Augmented & Virtual Reality Market by Technology, Product, Devices, Organization Size, Application

Description

List of Tables

[196 Pages Report] The Augmented & Virtual Reality Market size was estimated at USD 36.08 billion in 2023 and expected to reach USD 42.52 billion in 2024, at a CAGR 17.92% to reach USD 114.46 billion by 2030.

Augmented & virtual reality (AR/VR) involves innovative technologies that merge digital content with the real-life environment of the user or generate an immersive, computer-simulated environment. These technologies utilize sensors, cameras, displays, and software to create an interactive experience beyond traditional 2D screens. Advancements in hardware components such as processors and graphics cards have enabled powerful computing capabilities for complex AR/VR applications. Additionally, increased internet connectivity worldwide has allowed a broader audience to access AR/VR services. However, prolonged AR/VR headset use may cause motion sickness, eye strain, or other physical discomforts to some users. Nevertheless, VR simulations are expected to aid doctors in practicing surgeries before actual operations, and students can engage in immersive learning experiences through AR-enhanced virtual field trips, which are expected to create potential opportunities for the augmented & virtual reality (AR/VR) market.

KEY MARKET STATISTICS
Base Year [2023]	USD 36.08 billion
Estimated Year [2024]	USD 42.52 billion
Forecast Year [2030]	USD 114.46 billion
CAGR (%)	17.92%

Technology: Proliferation of virtual reality to create realistic simulations

Augmented reality integrates digital elements with the real-time environment of the user and enriches their perception of reality by superimposing computer-generated images onto their view of the physical world. Marker-based augmented reality relies on pre-defined visual markers, usually 2D images or QR codes, to trigger the display of virtual content when detected by an AR device's camera. An active marker is an electronic device equipped with LEDs or other light sources emitting a specific pattern or color, which an AR system recognizes. In contrast to active markers, passive markers do not emit any light source; instead, they depend on the unique patterns printed on paper or other materials for identification purposes. Markerless augmented reality utilizes advanced computer vision algorithms and sensors to detect and track objects or features in the real world without relying on prior information. Image-based processing analyzes consecutive frames from a camera feed to identify distinctive features while model-based tracking is utilized for recognition purposes. Virtual reality immerses users into a fully digitized environment created using computer graphics or 360-degree video recordings. Non-immersive technology refers to systems that do not fully engage or envelop the senses of the user. These systems provide limited immersion by projecting 3D computer-generated imagery onto a screen or monitor rather than surrounding the user in a fully interactive environment. Fully immersive technology offers an even deeper level of engagement by completely replacing users' sensory input with computer-generated stimuli. Semi-immersive technologies combine elements from both non immersive and fully immersive systems. Semi-immersive experiences involve large projection screens or advanced display systems that surround users with high-fidelity visuals while allowing interaction with the real world.

Product: Rising penetration of AR/VR software for content creation

The AR/VR hardware depends on factors such as comfortability, affordability, and compatibility and includes primary components such as headsets, controllers, sensors, and tracking devices. Cameras track user movements and generate 3D models of the surroundings in AR applications, and VR devices use external cameras for precise head tracking and motion detection. The high-resolution OLED displays offer low persistence and high refresh rates to reduce motion blur and latency for an immersive experience in VR devices. Position trackers detect user movement within a defined space to provide accurate positioning data for AR/VR systems. Semiconductors provide efficient processing and rendering capabilities, including AR/VR devices. Sensors are critical components that provide input data for tracking user movements and interactions within AR/VR environments. The AR/VR software preferences include ease of use, their ability to integrate with third-party tools or services, and diversity of available content. 3D modeling incorporates AR/VR capabilities to enhance prototyping and visualization stages. AR remote collaboration tools improve communication efficiency across industries. Incorporating AR technology into documentation management systems and visualization techniques allows efficient content access and comprehension through an immersive and interactive experience. In VR content creation, VR devices integrate the environment for designers to build interactive experiences quickly. Workflow Optimization through AR/VR can increase productivity across industries.

Devices: Evolving AR/VR device landscape to enhance user experiences and widespread adoption of augmented and virtual reality technologies

Display walls and projectors are essential components in the augmented & virtual reality (AR/VR) landscape, providing an immersive experience for users by projecting digital content onto large surfaces. These devices cater to simulation, training, research, and entertainment applications. Gesture-tracking devices facilitate seamless interactions between users and AR/VR environments using hand movements or body gestures. Head-mounted displays (HMDs) are wearable displays that provide users with immersive AR/VR experiences by projecting visuals directly into their field of view. Head-up displays (HUDs) project essential information onto transparent surfaces such as windshields or visors to keep users informed without obstructing their view. In AR/VR applications, HUDs find usage in automotive navigation systems, aviation cockpits, military equipment, and sports gear.

