NEWARK, Del, Aug. 23, 2022 (GLOBE NEWSWIRE) — The global augmented reality and virtual reality market is expected to be valued at US$5,176 million in 2016 and is expected to grow at an impressive CAGR of 42.2% over the forecast period (2017-2025). The demand for AR and VR solutions is expected to skyrocket in games and other industries.
The technology has been separated into augmented reality and virtual reality. The VR segment recorded an opulent market share with a valuation of US$3,498 million in 2016 globally. In addition to this, the adoption rate of AR and VR in games is increasing rapidly and this increasing adoption rate is responsible for the growth of the segment in the overall market.
Virtual Reality (VR) helps create a digital environment that transforms the user’s real environment into a functional and more creative one. Virtual reality is widely used in gaming and entertainment applications. Augmented reality, on the other hand, overlays digitally created content onto the user’s real environment. Virtual reality is excessively used to estimate project sales and inventory data on products displayed on store shelves.
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Key points to remember
- AR and VR help owners develop effective market strategies in multiple areas ranging from real estate and automotive to consumer products and retail. Personalized AR and VR experience lets customers feel their importance. In addition to this, when customers spend more time in the store, the store owner learns more about the customer’s choice, which benefits his business.
- Through subsequent visits and personalized experiences, store owners build brand loyalty and gain insight into customer choices and preferences. Every business enterprise across all industries is widely integrating AR and VR technologies, which is driving the growth of its market.
- Implicit learning and development is one of the biggest areas gaining traction for augmented reality and virtual reality. Other industries expected to gain traction in augmented reality and virtual reality over the years are space aerospace, oil and gas, and heavy machinery, where on-the-job training has traditionally been difficult or dangerous. , but can be transformed into a simpler version thanks to augmented reality. virtual reality solutions.
- With the advent of 4G and high-speed internet and data communications, technologies such as augmented reality and virtual reality are enabling businesses to grow at lightning speed. Rising demand for augmented reality and virtual reality equipment among smartphone users, advent of entry-level VR headsets in the market, and marketing efforts by smartphone manufacturers have boosted the augmented reality market and virtual reality around the world.
- With the advent of technological advancements, companies and businesses are impacted by the AR and VR market. In recent times, most of the businesses have transformed into digital augmented reality and virtual reality according to consumer preferences.
- Since consumers find it easy and convenient to use digital products, companies and businesses are focusing on boosting their digital presence. With each passing day, more and more consumers are engaging in online activities due to which retailers are looking for ways to leverage their digital presence.
Vuzix Corporation, Samsung Electronics Co. Ltd, Microsoft Corporation, Google Inc., EON. Reality Inc., Oculus VR, LLC, Magic Leap, Inc., DAQRI LLC, Blippar.Com Limited and Osterhout Design Group, Inc. (ODG) are some of the top companies profiled in the full version of the report.
The leading companies in the immersive augmented reality and virtual reality technology market are focusing on innovations and improving the technology by focusing on its integration with consumer devices such as smartphones and tablets and other devices in the market .
More information on the augmented reality and virtual reality market
Emerging regions in the AR and VR market include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Among these regions, North America accounted for the largest market share in 2016 owing to the growing adoption of augmented reality and virtual reality in games in countries like the United States and Canada.
Countries like China, Japan, and the Asia-Pacific region are expected to emerge with lucrative growth opportunities to drive the growth of the augmented reality and virtual reality market over the forecast period. MEA and Asia-Pacific region is expected to register a healthy CAGR during the forecast period for the Augmented Reality and Virtual Reality market.
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Key segments covered in the AR and VR market are:
By type of technology:
- Augmented Reality (AR)
- Virtual Reality (VR)
By type of end user:
- Media and entertainment
- Health care
- Head-mounted display
- Portable devices
- Head-up display
- Smart Glasses
- UI ICs
- Power Management ICs
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1. Global Augmented Reality and Virtual Reality Market – Executive Summary
2. Research methodology
3. Assumptions and acronyms used
4. Global Augmented Reality and Virtual Reality Market Overview
4.1.1. Market definition
4.1.2. Market Taxonomy
4.2. Market dynamics of augmented reality and virtual reality
4.3. Value chain analysis
4.4. Global Augmented Reality and Virtual Reality Market Forecast, 2017-2025
4.4.1. Market Size Forecast (Value)
188.8.131.52. Annual growth
184.108.40.206. Absolute $ Opportunity
4.4.2. Global Overview of Augmented Reality and Virtual Reality (2017)
220.127.116.11. Market Overview by Technology
18.104.22.168. Market overview by component
22.214.171.124. Market Overview by End User
126.96.36.199. Market Overview by Device
188.8.131.52. Market Overview by Application
184.108.40.206. Market overview by region
5. Global Augmented Reality and Virtual Reality Market Analysis, By Technology
5.1.1. Comparison of annual growth, by technology
5.1.2. Basis Point Share (BPS) Analysis, by Technology
5.2. Market size and forecast by technology
5.2.1. Augmented reality
220.127.116.11. Absolute $ Opportunity
18.104.22.168. Market value forecast, by technology
5.2.2. Virtual reality
22.214.171.124. Absolute $ Opportunity
126.96.36.199. Market value forecast, by technology
5.2.3. Analysis of market attractiveness, by technology
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