Augmented and Virtual Reality Hardware Market Size- By Hardware Type, By Application, By Industry Vertical- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Market Overview

According to SPER Market Research, the Global Augmented and Virtual Reality Hardware Market is estimated to reach USD 359.77 billion by 2032 with a CAGR of 25.54%.

The terms "augmented reality" and "AR" refer to an expanded or improved world. Although digitally projected or visually integrated virtual objects or contextual information are present, the user continues to perceive their actual environment. The data processing and virtual content visualization inside AR are only as good as those processes.

Virtual reality (VR) is a 3D computer technology that simulates a user's visual, auditory, and other sensory characteristics to create the impression of real-life circumstances. By employing computer technology to produce right-eye and left-eye pictures of a particular 3D object or scene, virtual reality (VR) simulates natural stereoscopic vision processes. The viewer's brain combines the data from these two viewpoints to produce the impression of three-dimensional space. In this way, VR technology gives the impression that objects on screen have depth and presence that are distinct from the flat image that is projected onto the screen.

In the projected term, the rise in tablet and smartphone use for AR & VR will present attractive potential for this industry. Users are still able to download VR and AR content for their smartphones from Oculus, Google Play, and other suppliers, particularly for AR-capable mobile devices. Mobile apps and 5G will have a significant impact on AR and VR, especially AR. There are intrinsic needs for virtual picture synthesis, processing, and high data transport in AR and VR, particularly VR.

Impact of COVID-19 on the Global Augmented and Virtual Reality Hardware Market

The COVID-19 pandemic has had a mixed impact on the global augmented and virtual reality (AR/VR) hardware market. On one hand, the pandemic has increased the demand for remote collaboration and communication solutions, which has boosted the demand for AR/VR devices. On the other hand, the pandemic has disrupted the supply chain and manufacturing processes of AR/VR devices, leading to production delays and a temporary slowdown in the market. While the pandemic may have caused a temporary slowdown, the report suggests that the market is expected to rebound strongly in the post-pandemic period, driven by increasing adoption of AR/VR devices in various industries, including gaming, entertainment, education, and healthcare.

The gaming industry has been one of the biggest drivers of the AR/VR hardware market during the pandemic, as people turned to gaming as a form of entertainment while staying at home. The education and healthcare industries have also seen an increased adoption of AR/VR devices for remote learning and training, as well as for virtual medical consultations.

However, the pandemic has also disrupted the supply chain and manufacturing processes of AR/VR devices, leading to production delays and a temporary slowdown in the market. In addition, the economic impact of the pandemic has led to reduced consumer spending, which may impact the demand for AR/VR devices in the short term.

Overall, while the COVID-19 pandemic has had a mixed impact on the global AR/VR hardware market, the market is expected to rebound strongly in the post-pandemic period, driven by increasing adoption of AR/VR devices in various industries and the growing need for remote collaboration and communication solutions.

Scope of the Report

Report Metric Details:

• Market size available for years: 2019-2032

• Base year considered: 2021

• Forecast period: 2022-2032

• Segments covered: By Hardware Type, By Application, By Industry

• Regions covered: Asia-Pacific, Europe, Middle East and Africa, North America, Latin America

• Companies Covered: Apple Inc, Blipper Limited, Bosch group, Google LLC, HTC Corporation, Infinity Augmented Reality limited, Magic Leap Incorporated, Niantic Inc, Samsung, Sony Corporation, Vuzix

Global Augmented and Virtual Reality Hardware Market Segmentation:

• By Hardware Type: Based on the Hardware Type, Global Augmented and Virtual Reality Hardware Market is segmented as; Sensors, Processors, Controllers, Cameras, Headphones, Display Monitors, Others

• By Application: Based on the Application, Global Augmented and Virtual Reality Hardware Market is segmented as; Head Mounted Display, Head up Display, Handled Devices

• By Industry Vertical: Based on the Industry Vertical, Global Augmented and Virtual Reality Hardware Market is segmented as; Aerospace and defence, Gaming and Entertainment, Education and Training, Healthcare, Automotive, Others

• By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.