Global Virtual & Augmented Reality Market, Share, Analysis Report - By Product Type (Software & Applications, Sensors, Semiconductor Components, Display and Projector, Position Tracker, and Camera), By End User (Gaming, Entertainment and Media, Aerospace and Defence, Health Care, Education, Manufacturing ,Retail & E-commerce), By Technology (Marker-based AR, Mark-less AR, Non-Immersive VR, Semi Immersive VR, and Fully Immersive VR), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)- Global Opportunity Analysis and Industry Forecast, 2021 – 2030

Augmented Reality And Virtual Reality market is expected to reach USD 8.5 Billion in 2030 which is growing with CAGR of 12.1% during the forecast period.Virtual reality is a simulated reality in which a user can interact. The experience is very intense through visual, auditory and haptic perceptions. Virtual reality becomes almost indistinguishable from real reality. Rising government and private organizations investment in the VR and AR market technology to reduce the additional cost of actual manufacturing of the project have propelled the market growth. For instance, in 2021, Microsoft has won the contract from the United States Army for USD 21.9 Billion that implement augmented reality headsets across the military over 10 years. Global sales of equipment, software and services dedicated to virtual and augmented reality (VR-AR) should generate USD 18.8 billion in billings worldwide next year (USD 3billion in Western Europe). They would thus know an increase of 78.5% compared to this year.

Market Dynamics and Factors:

The factor predicting the bright future of augmented/virtual reality can also be found in the movement of mobile computing companies. Qualcomm and Apple both borrowed dual camera modules and introduced in-depth sensing functions. It is revealed that through this function, it will be used as a key factor in using augmented reality used in devices such as mobile phones and tablets.

The market is driven by the emergence of virtual reality (VR) showrooms and events, the electrification of car maintenance, and the use of augmented reality (AR) in car repair

On the other hand, Google and Apple are also moving to support augmented reality technology by turning their eyes again to augmented reality technology, and according to the We Forum Organization, it is expected that virtual reality technology will reappear as it aims to install about 900 million modules in software development kits by the end of the year. It is a point that can be seen.

Market Segmentation:

Global augmented reality and virtual reality market can be segmented on the basis of product type (Software & Applications, Sensors, Semiconductor Components, Display and Projector, Position Tracker, Camera). On the basis of end user, the market is divided into gaming, entertainment and media, aerospace and defence, health care, education, manufacturing, retail & e-commerce). On the basis of technology, the global Augmented Reality & virtual Reality market is divided into non-immersive technology, semi-immersive, fully immersive technology.

Geographic Analysis:

North America is dominated augmented reality and virtual reality market owing to presence of several leading players, growing adoption and spending on these advanced technologies. For instance, according to UNCTAD report in 2017, the United States had the highest total spending on AR / VR hardware, software and related services at USD 3.2 billion.

Looking at spending by industry, the consumer electronics sector will be the largest in all regions in 2022. The second application in the United States and Western Europe is assembly and process manufacturing. Especially in the United States, the ratio of process manufacturing, government, assembly manufacturing, retail, construction, transportation, etc. is expected to increase in the future. APeJ, on the other hand, has its second use in 2020 for retail and education. The consumer equipment sector is expected to continue to be the largest spending until 2021 have witnessed potential demand for the growth of the augmented reality and virtual reality market.

Competitive Scenario:

The augmented reality and virtual reality market, which is highly competitive, consists of a few major players. In terms of market share, few of the major players currently dominate the market. The key players of global AR and VR Technology market are Alphabet Inc. (U.S.), HP Inc. (Netherlands), Facebook (United States), HTC Corporation (Taiwan), Microsoft (United States), Samsung Electronics Co., Ltd. (South Korea) Sensics, Inc. (Melbourne, Australia) Sixense Enterprises, Inc. (United States), Ultraleap Ltd (United States), and many more.

Virtual & Augmented Reality Market Report Scope