What is Global Augmented and Virtual Reality (AR VR) Market?
The Global Augmented and Virtual Reality (AR VR) Market is a rapidly expanding sector that encompasses the development and application of AR and VR technologies. These technologies are designed to create immersive, interactive experiences that blend the physical and digital worlds. AR overlays digital information onto the real world, while VR creates a completely digital environment. The market is driven by advancements in technology, increasing demand for AR and VR devices in various industries, and the growing popularity of AR and VR in entertainment and gaming. The market is also influenced by the increasing use of these technologies in education, healthcare, and retail. As of now, the market is still in its nascent stage, but it holds immense potential for growth in the coming years.
AR Device, VR Device in the Global Augmented and Virtual Reality (AR VR) Market:
The AR and VR devices are the key components of the Global Augmented and Virtual Reality Market. AR devices, such as smart glasses and headsets, overlay digital information onto the user's real-world view. They are used in various applications, including navigation, gaming, and industrial design. On the other hand, VR devices, such as headsets and gloves, create a completely immersive digital environment for the user. They are widely used in gaming, virtual tours, and training simulations. The market for these devices is growing rapidly, driven by technological advancements, decreasing device costs, and increasing consumer awareness and acceptance of AR and VR technologies.
Manufacturing, Maintenance, Medical, Remote-guidance, Retail, Game, Metaverse, Others in the Global Augmented and Virtual Reality (AR VR) Market:
The Global Augmented and Virtual Reality Market finds its application in various sectors. In manufacturing, AR and VR are used for product design and assembly, training, and quality control. In maintenance, they are used for remote assistance and predictive maintenance. In the medical field, AR and VR are used for surgical planning, patient education, and therapy. In retail, they are used for virtual try-on, store navigation, and product visualization. In gaming, AR and VR provide immersive gaming experiences. In the metaverse, they are used to create virtual worlds and communities. Other applications include remote guidance, where AR and VR are used to provide real-time assistance and training.
Global Augmented and Virtual Reality (AR VR) Market Outlook:
Looking at the market outlook for the Global Augmented and Virtual Reality (AR VR) Market, it was valued at US$ 2285 million in 2023. It is expected to reach a staggering US$ 24590 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 41.7% during the forecast period from 2024 to 2030. The market is dominated by major players like Sony, which holds a significant market share of about 25%, followed by Oculus (Meta). When it comes to the type of devices, the VR device segment holds a dominant share of over 90 percent.
| Report Metric | Details |
| Report Name | Augmented and Virtual Reality (AR VR) Market |
| Accounted market size in 2023 | US$ 2285 million |
| Forecasted market size in 2030 | US$ 24590 million |
| CAGR | 41.7% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | Microsoft, Sony, Google, Oculus (Meta), Magic Leap, HTC Corporation, Optinvent, MAD Gaze, Epson, Lenovo, DPVR, Vuzix Corporation |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
