"Unlocking Immersive Realities: Augmented and Virtual Reality Market Poised to Surpass $367.5 Billion by 2030"

Meticulous Research®, a leading global market research company, unveils its latest report titled "Augmented and Virtual Reality Market by Type (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device (AR Devices, VR Devices), Application (Health and Safety, Training), End-use Industry, and Geography - Global Forecast to 2030." This comprehensive study forecasts the global augmented and virtual reality market to skyrocket to $367.5 billion by 2030, registering a staggering CAGR of 33.6% from 2023 to 2030.

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The significant growth trajectory of this market is propelled by the widespread adoption of AR and VR technologies across industries, with notable uptakes observed in manufacturing, healthcare, and entertainment sectors. The healthcare sector, in particular, has witnessed a surge in AR adoption owing to its potential in enhancing patient care and medical training. Similarly, the gaming and entertainment industries continue to drive market expansion with innovative AR and VR applications, offering immersive experiences to users worldwide.

Despite the promising growth outlook, challenges such as privacy concerns and the need for robust network infrastructure persist, hindering market expansion. However, advancements in head-mounted displays for training purposes and ongoing digitization efforts are poised to unlock significant growth opportunities in the coming years.

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The report segments the global augmented and virtual reality market based on type, offering, device, application, end-use industry, and geography. Among these segments, augmented reality emerges as the frontrunner, accounting for the largest share of the market in 2023. Its versatility and practical applications across diverse sectors such as gaming, retail, and education contribute to its dominance.

Furthermore, hardware offerings are expected to dominate the market, driven by the growing adoption of smartphones, tablets, and other handheld gadgets. AR devices are projected to command the largest share of the device segment, finding extensive applications in military, automotive, and gaming sectors.

In terms of applications, gaming and recreational activities spearhead market demand, fueled by the global surge in gaming activities and technological advancements enhancing user experiences. Similarly, the augmented reality segment in end-use industries is expected to witness significant growth, particularly in media, aerospace, and manufacturing, driven by its ability to enhance user experiences and productivity.

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Geographically, North America is slated to dominate the market, fueled by increasing government initiatives and investments in immersive technologies, alongside the presence of leading market players in the region.

The report profiles key players shaping the augmented and virtual reality landscape, including Microsoft Corporation, Sony Semiconductor Solutions Corporation, HTC Corporation, Apple Inc., Samsung Electronics Co., Ltd., and others.

As the global market for augmented and virtual reality continues to evolve, driven by technological advancements and increasing applications across industries, Meticulous Research® remains at the forefront, providing comprehensive insights into market trends and dynamics to guide stakeholders in navigating this transformative landscape.

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.