Press Release

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.


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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


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“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.


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