According to the report by Expert Market Research (EMR), the global augmented and virtual reality market size reached a value of USD 27.79 billion in 2023. Aided by technological advancements and expanding applications across various sectors, the market is projected to further grow at a CAGR of 24.6% between 2024 and 2032 to reach a value of USD 201.13 billion by 2032.
AR and VR technologies have revolutionised the way we interact with digital content, blurring the lines between the physical and virtual worlds. While VR offers a fully immersive experience, transporting users to digitally created environments, AR overlays digital information onto the real world, enhancing our perception and interaction with our surroundings.
Originally popularised by the gaming sector, AR and VR applications have proliferated into education, healthcare, retail, and manufacturing, among others. These technologies are being used for training and simulation, remote assistance, product visualisation, and interactive learning experiences, which fuel the augmented and virtual reality market growth. Significant investments from tech giants and startups alike have fuelled research, development, and the commercialisation of AR and VR applications. Corporate adoption is on the rise as businesses recognise the potential of AR and VR for training, marketing, product development, and enhancing customer experiences.
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With the rise of virtual social spaces and platforms, AR and VR are increasingly used to facilitate social interactions and collaborative experiences, transcending physical distances. These technologies are enabling shared virtual experiences, from gaming and entertainment to virtual meetings and remote learning, fostering a sense of community and collaboration in digital environments. As per the augmented and virtual reality market analysis, location-based VR experiences, such as VR theme parks, arcades, and escape rooms, are gaining popularity. These experiences offer users immersive and interactive activities that are not feasible in-home settings due to space and equipment limitations. This trend is revitalising the entertainment sector, offering new ways for users to engage with VR content in public venues.
AR and VR are transforming the healthcare sector by providing innovative solutions for surgery simulation, patient treatment, rehabilitation, and medical training. As per the augmented and virtual reality market outlook, VR simulations offer a risk-free environment for medical professionals to practice procedures, while AR assists surgeons with real-time data and imaging during operations. Moreover, VR therapies are being used for pain management and treating psychological conditions, such as PTSD, by immersing patients in therapeutic environments.
The integration of AR in retail and e-commerce is enhancing the shopping experience by allowing customers to visualise products in real-time and further boosting the augmented and virtual reality market share. AR applications enable consumers to see how furniture looks in their homes or how clothes fit without physically trying them on, leading to informed purchasing decisions and reducing return rates. This trend is bridging the gap between online and physical retail, offering a personalised and interactive shopping experience.
AR and VR are being increasingly adopted in education to create immersive and interactive learning experiences. These technologies can visualise complex academic concepts, simulate historical events, and provide hands-on experience in subjects like science and engineering without the physical constraints of a traditional classroom, which supports the augmented and virtual reality market expansion. This trend is revolutionising the educational landscape by making learning more engaging and accessible.
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The convergence of AR and VR with other cutting-edge technologies, such as artificial intelligence (AI), 5G, and the Internet of Things (IoT), has opened new possibilities for immersive experiences. These integrations enable more seamless, interactive, and intelligent AR and VR applications. Ongoing advancements in the augmented and virtual reality market aim to increase the realism and interactivity of AR and VR experiences through better graphics, real-time rendering, and advanced user interfaces.
Market Segmentation
The market can be divided based on technology, device type, enterprise size, application, end use, and region.
Market Breakup by Technology
- Augmented Reality
- Marker-Based Augmented Reality
- Marker-Less Augmented Reality
- Virtual Reality
- Non-Immersive Systems
- Semi-Immersive and Fully Immersive Technology
Market Breakup by Device Type
- Augmented Reality Devices
- Head-Mounted Displays
- Head-Up Displays
- Handheld Devices
- Virtual Reality Devices
- Head-Mounted Displays
- Gesture-tracking Devices
- Projector and Display Walls
Market Breakup by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Market Breakup by Application
- Consumer
- Enterprises
Market Breakup by End Use
- Gaming
- Entertainment and Sports
- Aerospace and Defence
- Healthcare
- Education
- Manufacturing
- Retail
- Automotive
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global augmented and virtual reality market. Some of the major players explored in the report by Expert Market Research are as follows:
- Google LLC
- Microsoft Corporation
- Apple Inc.
- Meta Platforms, Inc.
- Samsung Electronics Co., Ltd.
- Lenovo Group Ltd.
- Seiko Epson Corporation
- HTC Corporation
- Sony Corporation
- Magic Leap, Inc.
- Other
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