Augmented and Virtual Reality Market Soars: Explosive Growth Predicted in Latest Industry Report 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.

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Virtual Reality (VR): VR creates a completely immersive digital environment that replaces the real world entirely. Users typically wear a VR headset that covers their eyes and ears, blocking out the physical world and replacing it with a computer-generated environment. This environment can be entirely fictional or modeled after a real-world location.

Augmented Reality (AR): AR overlays digital information onto the real-world environment. Rather than replacing the real world, AR enhances it by adding virtual elements such as images, videos, or 3D models. AR experiences can be delivered through various devices, including smartphones, tablets, and AR glasses.

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The unprecedented demand for better hardware and software technologies is a crucial factor in development of the market. The use of AR and VR technology is not restricted to a particular age group, and the heterogeneity of demand has given an impetus to market growth. A large number of people are inclined toward buying latest electronic gadgets. Further, increased affordability of the masses has created a farrago of opportunities within the augmented and virtual reality market, which is expected to be beneficial for the market growth in the upcoming year.

The report offers detailed segmentation of the global augmented and virtual reality market based on organization size, application, industry vertical, and region.

By organization size, the large enterprises sub-segment held the largest market share in 2021, with around two-thirds of the market share. On the other hand, the SMEs sub-segment is expected to be the fastest growing with a CAGR of 43.3% during the forecast period.

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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 industry vertical, the gaming sub-segment held the highest market share in 2021, with around one-fourth of the total share. The sub-segment is projected to be highly profitable in the coming period also. However, the retail sub-segment is predicted to demonstrate the fastest growth at a CAGR of 44.4% during the analysis timeframe.

By region, the North America 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 the 2022-2031. The report has also provided a detailed study of the market in Europe and LAMEA.

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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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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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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.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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