AI in Virtual Reality and Augmented Reality Market Top Companies Study - Qualcomm Incorporated, Sony Corporation, Intel Corporation, Lenovo Group Limited, NVIDIA Corporation.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Virtual Reality and Augmented Reality Market - (By Type (AI-powered Virtual Reality (VR), AI-enhanced Augmented Reality (AR)), By Application (Gaming and Entertainment, Education and Training, Healthcare and Medical, Retail and E-commerce, Real Estate and Architecture, Automotive and Transportation, Tourism and Travel, Social Media and Communication, Industrial and Manufacturing, Military and Defense), By Technology (Natural Language Processing (NLP), Computer Vision, Machine Learning, Deep Learning, Gesture Recognition, Speech Recognition, Simulated Environments), By Platform (Mobile Devices, Head-Mounted Displays, Projectors and Smart Glasses, Wearable and Body Tracking Devices, Desktop Computers and Consoles)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Virtual Reality and Augmented Reality Market is valued at US$ 33.5 Bn in 2023, and it is expected to reach US$ 351.0 Bn by 2031, with a CAGR of 34.6% during the forecast period of 2024-2031.

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Artificial intelligence (AI) is significantly elevating the quality of virtual reality (VR) and augmented reality (AR) experiences by enhancing their realism, interactivity, and personalization. In the realm of VR, AI contributes to the creation of dynamic and responsive virtual environments, supports the behavior of intelligent non-player characters (NPCs), and improves user interaction through advanced voice and gesture recognition technologies. The integration of AI with VR and AR is driving substantial innovation across diverse industries.
In the education sector, AI-powered VR and AR applications are revolutionizing learning experiences by offering immersive and interactive environments. For example, students can explore historical events or engage in virtual dissections in realistic VR classrooms, all from the comfort of their homes. Similarly, the healthcare industry has seen remarkable progress with the adoption of AI-driven VR and AR solutions, enhancing medical training, diagnostics, and patient care. The convergence of AI and VR/AR technologies is fostering increased user engagement and operational efficiency across various sectors.

List of Significant Players in the AI in Virtual Reality and Augmented Reality Market:
• Microsoft Corporation
• Google LLC
• Sony Corporation
• HTC Corporation
• Magic Leap Inc.
• NVIDIA Corporation
• Apple Inc.
• Samsung Electronics Co., Ltd.
• Intel Corporation
• Vuzix Corporation
• Qualcomm Incorporated
• Meta Company
• PTC Inc.
• Lenovo Group Limited
• Marxent Labs LLC
• Atheer Inc.
• EON Reality Inc.
• Upskill (formerly APX Labs)
• Scope AR
• Daqri LLC
• Sixense Enterprises Inc.
• Avegant Corporation
• Dassault Systèmes SE
• Zappar Ltd.

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Market Dynamics
Drivers:
Retailers are increasingly adopting AI-driven augmented reality (AR) technologies to enhance customer shopping experiences. AR applications allow consumers to visualize products in real-world settings, thereby increasing engagement and reducing return rates. AI further augments these experiences by tailoring them to individual user preferences and behaviors. The widespread adoption of smartphones and advancements in mobile technology have facilitated greater access to AR and virtual reality (VR), driving the growing popularity of AI-powered AR applications, particularly within sectors such as social media, gaming, and e-commerce.

Challenges:
The development of AI-enabled VR and AR applications requires significant financial investment, which can be a barrier for small and medium-sized enterprises (SMEs). High costs associated with software development, hardware, and specialized labor may limit the scalability of the market. Moreover, the integration of AI in VR and AR raises concerns regarding data privacy and security, necessitating robust measures to protect sensitive user information and establish consumer trust. Despite technological advancements, challenges such as limitations in processing power, latency, and device capabilities may still impact the performance and user experience of AI-powered VR and AR applications.

Regional Trends:
North America is poised to dominate the AI-driven virtual and augmented reality market, with strong growth projections in the coming years. This growth is supported by the presence of key industry players, a robust gaming sector, increasing adoption in retail and e-commerce, technological advancements, and favorable regulatory frameworks. Europe also holds a significant market share, driven by a strong economic foundation and growing adoption of advanced technologies. European countries, supported by initiatives such as Horizon 2020 and Horizon Europe, provide substantial funding for technological research and innovation, thereby facilitating the development and widespread adoption of AI-powered VR and AR solutions.

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Recent Developments:
• In July 2024, Apple made available the visionOS 2 Beta 3 specifically for developers. The operating system version is specifically tailored to accommodate the needs and specifications of augmented reality (AR) and virtual reality (VR) devices. Developers can engage in the test by accessing the Settings menu, navigating to Software Updates, selecting the option for beta updates, and activating the developer beta.

Segmentation of AI in Virtual Reality and Augmented Reality Market-
By Type-
• AI-powered Virtual Reality (VR)
• AI-enhanced Augmented Reality (AR)
By Application-
• Gaming and Entertainment
• Education and Training
• Healthcare and Medical
• Retail and E-commerce
• Real Estate and Architecture
• Automotive and Transportation
• Tourism and Travel
• Social Media and Communication
• Industrial and Manufacturing
• Military and Defense
By Technology-
• Natural Language Processing (NLP)
• Computer Vision
• Machine Learning
• Deep Learning
• Gesture Recognition
• Speech Recognition
• Simulated Environments
By Platform-
• Mobile Devices
• Head-Mounted Displays
• Projectors and Smart Glasses
• Wearable and Body Tracking Devices
• Desktop Computers and Consoles
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.