Increase in popularity of gaming and proliferation of smartphones have boosted the growth of the global Augmented and Virtual Reality Market. The market across Asia-Pacific is projected to portray the fastest CAGR of 43.9% during the forecast period.The use of AR and VR technology is not restricted to a particular age group, and the heterogeneity of demand has given an impetus to market growth. A large number of people are inclined toward buying latest electronic gadgets.
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The report offers detailed segmentation of the global augmented and virtual reality market based on organization size, application, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps investors, market players, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on application, the consumer segment held the largest share in 2021, accounting for more than half of the market, and is expected to maintain its dominance in terms of revenue by 2031. However, the enterprise segment is estimated to witness the largest CAGR of 42.4% during the forecast period.
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On the basis of industry vertical, the gaming segment dominated the market in 2021, accounting for nearly one-fourth of the global augmented and virtual reality market, and is projected to maintain its leading position throughout the forecast period. However, the retail segment is estimated to showcase the highest CAGR of 44.4% during the forecast period.
Based on organization size, the large enterprises segment accounted for the highest share in 2021, contributing to nearly two-thirds of the total share, and is expected to maintain its leadership status during the forecast period. However, the SMEs segment is expected to manifest the highest CAGR of 43.3% from 2022 to 2030.
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Based on region, North America accounted for the highest share in 2021, contributing to nearly two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, the market across Asia-Pacific is projected to portray the fastest CAGR of 43.9% during the forecast period. The research also analyzes regions including Europe and LAMEA.
Leading players of the global augmented and virtual reality industry analyzed in the research include Google Inc., Sony, Magic Leap, Inc., HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude.
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Covid-19 Scenario:
- The Covid-19 pandemic favored the growth of the market due to rise in shift toward the adoption of AR and VR technologies since most businesses implemented the work from home culture.
- The digital transformation and industry 4.0 had boosted the demand for AR and VR market. Moreover, the players collectively forced to deploy multiple new and agile approaches to improve the consumer experience.
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