Augmented and Virtual Reality (AR & VR) Market to reach USD 454.73 Billion by 2030 with a CAGR of 40.7% | Valuates Reports
BANGALORE, India, June 22, 2022 /PRNewswire/ -- The Augmented and Virtual Reality Market is segmented by Application ( Consumer, Enterprise), By Organization Size ( Large Enterprises, Small- & Medium-sized Enterprises), By Industry Vertical (Gaming, Entertainment & Media, Aerospace & Defense, Healthcare, Education, Manufacturing, Retail, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Engineering & Technology Category.
The Augmented and Virtual reality market size was valued at USD 14.84 Billion in 2020 and is projected to reach USD 454.73 Billion by 2030, registering a CAGR of 40.7%.
Major factors driving the growth of the Augmented and Virtual reality Market
The booming gaming industry and rapid penetration of the internet act as the key drivers of the ar and vr market.
The increasing application of augmented reality and virtual reality in healthcare, retail, entertainment, media, manufacturing, aerospace, defense, and education will boost the growth of the AR VR market during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE AUGMENTED AND VIRTUAL REALITY MARKET
Games have become much more interactive as players can immerse themselves in their characters completely. Developers are using AR, and VR technologies to create realistic images along with sound and other sensory capabilities to provide a virtual setting that stimulates the user's physical experience. AR lets gamers play in a multi-dimensional space that can be controlled by their body movement. VR lets you experience imaginary settings closer to the real world. This will boost the growth of the Augmented and Virtual Reality Market during the forecast period.
AR and VR are boosting deeper engagement between digital content and its viewers. Due to covid 19 digital connections have taken precedence in personal, professional, and entertainment arenas. For instance, VR allows fans to broadcast live sports events in a 360-degree format thereby giving them an enriching experience within the comfort of their homes. AR will provide experts and fans with real-time information related to weather conditions, speed and trajectory of the ball, player track record, or other information. The same is the case for music shows, theater experiences, concerts, and amusement parks. This will drive the growth of the AR and VR market in the coming years.
Companies are merging AR/VR technologies to improve manufacturing and aircraft maintenance aspects. Military tanks have limitations regarding full visual awareness. AR-based head-mounted display and the 360-degree camera offer the crew inside a tank a complete horizontal field of view. With night vision and 4X zoom capabilities, drivers are able to navigate safely through sand, dust, or haze thereby increasing their survivability. Moreover, VR-based flight simulators provide realistic training to pilots without endangering their lives. This in turn will surge the growth of the Augmented and Virtual Reality Market during the forecast period.
Precision is a vital aspect during critical surgeries. However, due to long working hours and stressed-out resources, healthcare professionals become frustrated. Robotic surgeries and AR can help surgeons conduct minimally invasive procedures by providing X-ray vision of digitally simulated images directly into the microscope of a surgical device. Moreover, medical training will become efficient as students will get to visualize the entire human body in a 3d holographic model. Such factors will push the AR and VR market in the coming years.
In higher education, AR/VR will enable students to quickly grasp abstract concepts and gain practical experience in a low risk virtually simulated environment. Virtual tours to historical monuments, far-off places, and holographic 3D design models will improve their learning outcomes within the confines of the classroom. Such practices will bolster the demand for the Augmented and Virtual Reality Market during the forecast period.
Online shopping and eCommerce have transformed the retail sector drastically. AR technology will bring products to life as consumers can try them out on their smartphones before purchasing. Virtual reality headsets will engage users in brand interactions in a virtual environment. With immersive storytelling, users will be able to try out and assemble heavy-duty products like furniture, and appliances inside the VR. These exciting possibilities will boost the market forward in the subsequent years.
Automotive companies are deploying VR to cut down the time between initial design and physical modeling. The need for building physical prototypes is avoided completely. Engineers and technicians are fed information and access control materials n an AR interface. The use of digital twins in manufacturing allows them to visualize local issues, and defects much faster. Dangerous scenarios can be replicated seamlessly or employee training. This will boost the growth of the Augmented and Virtual Reality market during the forecast period.
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AUGMENTED AND VIRTUAL REALITY MARKET SHARE ANALYSIS
Based on organization size, the large enterprise segment is expected to dominate in the Augmented and Virtual reality market share due to increasing adoption in automotive, manufacturing, retail, and healthcare industry verticals.
Based on application, the consumer segment will grow the highest while the enterprise segment will grow the fastest due to the rapid adoption, testing, and launch of these technologies in work-related aspects.
Based on industry verticals, the gaming segment is expected to witness considerable growth in the Augmented and Virtual reality market share due to the rising popularity of AR/VR-based games.
Based on region, North America will be the most lucrative due to huge demand from end-user industry verticals.
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- The global Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028.
- The global Eye Tracking market size is projected to reach USD 1383.9 million by 2028, from USD 350.8 million in 2021, at a CAGR of 21.1% during 2022-2028.
- The global Mixed Reality market size is projected to reach USD 2482.9 million by 2028, from USD 331.4 million in 2021, at a CAGR of 28.7% during 2022-2028.
- The global Augmented Reality Market size is projected to reach USD 3664.5 Million by 2026, from USD 849 Million in 2019, at a CAGR of 27.6% during 2020-2026.
- The global Augmented and Virtual Reality in Healthcare Market size are projected to reach USD 4367 million by 2027, from USD 962.6 million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.6% during 2021-2027.
- The global Virtual Reality Headsets market size is projected to reach USD 42100 million by 2027, from USD 9457.7 million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period 2021-2027.
- The global E-Learning Virtual Reality market size is projected to reach USD 300.3 Million by 2028, from USD 65 Million in 2021, at a CAGR of 23.8% during 2022-2028.
- The global AR in Retail market size is projected to reach USD 6736.2 million by 2028, from USD 1853.7 million in 2021, at a Compound Annual Growth Rate (CAGR) of 20.0% during 2022-2028.
- The global Virtual Reality (VR) market size is projected to reach USD 26860 million by 2027, from USD 7719.6 million in 2020, at a CAGR of 19.0% during 2021-2027.
- The global virtual fitting room market size was estimated at USD 2973.1 million in 2021 and is expected to reach USD 8501.1 million in 2028, the market is expected to grow at a compound annual growth rate of 16% from 2022 to 2028.
- The global Extended Reality market size is projected to reach USD 67870 million by 2028, from USD 25310 million in 2021, at a CAGR of 15.0% during 2022-2028.
- The global Volumetric Video market size is projected to reach US$ 2239.4 million by 2027, from US$ 574.7 million in 2020, at a CAGR of 20.9% during 2021-2027.
- The global Game Engines market size is projected to reach USD 6869.9 million by 2028, from USD 2910 million in 2021, at a CAGR of 12.9% during 2022-2028.
- The global Gaming Headset market size is estimated to be worth USD 2343.5 million in 2022 and is forecast to a readjusted size of USD 3616.6 million by 2028 with a CAGR of 7.5%
- The global AR and VR Lens market size is estimated to be worth USD 441.8 million in 2022 and is forecast to a readjusted size of USD 1006 million by 2028 with a CAGR of 14.7% during the review period.
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