Organization Size: Burgeoning adoption of AR/VR in large enterprises

Large enterprises adopt AR/VR solutions for training, product development, marketing, and customer service. In addition, it is preferred for virtual tours of facilities, immersive training simulations for employees, remote collaboration through holographic projections, and enhanced customer experiences through AR-enhanced mobile applications. Moreover, large enterprises require customized solutions tailored to their specific needs due to their scale and complexity. SMEs are increasingly recognizing the potential benefits of adopting AR/VR technologies; however, they face budget constraints that limit their ability to invest heavily in AR/VR solutions. They tend to opt for cost-effective and scalable options that address their specific pain points, such as workforce training, product visualization, and enhancing customer engagement.

Applications: Emerging utilization of AR/VR technologies for medical and education & training purposes

In the commercial sector, augmented & virtual reality (AR/VR) technologies have applications in retail, healthcare, real estate, travel, and tourism. Industries such as manufacturing, automotive, aerospace, and defense have embraced AR/VR to enhance operational efficiency, employee training programs, and product design. Educational institutions are leveraging AR/VR tools to create engaging learning experiences across different disciplines, improving student knowledge retention. In the construction industry, AR/VR is used for the design process, while energy companies benefit from its use in operational efficiency and asset management. The healthcare sector has witnessed significant adoption of AR/VR technologies for surgical planning, patient rehabilitation, and medical education, leading to improved clinical outcomes. The media & entertainment industry utilizes AR/VR solutions in gaming, film production, and live events, while IT and telecom organizations employ it for network operations center visualization. The transportation sector is evolving with advancements in AR/VR technologies, resulting in route optimization, warehouse management, and vehicle maintenance.

Regional Insights

The augmented & virtual reality market is evolving in the Americas owing to heavy investments in AR/VR research and new product development activities. The European Union (EU) countries witness substantial AR/VR adoption growth for training and knowledge-sharing purposes. In the Middle East and Africa region, the augmented & virtual reality market is developing with smart city initiatives, including incorporating AR into public services and deploying VR-based solutions in education, training, tourism, and oil & gas industries. The Asia-Pacific region represents a growing AR/VR technology landscape owing to its vast consumer base driving demand for immersive experiences across multiple sectors such as gaming, retail, education, and healthcare. Besides, technological advancements and research to expand AR/VR applications in diverse sectors are anticipated to propel their use in end-use sectors globally.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Augmented & Virtual Reality Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Augmented & Virtual Reality Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Augmented & Virtual Reality Market, highlighting leading vendors and their innovative profiles. These include Amazon Web Services, Inc., Apple Inc., Atheer, Inc., Blippar Group Limited, Capermint Technologies Pvt. Ltd., Cisco Systems, Inc., CyberGlove Systems Inc., EON Reality, Inc., Google LLC by Alphabet Inc., Hewlett-Packard Development Company, L.P., HTC Corporation, Inglobe Technologies Srl, Innovega Inc., Intel Corporation, International Business Machines Corporation, KT Corporation, Lenovo Group Limited, LG Corporation, Magic Leap, Inc., Marxent Labs LLC, MAXST Co., Ltd., Meta Platforms, Inc., Microsoft Corporation, Niantic, Inc., NVIDIA Corporation, PTC Inc., Qualcomm Incorporated, Samsung Electronics Co., Ltd., Seiko Epson Corporation, Sony Group Corporation, Toshiba Corporation, Trimble Inc., Vuzix Corporation, and Zugara Inc..

Market Segmentation & Coverage

This research report categorizes the Augmented & Virtual Reality Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
- Augmented Reality
  - Marker-Based Augmented Reality
    - Active Marker
    - Passive Marker

Markerless Augmented Reality
- Image-Based Processing
- Model-Based Tracking

Virtual Reality
- Nonimmersive Technology
- Semi-Immersive & Fully Immersive Technology

Product
- Hardware
  - Cameras
  - Displays & Projectors
  - Position Trackers
  - Semiconductor Component
  - Sensors

Software
- 3D Modeling
- AR Remote Collaboration
- Documentation
- Navigation
- Visualization
- VR Content Creation
- Workflow Optimization

Devices
- Display Walls & Projectors
- Gesture Tracking Devices
- Head-Mounted Displays
- Head-Up Displays

Organization Size
- Large Enterprises
- Small & Medium Enterprises

Application
- Commercial & Industrial
  - Aerospace & Defense
  - Automotive & Transportation
  - Banking, Financial Services & Insurance
  - Building, Construction & Real Estate
  - Consumer Goods & Retail
  - Education
  - Energy & Utilities
  - Government & Public Sector
  - Healthcare & Life Sciences
  - Information Technology
  - Manufacturing
  - Media & Entertainment
  - Telecommunication
  - Travel & Hospitality

Personal

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Augmented & Virtual Reality Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Augmented & Virtual Reality Market?

