Comprehensive Report on the Augmented and Virtual Reality Market

 

“Unveils Comprehensive Report on the Augmented and Virtual Reality Market”

Meticulous Research®, a leading global market research firm, has released a detailed analysis titled, “Augmented and Virtual Reality Market by Type (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device (AR Devices, VR Devices), Application (Health and Safety, Training), End-use Industry, and Geography – Global Forecast to 2030.”

 

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The global augmented and virtual reality market is poised to achieve a valuation of $367.5 billion by 2030, growing at a robust CAGR of 33.6% from 2023 to 2030. This expansion is driven by the increasing adoption of AR and VR technologies by manufacturers and enterprises, significant integration in the healthcare sector, a surge in gaming and entertainment applications, and supportive government initiatives. However, challenges such as privacy and security concerns, as well as the necessity for a strong network infrastructure and potential health impacts from excessive AR usage, may temper market growth.

Market Segmentation and Insights

The report dissects the global augmented and virtual reality market by type, offering, device, application, end-use industry, and geography, providing a granular view of the competitive landscape and regional market dynamics.

Key Players

The study profiles several key industry players, including:

  • Microsoft Corporation (U.S.)
  • Sony Semiconductor Solutions Corporation (Japan)
  • HTC Corporation (Taiwan)
  • Apple Inc. (U.S.)
  • Samsung Electronics Co., Ltd. (South Korea)
  • Epson America, Inc. (U.S.)
  • Panasonic Holdings Corporation (Japan)
  • Vuzix Corporation (U.S.)
  • Shanghai Lexiang Information Technology Co., Ltd. (China)
  • PTC Inc. (U.S.)
  • Blippar Group Limited (U.K.)
  • Zappar Ltd. (U.K.)
  • Niantic (U.S.)
  • BidOn Games Studio (Ukraine)
  • SpaceVR Inc (U.S.)

Market Breakdown by Segment

  • Type: The market is bifurcated into augmented reality and virtual reality, with the augmented reality segment anticipated to dominate in 2023. This dominance is due to its versatile applications in gaming, retail, and education, enhanced by the proliferation of 5G technology and burgeoning opportunities in the tourism industry.
  • Offering: Segmentation includes hardware and software, with hardware expected to hold the largest market share in 2023. The growth in this segment is driven by the widespread adoption of smartphones, tablets, and other advanced gadgets, alongside the growing popularity of VR headsets in commercial settings.
  • Device: The market is categorized into AR and VR devices. In 2023, AR devices are projected to lead, largely due to their adoption by military and emergency services, as well as their transformative impact on the automotive industry through AR head-up displays (HUD).
  • Application: Applications span gaming and recreational activities, designing, prototyping and manufacturing, travel and tourism, journalism, health and safety, advertising and retail, training, and other uses. The gaming and recreational activities segment is expected to capture the largest market share in 2023, propelled by the global rise in gaming activities and technological advancements offering immersive experiences.
  • End-use Industry: The end-use industry segment is further divided, with augmented reality expected to dominate in 2023. This segment’s growth is attributed to its enhancement of user experiences, productivity improvements, and innovative solutions across various sectors, including media, aerospace, defense, and manufacturing.

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Geographical Insights

Geographically, the market covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to hold the largest market share in 2023, driven by government initiatives promoting immersive technologies, substantial investments in digital infrastructure, and the presence of leading market players.

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

 

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