A lead analyst at AMR highlighted that the augmented and virtual reality market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the augmented and virtual reality market. The findings of the report state that the global market for augmented and virtual reality generated $27.6 billion in 2021, and is projected to reach $856.2 billion by 2031, growing at a CAGR of 41.1% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. An increase in the popularity of innovative IoT devices, a surge in the adoption of smartphones, especially among millennials, a rise in internet penetration, and growth in the adoption of AR and VR technologies by various companies to offer better services are expected to drive the growth of the global augmented and virtual reality market. On the other hand, a lack of ideal experience design is expected to hinder growth to some extent. However, persistent technological advancements are expected to create ample opportunities for the industry.
“The augmented and virtual reality market trends in Asia-Pacific are expected to exhibit the highest growth during the forecast period. Industries in this region are comprehending the potential of augmented and virtual reality in the manufacturing, defense, and entertainment sector in emerging economies such as China, and India. SMEs are anticipated to be opportunistic for this market owing to growth in the adoption of immersive technologies in this region. Furthermore, government investments and initiatives in emerging economies, increase penetration of internet users, growth in demand for online content, rise in online certification programs, growth in air traffic & fleet of commercial aircraft, and rise in adoption of AR and VR technology in healthcare, digital manufacturing, and defense are the primary factors that fuel the augmented and virtual reality market in Asia-Pacific region,” says Md Shadaab Khan, Research Analyst-ICT and Media at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the augmented and virtual reality market globally. The outbreak of COVID-19 had a positive impact on the growth of the global augmented and virtual reality market, owing to the occurrence of lockdowns in various countries across the globe. Stringent social distancing restrictions were imposed by the governments of various countries to curb the spread of the virus during the pandemic. Thus, internet penetration surged exponentially, which positively impacted the growth of the market. In addition, AR and VR technologies essentially help to re-evaluate its production methods, which primarily propels the digital transformation and industry 4.0 practices across the sector.
The report offers detailed segmentation of the global augmented and virtual reality market based on organization size, application, industry vertical, and region.
Based on organization size, the large enterprise segment accounted for the largest share in 2020, contributing to more than three-fifths of the global market. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 42.4% during the forecast period.
Based on industry verticals, the gaming segment contributed to the highest share in 2020, accounting for more than one-fourth of the global market. The retail segment, on the other hand, is expected to cite the fastest CAGR of 45.6% during the forecast period.
Based on region, North America held the highest share in 2020, contributing to nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 43.5% during the forecast period.
The key players analyzed in the global augmented and virtual reality market report include Google Inc., Magic Leap, Inc., Sony, Microsoft Corporation, HTC, Facebook, Osterhout Design Group, Samsung Electronics Co., Ltd., DAQRI, and Wikitude.
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