Augmented Reality and Virtual Reality Market Is Expected To Accelerate At A CAGR of 36+% To Top $252+Bn by 2028; Industry Size, Share, Emerging Technologies & Development Status

The ‘Augmented Reality and Virtual Reality Market Size, Share, Growth, Industry Trends and Forecast 2028-COVID-19 Impact and Global Analysis – by Technology, Component, End-User Industry, and Geography research report added by The Insight Partners, is an in-depth analysis of the latest developments, market size, share, growth, trends, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. Augmented Reality and Virtual Reality Market is expected to grow from US$ 27.96 billion in 2021 to US$ 252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021–2028.

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Rising investments in AR and VR technologies have created lucrative augmented reality and virtual reality market growth opportunities. A few of the investments made in the AR and VR technologies are mentioned below:

  • According to an article published by Crunchbase in January 2022, 2021 was the second-best year ever for VR and AR investment, as ~US$ 3.9 billion of venture capital came from startups and in 2018, US$ 4.4 billion was received.
  • As per an article published by Tech Crunch, Niantic, a San Francisco-based developer of augmented reality platforms, closed a deal of US$ 300 million in November 2021 to build the real-world metaverse.
  • As stated in an article published by Crunchbase, NAVER Z, a South Korean 3D avatar application developer, raised a Series B funding worth ~US$ 188.2 million for metaverse creation in November 2021.
  • According to an article published by Crunchbase, Magic Leap, a Florida-based wearable tech maker, raised a total of US$ 500 million in October 2021.
  • In November 2019, Lululemon invested in Mirror, a fitness tech firm that uses smart mirrors to deliver exercise sessions in their clients’ homes. Mirror completed a US$ 34 million Series B funding round, led by hedge fund Point72 and counting Lululemon and Karlie Kloss as contributors.

The Augmented Reality and Virtual Reality Market report encompasses the general idea of ​​the global Augmented Reality and Virtual Reality market including definition, classifications, and applications. Further, it includes the all-inclusive understanding of several factors such as drivers, constraints, and major micro markets. The report is a wide-ranging source of widespread facts and figures for business strategists as it offers the historical &futuristic data such as demand & supply data, cost, revenue, profit, supply chain value, and so on. Furthermore, it entails the key market features, comprising production, revenue, price, capacity, gross margin, market share, consumption, gross, production rate, demand/supply, cost, capacity utilization rate, export/import, and CAGR (compound annual growth rate).

Augmented Reality and Virtual Reality Market: by Component Overview

Based on component, the augmented reality and virtual reality market is segmented into semiconductor components, sensors, and others. In 2021, the semiconductor components segment accounted for the largest share in augmented reality and virtual reality market. The major components that drive AR and VR technologies include HMDs, wearable screens, computing units, and sensors. Continuous R&D over the last decade has allowed tech firms to deliver revolutionary headgear, and AR and VR systems that are inexpensive, accessible, compact, and effective.

Leading Players operating in the Global Augmented Reality and Virtual Reality Market are:

Immersive Gaze, Google LLC, EON Reality, Vuzix Corporation, Blippar Group Limited (Layar BV), Innovega Inc., Simulanis Solutions Private Limited, Kanda ApS, YeppAR, and Zugara, Inc. are among the key players operating in the global augmented reality and virtual reality market. Several players are analyzed to understand the augmented reality and virtual reality market.

  • In May 2021Novelis collaborated with Zugara to create an augmented reality smartphone app that Novelis’ product team may use as an interactive sales tool.
  • In December 2021Vuzix Corporation signed a distribution agreement with Barcotec GmbH (“Barcotec”), a European supplier of innovative hardware, a device management cloud, and a complete service package to regional and international companies and institutions.

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Key Findings of the Study:

  • Growing use of virtual reality to offer better customer experience in online retail and immersive learning experience with VR, AR, & gamification are driving the growth of the augmented reality and virtual reality market.
  • The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including augmented reality and virtual reality market. Further, the investments in AR and VR technologies are presenting significant potential for the future growth of the augmented reality and virtual reality market players.
  • Based on technology, the augmented reality and virtual reality market is segmented into augmented reality and virtual reality. In 2021, the augmented reality segment led the augmented reality and virtual reality market, accounting for the largest share in the market.
  • In 2021, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific (APAC). North America is a prospective market for augmented reality and virtual reality solution developers.
  • The major five companies in augmented reality and virtual reality include Google LLC, EON Reality, Immersive Gaze, Blippar Group Limited (Layar BV), and Vuzix Corporation.
  • Based on component, the augmented reality and virtual reality market can be segmented into semiconductor components, sensors, and others. In 2021, the semiconductor components segment accounted for the largest market share.

North America is leading the augmented reality and virtual reality market in terms of share. The presence of major market players in the US is one of the prominent factors contributing to the growth of the augmented reality and virtual reality market in North America.

Augmented Reality and Virtual Reality Market Key Segmentation:

By Technology (Augmented Reality and Virtual Reality)

By Component (Semiconductor Components, Sensors, and Others)

By End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others)

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Promising Regions & Countries Mentioned In The Augmented Reality and Virtual Reality Report:

  • North America (United States)
  • Europe (Germany, France, UK)
  • Asia Pacific (China, Japan, India)
  • latin america (Brazil)
  • The Middle East & Africa

The report provides insights on the following pointers:

  1. Market Penetration: Provides comprehensive information on the market offered by the key players
  2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
  3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
  4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
  5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

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