half of the market share. It is expected to continue its leadership status by 2031. On the other hand, the enterprise sub-segment is estimated to have the highest CAGR of 42.4% during the 2022-2031 period.

By region, the North American augmented and virtual reality market held the most dominant position in 2021, with around two-fifths of the market share. It is expected to present lucrative opportunities by 2031. However, the Asia-Pacific augmented and virtual reality market is estimated to be the fastest growing with CAGR of 43.9% during 2022-2031. The report has also provided a detailed study of the market in Europe and LAMEA.

Major companies in the global augmented and virtual reality industry include Google Inc., Microsoft Corporation, DAQRI, Sony, Osterhout Design Group, Samsung Electronics Co., Ltd., Magic Leap, Inc., Facebook, Wikitude, and HTC.

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The augmented and virtual reality market was valued at $27,569.23 million in 2021 and is projected to reach $856,166.61 million by 2031, registering a CAGR of 41.1%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The pandemic has causeda recessionary economy that has forced various enterprises across the globe to dramatically and rapidly shift their operations. Industries around the globe are being severely affected by the COVID-19-induced recession; however, the impact on the technology sector during the crisis was comparatively lesser than the rest of the economy.

During the pandemic, most organizations have reduced their spending on IT. Hence, the large enterprises market has observed a slowdown, with numerous planned projects and investments being delayed or postponed. However, despite the financial impacts of the pandemic on the global economy, still, various organizations are still adopting augmented and virtual reality during COVID-19 to enhance their operations.

On the contrary, during the COVID-19 outbreak it potentially increased market demand from healthcare and law enforcement to operate work smoothly and efficiently. Technology plays a key role in helping address the near-term challenges the virus has created. Further, the AR-modelled 3D visualization helps medical teaching staff provide an immersive learning experience to the students/budding surgeons. Augmented reality facilitates surgeons to visualize joints, muscles, and internal organs without making incisions into the patient's body and make further decisions about incisions after diagnosing the body through augmented reality technologies. This leads to an increase in the accuracy of diagnosis as well as surgeries.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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