3. What are the technology trends and regulatory frameworks in the Augmented & Virtual Reality Market?

4. What is the market share of the leading vendors in the Augmented & Virtual Reality Market?

5. Which modes and strategic moves are suitable for entering the Augmented & Virtual Reality Market?

Product Code: MRR-4358917D64AA

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Government initiatives promoting AR/VR and industry 4.0 activities
  - 5.1.1.2. Increasing use of VR in aerospace & defense for training and simulation
  - 5.1.1.3. Rising demand for AR in retail and e-commerce sectors
- 5.1.2. Restraints
  - 5.1.2.1. Functionality and performance limitations of AR/VR devices and software
- 5.1.3. Opportunities
  - 5.1.3.1. Technological advancements in AR/VR hardware and software
  - 5.1.3.2. Expansion of the technology in the gaming and metaverse community
- 5.1.4. Challenges
  - 5.1.4.1. Security and privacy issues associated with AR & VR
5.2. Market Segmentation Analysis
- 5.2.1. Technology: Proliferation of virtual reality to create realistic simulations
- 5.2.2. Product: Rising penetration of AR/VR software for content creation
- 5.2.3. Devices: Evolving AR/VR device landscape to enhance user experiences and widespread adoption of augmented and virtual reality technologies
- 5.2.4. Organization Size: Burgeoning adoption of AR/VR in large enterprises
- 5.2.5. Applications: Emerging utilization of AR/VR technologies for medical and education & training purposes
5.3. Market Trend Analysis
- 5.3.1. Established AR/VR startup ecosystem catering to different industries across Americas favored by private and public funding
- 5.3.2. Huge demand from the younger population and rising penetration of the global vendors to commercialize AR/VR products in APAC
- 5.3.3. Enhanced emphasis on technological innovations, strategic collaborations, and significant investments in Metaverse in EMEA
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Augmented & Virtual Reality Market, by Technology

6.1. Introduction
6.2. Augmented Reality
6.3. Virtual Reality

7. Augmented & Virtual Reality Market, by Product

7.1. Introduction
7.2. Hardware
7.3. Software

8. Augmented & Virtual Reality Market, by Devices

8.1. Introduction
8.2. Display Walls & Projectors
8.3. Gesture Tracking Devices
8.4. Head-Mounted Displays
8.5. Head-Up Displays

9. Augmented & Virtual Reality Market, by Organization Size

9.1. Introduction
9.2. Large Enterprises
9.3. Small & Medium Enterprises

10. Augmented & Virtual Reality Market, by Application

10.1. Introduction
10.2. Commercial & Industrial
10.3. Personal

11. Americas Augmented & Virtual Reality Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Augmented & Virtual Reality Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Augmented & Virtual Reality Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Google's AR Microscope Paves the Way for Early Cancer Detection
- 14.3.2. Accenture, Microsoft Uses Metaverse to Unite Decision-Makers
- 14.3.3. VR Owl Group Acquires MeetinVR in Company Shakeup
- 14.3.4. Sony to Invest USD 2 Billion into Extended Reality Research
- 14.3.5. PTC and Rockwell Automation Extend Relationship with Focus on IoT and Augmented Reality for Manufacturing
- 14.3.6. Apple Confirms Acquisition of AR Startup Mira Following Vision Pro Launch
- 14.3.7. Meta Launches New Quest 3 Mixed Reality Headset
- 14.3.8. Lenovo ThinkReality VRX is Now Available In Select Markets Worldwide
- 14.3.9. Meta and BMW Unveil Next-Level Augmented and Virtual Reality Experiences
- 14.3.10. Magic Leap Collaborates with NVIDIA to Advance Digital Twins for Enterprise
- 14.3.11. Vuzix Signs Distribution Agreement with MACE Virtual Labs and Receives Substantial Initial Volume Smart Glasses Order
- 14.3.12. Samsung, Google and Qualcomm Team Up to Build a New Mixed-Reality Platform
- 14.3.13. VR Startup Trezi Secures Funding to Offer Enhanced Immersive Design Collaboration
- 14.3.14. HTC Plans to Reveal its Meta Quest Competitor Next Month
- 14.3.15. Key Strategic Partnership Will Bring Virtual Reality and Augmented Reality to Real World Underwater Operations
- 14.3.16. Microsoft Wins USD 21.9 Billion Contract with U.S. Army to Supply Augmented Reality Headsets

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio