Next-Gen AR/VR Chips: 2024 Market Analysis on Immersive Technology Hardware

"The Business Research Company recently released a comprehensive report on the Global AR/VR Chip Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The ar/vr chip market size has grown exponentially in recent years. It will grow from $3.27 billion in 2023 to $4.02 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to proliferation of augmented reality (ar) and virtual reality (vr) applications, advances in graphics processing unit (gpu) technologies, growth in gaming and entertainment industries, increased adoption of ar/vr in healthcare and education, demand for high-performance computing in ar/vr devices.

The ar/vr chip market size is expected to see exponential growth in the next few years. It will grow to $8.62 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to expansion of augmented reality glasses and headsets, integration of ar/vr in enterprise and industrial applications, adoption of 5g technology for enhanced ar/vr experiences, increased demand for compact and power-efficient ar/vr chips, growth in extended reality (xr) and mixed reality (mr) applications. Major trends in the forecast period include development of ai-powered ar/vr experiences, use of edge computing for real-time ar/vr processing, integration of ar/vr chips in smart glasses and wearables, emphasis on haptic feedback and sensory, integration in ar/vr devices.

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Market Drivers and Trends:

High adoption of mobile devices is expected to propel the growth of the AR/VR chip market going forward. The mobile device refers to a portable tablet or another gadget that is small and light enough to be carried around. It can now perform practically all tasks that were previously only possible with bigger personal computers due to the advancements in data storage, computing, and display technology. AR/VR chips embedded in smartphones enable very realistic virtual and augmented reality game experiences where the user interacts with his or her surroundings using their own hands. For instance, according to the report published by Samsung Electronics Co. Ltd., a South Korea-based electronics corporation, smartphone adoption over the globe increased in 2021, as smartphone sales reached 1.30 billion units in 2020 and grew to 1.36 billion units in 2021. Therefore, the high adoption of mobile devices is driving the AR/VR chip market growth.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Nvidia Corporation, Imagination Technologies Limited, MediaTek Inc, Intel Corporation, Spectra7 Microsystems Inc, Advanced Microdevices Inc, International Business Machine Corporation, Samsung Electronics Co Ltd, Huawei Technologies Co. ltd., Broadcom Inc, Rockchip Electronics Co Ltd, Advanced RISC Machines Ltd, HiSilicon (Shanghai) Technologies CO. Ltd., Qualcomm Inc., Texas Instruments Incorporated, Xilinx Inc., Arm Limited, Cadence Design Systems Inc., Meta Platforms Inc., Apple Inc., Microsoft Corporation, QUALCOMM Incorporated, Adobe Inc., Hello Group Inc. ADR, Alphabet Inc., Magic Leap, Lytro, Eyefluence, Inpria, Interlude

AR/VR Chip Market 2024 Key Insights:

• The ar/vr chip market size is expected to see exponential growth in the next few years. It will grow to $8.62 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%.
• Mobile Devices Powering The Future Of Ar/Vr Chip Market
• Technological Advancements In Ar/Vr Chips Market Powering The Future
• Asia-Pacific was the largest region in the AR/VR chip market in 2023

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