Consumer segment to dominate the Vietnam Augmented Reality & Virtual Reality Market through 2026
Growing digital
transformation and increasing adoption of industry 4.0 is expected to drive the
demand for Vietnam Augmented Reality & Virtual Reality market in the forecast
period.
According to TechSci Research report, “Vietnam
Augmented Reality & Virtual Reality Market By Product Type
(Head-Mounted Display, Head-Up Display, Smart Glass, Handheld Device
Applications) By Organization Size (Large Enterprises, Small- &
Medium-sized Enterprises) By Offering (Hardware & Software) By Application (Consumer, Enterprise) By End User (Entertainment,
Manufacturing, Healthcare, Defense, Consumer Electronics, Automotive, &
Others), By Region, Company Forecast & Opportunities, 2026”, The
Vietnam Augmented Reality & Virtual Reality market is expected to witness
significant growth in the forecast period. The easy availability of virtual
reality devices and the launch of the different types of virtual devices is
contributing to the market growth. The increasing adoption of virtual reality in
the aerospace and defense sector for simulation and training purposes is
expected to create lucrative opportunities for market growth. The growing
digitization of government services and expansion of the digital infrastructure
in Vietnam is expected to pave the way for market growth. Supportive government
policies and launch of initiatives such as ITU Virtual Digital World 2020, ITU
Digital World 2021 to promote the use of advanced technology, and held
high-level advanced conferences and meetings is leading to the surge in the
market growth.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities in Vietnam imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. The growing demand for
advanced healthcare facilities and devices to provide quality treatment to
patients is expected to act as a significant driver to surge the demand for the
augmented reality & virtual reality market.
However, the high cost of hardware used for the
application of this technology and lack of skilled professionals may restrain
the growth of the Augmented Reality & Virtual Reality market in the
forecast period.
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Vietnam
Augmented Reality & Virtual Reality market is segmented into product type,
organization size, offering, application, end-user, regional distribution, and company.
Based on the application, the market can be bifurcated into consumer and
enterprise. The consumer enterprise segment is expected to account for major
market share in the forecast period, 2022-2026. Due to the high application of
virtual reality technology in the entertainment and gaming sector, the market
is expected to witness significant growth. The increasing adoption of mobile
gaming and the display of mobile ads while playing is further expected to
foster market growth. Based on the offering, the market can be divided into
hardware & software. The hardware segment is expected to hold a significant
share of the market in the next five years. The hardware segment consists of
the semiconductor component, sensors, position trackers, cameras, and others.
The use of the hardware segment in different applications and the use of a
combination of the hardware and software segment is expected to contribute to
the market growth.
Xtreme
Studio, Hyperlink InfoSystem, Savvycom Software, Omaha Media Group LLC, Siclo,
Amaris, InspiLab, Elinext, Wizeline, Ventuso LLC, Waverley Software, Co-Well
Asia, Marvy Co. are the leading players operating in Vietnam Augmented Reality
& Virtual Reality market. Service providers are increasingly focusing on research
and development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several Augmented
Reality & Virtual Reality service providers are coming up with their
technologically advanced offerings.
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“The
growing use of augmented reality along with artificial intelligence technology
in the retail sector to captivate customers is expected to spur market growth.
Consumers can have real-time experience without even visiting the stores
physically is expected to act as a significant driver to increase the sales of
products. The use of advanced augmented reality technology is expected to
enable the consumers to try apparel, jewelry, cosmetics, and many other
products which are expected to elevate the consumer experience and make the
shopping experience quick and convenient thereby fueling the market growth till
2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Vietnam
Augmented Reality & Virtual Reality Market By Product Type (Head-Mounted
Display, Head-Up Display, Smart Glass, Handheld Device Applications) By
Organization Size (Large Enterprises, Small- & Medium-sized Enterprises) By
Offering (Hardware & Software) By Application (Consumer, Enterprise) By End
User (Entertainment, Manufacturing, Healthcare, Defense, Consumer Electronics,
Automotive, & Others), By Region, Company Forecast & Opportunities,
2026” has
evaluated the future growth potential of Vietnam Augmented Reality &
Virtual Reality market and provided statistics & information on market
size, shares, 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 of Vietnam Augmented
Reality & Virtual Reality market.
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