Augmented Reality and Virtual Reality Market size to grow by USD 364.55 billion from 2022 -2027 | The increasing demand for AR and VR technology to drive the market growth – Technavio

The Augmented Reality and Virtual Reality Market size is projected to increase by USD 364.55 billion, progressing at a CAGR of almost 52.37% during the forecast period. The growing demand for augmented reality and virtual reality technologies has significantly increased over the past decade. This growth is driven by customer adoption for both professional and personal purposes. More individuals are seeking VR solutions, while others are exploring information about this technology. The rise in demand is expected to continue, leading to significant growth in the global AR and VR market. Technological advancements, such as user-friendly applications and wearable tech like Google’s Project Glass, are playing a crucial role in enhancing the practicality of AR in daily life. The development of Android AR applications is offering new experiences, especially in shopping scenarios, like virtual fitting rooms that aid in selecting clothing sizes. Additionally, the widespread application of AR and VR across various sectors like education, healthcare, retail, and training is set to further drive market growth. Sample report provides additional Historical and Forecast Opportunity (2017 and 2027) – Download Free Sample Report

Augmented Reality and Virtual Reality Market 2023-2027: Segmentation

• Technology
  • AR
  • VR
• Geography
  • North America
  • APAC
  • Europe
  • The Middle East and Africa
  • South America

The AR segment is expected for significant market share growth during the forecast period. Its widespread application across various fields is contributing to increased demand. Additionally, multiple companies are manufacturing hardware like headsets, smart glasses, and lenses for AR technology. The increasing popularity of AR is boosting its utilization in diverse sectors including enterprise, retail, healthcare, media and entertainment, and education. Industries are leveraging AR for optimizing processes, training, problem-solving, advertising, marketing, and entertainment purposes. This escalating adoption of AR across different sectors is expected to drive the growth of the AR segment. Sample report will more on Market size and scope, download a free sample report

Augmented Reality and Virtual Reality Market 2023-2027: Competitive Landscape Analysis and Scope

To help businesses improve their market position, the augmented reality (AR) and virtual reality (VR) market provides a detailed analysis of around 25 companies operating in the market. Some of these vendors include:Alphabet Inc., Apple Inc., Augmented Pixels Inc., Blippar Ltd., CyberGlove Systems Inc., Eon Reality Inc., HP Inc., TC Corp., Innovega Inc., Lenovo Group Ltd., Magic Leap Inc., Microsoft Corp., PTC Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Toshiba Corp., Vuzix Corp., Zugara Inc., Maxst Co. Ltd.

Augmented Reality and Virtual Reality Market 2023 – 2027: Market dynamics

Leading trends influencing the market

• Increased investor funding in AR and VR startups, especially in display medium manufacturers and application developers, is boosting market growth beyond gaming to sectors like healthcare, enterprise, and marketing.
• Notably, Magic Leap Inc. secured USD461 million in Series D funding in March 2018, accumulating over USD2.3 billion since its 2010 inception, focusing on developing the Magic Leap One, a head-mounted virtual retinal display facilitating 3D computer-generated imagery overlay on real-world objects.
• Such substantial investments drive technological advancements, boosting innovation and expansion within the global AR and VR market, expected to escalate during the forecast period.

Download the sample report now for information on the Augmented Reality and Virtual Reality Market challenges.

The report also covers the following areas:

• Augmented Reality (AR) and Virtual Reality (VR) Market size
• Augmented Reality (AR) and Virtual Reality (VR) Market trends
• Augmented Reality (AR) and Virtual Reality (VR) Market industry analysis

The increasing number of M&A activities is likely to emerge as one of the primary drivers of the market. However, factors such as the high development costs associated with AR and VR apps may threaten the growth of the market.

Related Reports:

Virtual Reality (VR) Market: The Virtual Reality (VR) Market size is estimated to grow at a CAGR of 60.65% between 2022 and 2027. The size of the market is forecast to increase by USD 1,81,340.96 million.

AR VR Smart Glasses Market: The augmented reality (AR) and virtual reality (VR) smart glasses market is estimated to grow at a CAGR of 13.8% between 2022 and 2027. The size of the market is forecast to increase by USD 7,297.59 million.

Augmented Reality and Virtual Reality Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist augmented reality (AR) and virtual reality (VR) market growth during the next five years
• Estimation of the augmented reality (AR) and virtual reality (VR) market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the augmented reality (AR) and virtual reality (VR) market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of augmented reality (AR) and virtual reality (VR) market vendors

About Technavio Research

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.