PUBLISHER: Market Research Future | PRODUCT CODE: 1220879
PUBLISHER: Market Research Future | PRODUCT CODE: 1220879
Augmented Reality (AR) and Virtual Reality (VR) Market Forecast till 2027
The AR & VR market has expanded the capabilities of connected devices to perform various tasks, including information search, shopping, and more. With VR, users can experience the world from their own homes, and VR gaming offers a highly engaging 3D environment for players. The growth of the AR & VR market is driven by the widespread use of the internet and the thriving video game industry.
Adoption in various industries, such as retail, manufacturing industries, media, aerospace, entertainment, healthcare, and defense, is expected to drive growth during the forecast period. Governments worldwide are promoting the adoption of innovative technologies in the automotive and manufacturing sectors. Additionally, the use of AR for digitalization and on-site improvements in commercial and business solutions is contributing to market growth.
Segment Overview
The AR & VR market is divided into technology segments: marker-less, non-immersive, anchor-based, VR, marker-based, semi-immersive, and fully-immersive. The growth of these segments is driven by increasing demand for VR head-mounted displays (HMDs). The offerings segment, which includes hardware, displays, projectors, sensors, trackers, cameras, and more, is fueled by the rise in technologically advanced devices such as smartphones and tablets. The VR headset market is expected to grow in commercial and entertainment settings, while advances in wearable tech will drive demand for VR HMDs.
The AR & VR market is also divided by industry vertical, including media & entertainment, automotive, consumer electronics, retail, aerospace & defense, healthcare, BFSI, IT & telecommunications, travel & tourism, manufacturing, education, and real estate. Healthcare is expected to grow the fastest due to VR's numerous applications in disease awareness, medical marketing, and education. Companies like Osso VR offer VR solutions for medical training.
The augmented reality and virtual reality market has been divided into four main regions: Asia-Pacific, Europe, North America, and the Rest of the World. Asia-Pacific leads in market share. North America, however, is expected to experience the fastest growth during the forecast period.
The Asia-Pacific region dominates the AR/VR market due to ongoing advancements in VR technology. China is a significant contributor to the market growth, with its thriving VR industry, including distribution of HMDs and VR hardware. The region's market growth is also driven by technological advancements in Southeast Asian countries and government initiatives and investments to support VR businesses.
The AR/VR market is comprised of major, secondary, and local players. Tier-1 and tier-2 players have broad product offerings and a strong presence. Companies such as Sony (Japan), Google (US), Apple (US), Samsung (South Korea), HTC (Taiwan), Oculus (US), Microsoft (US), and PTC (US) lead the market due to their unique product offerings, financial stability, strategic initiatives, and widespread global presence.
The COVID-19 pandemic has driven the growth of digital technologies and increased technology adoption. These technologies are used in various industries, including education, tourism, healthcare, and retail. The changes in behavior brought about by the pandemic are likely to persist, even after lockdowns are lifted, as people continue to socially distance but stay connected through AR/VR/XR technologies. Businesses can continue to operate and grow if they have access to AR/VR platforms. With improved internet connectivity and the ability to work from remote locations and smartphones, more people can work online.
PORTER'S FIVE FORCES ANALYSIS
TABLE1 GLOBAL AUGMENTED REALITY AND VIRTUAL REALITY MARKET: BY COUNTRY, 2020-2027
TABLE2 NORTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET: BY COUNTRY, 2020-2027
TABLE3 EUROPE AUGMENTED REALITY AND VIRTUAL REALITY MARKET: BY COUNTRY, 2020-2027
TABLE4 ASIA-PACIFIC AUGMENTED REALITY AND VIRTUAL REALITY MARKET: BY COUNTRY, 2020-2027
TABLE5 MIDDLE EAST & AFRICA AUGMENTED REALITY AND VIRTUAL REALITY MARKET: BY COUNTRY, 2020-2027
TABLE6 SOUTH AMERICA AUGMENTED REALITY AND VIRTUAL REALITY MARKET: BY COUNTRY, 2020-2027
TABLE7 NORTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COUNTRY, 2020-2027
TABLE8 NORTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2020-2027
TABLE9 NORTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COMPONENT, 2020-2027
TABLE10 NORTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2020-2027
TABLE11 NORTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY VERTICAL, 2020-2027
TABLE12 EUROPE: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COUNTRY, 2020-2027
TABLE13 EUROPE: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2020-2027
TABLE14 EUROPE: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COMPONENT, 2020-2027
TABLE15 EUROPE: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2020-2027
TABLE16 EUROPE: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY VERTICAL, 2020-2027
TABLE17 ASIA-PACIFIC: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COUNTRY, 2020-2027
TABLE18 ASIA-PACIFIC: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2020-2027
TABLE19 ASIA-PACIFIC: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COMPONENT, 2020-2027
TABLE20 ASIA-PACIFIC: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2020-2027
TABLE21 ASIA-PACIFIC: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY VERTICAL, 2020-2027
TABLE22 MIDDLE EAST & AFRICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COUNTRY, 2020-2027
TABLE23 MIDDLE EAST & AFRICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2020-2027
TABLE24 MIDDLE EAST & AFRICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COMPONENT, 2020-2027
TABLE25 MIDDLE EAST & AFRICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2020-2027
TABLE26 MIDDLE EAST & AFRICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY VERTICAL, 2020-2027
TABLE27 SOUTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COUNTRY, 2020-2027
TABLE28 SOUTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2020-2027
TABLE29 SOUTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY COMPONENT, 2020-2027
TABLE30 SOUTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2020-2027
TABLE31 SOUTH AMERICA: AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY VERTICAL, 2020-2027