Augmented Reality & Virtual Reality Market to Grow at Double Digit CAGR Through 2028
Rising adoption of advanced devices in
medical training, and growing online shopping, retail, and e-commerce to drive
the Global
Augmented Reality & Virtual Reality Market in the forecast period 2024-2028.
According to TechSci
Research report, “Augmented Reality & Virtual Reality Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028,”
the Global Augmented Reality & Virtual Reality Market is anticipated to
register a robust growth during the forecast period, 2024-2028. The global augmented reality &
virtual reality market is influenced by a number of factors, including the wide
use of smartphones, the rise in popularity of video games, the cost-effectiveness
of augmented and virtual reality-based solutions, and the rapid uptake of AR
and VR technologies by businesses. However, it is anticipated that during the forecast
period, a lack of strong user experience design will impede market growth.
The adoption of advanced
devices in medical training, patient care management, and education, as well as
growing online shopping, retail, and e-commerce usages as well as rising
investments by tech giants in AR and VR technology are all predicted to drive
the growth of the augmented and virtual reality (AR VR) market over the course
of the forecast period. The rise of the Augmented and Virtual Reality (AR VR)
Market for retail will also be aided by evolving trends in smart manufacturing,
as well as a booming travel and tourism sector.
However, Security and
privacy issues are troubling the augmented reality and virtual reality market.
These issues have emerged as a result of ineffective AR programming, displayed
by both end users and creators of AR apps and devices. Moreover, The ability to
protect the user's individuality and privacy is developed in a few AR
applications. The underlying issue is that there are no laws defining the
proper ways to do business in an AR environment. A further growing trend in
architecture is the usage of augmented reality. The augmented reality and
virtual reality sectors would have a substantial growth opportunity given the
rising demand for augmented reality in the architectural field.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC
on “Augmented Reality and Virtual Reality Market"
Global Augmented Reality & Virtual Reality market is segmented by product
type, by organization size, by offering, by application, by end user, regional
distribution and competitive landscape. Based on product type, the market is
segmented into head-mounted display, head-up display, smart glass, handheld
device applications. Based on organization size the market is segmented into
SMEs, and large enterprises. Based on offering, the market is segmented into
hardware & software. Based on application, the market is segmented into
Consumer, and Enterprise. Based on end user, the market is segmented into
entertainment, manufacturing, healthcare, defense, consumer electronics,
automotive, & others.
Organizations have begun to recognize that AR and VR have uses beyond gaming
and may provide them with greater benefits through collaboration and training
tools. Developers in the AR and VR sector have started concentrating on
building solutions that are aimed at SME and large organizations during the
past two years. Additionally, headset producers have been developing less expensive
and lighter products for widespread usage, which has led to a major increase in
use among numerous organizations. For instance, Walmart recently made the
decision to purchase 17,000 VR headsets in order to provide specialized
training to its employees, which drives the market's expansion.
Key market players in the Global Augmented Reality & Virtual Reality
market are:
- Alphabet Inc.
- DAQRI LLC
- Facebook Inc.
- HP Inc.
- HTC Corporation
- Magic Leap Inc.
- Microsoft Corporation
- Samsung Electronics Co. Ltd.
- Sony Corporation
- Toshiba Corporation
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
“The demand for augmented reality
& virtual reality is anticipated to grow in the forecast period due to the
ongoing advancements in VR technology. Asia Pacific accounted for the greatest
revenue share in the market in 2022. China, a prominent distributor of HMDs and
other VR-related hardware, saw a considerable increase in the VR market. The
market is growing in Southeast Asian nations thanks in part to technological
developments. The commercial launch of 5G in Japan in 2019 prompted telecom
firms to apply creative thinking to provide platforms for augmented reality
(AR) and virtual reality viewing that make use of 5G connectivity. Promising
efforts by the government and other relevant organizations, like funds and investments
to support VR businesses, are also promoting the use of VR technology in the
area.” said, Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Augmented Reality & Virtual Reality Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028 Segmented By Product Type (Head-Mounted Display,
Head-Up Display, Smart Glass, Handheld Device Applications), By Organization
Size (Large Enterprises, Small & Medium-sized Enterprises (SMEs)), By
Offering (Hardware & Software), By Application (Consumer, Enterprise), By
End User (Entertainment, Manufacturing, Healthcare, Defense, Consumer
Electronics, Automotive, & Others), By Region,” has evaluated
the future growth potential of Global Augmented Reality & Virtual Reality Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Augmented Reality & Virtual
Reality Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com