According to a recent report published by Allied Market Research, titled, “Augmented and Virtual Reality Market By Organization Size, Application, Industry Vertical, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030,” The augmented and virtual reality market was valued at $14.84 billion in 2020, and is projected to reach $454.73 billion by 2030, registering a CAGR of 40.7%.
Growth of the mobile gaming industry and increase in internet connectivity act as the key drivers of the global augmented and virtual reality market. In addition, increase in use of consumer electronic devices is expected to fuel the growth of the global market. However, lack of effective user experience design and slow adoption of augmented and virtual reality solutions among underdeveloped economies are the major factors that impede the market growth. Conversely, technological advancements and rise in application areas among various industry verticals are expected to provide lucrative opportunities for the market growth.
In 2020, on the basis of organization size, the large enterprises segment exhibited the highest growth in the augmented and virtual reality market in 2020, and is expected to maintain its dominance in the upcoming years. This is due to rise in applications of augmented and virtual reality in automotive, manufacturing, construction, extractive industry, aircraft, healthcare, education, law enforcement, and real estate industries. However, the SMEs segment is expected to witness highest growth, due to AR & VR technology benefits such as reduced field staff training costs, faster repairs, and greater customer satisfaction.
By application, the augmented and virtual reality market share was dominated by the consumer segment in 2020 and is expected to maintain its dominance in the upcoming years. However, the enterprise segment is expected to witness the highest growth, as the increase in number of enterprises apart from gaming and other consumer entertainment subsectors are adopting and testing AR and VR technologies in an extensive range of work-related applications.
The augmented and virtual reality market was valued at $14.84 billion in 2020, and is projected to reach $454.73 billion by 2030, registering a CAGR of 40.7%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 pandemic has significantly fostered the growth rate of the market owing to the increased shift toward the adoption of virtual and augmented reality technologies as more number of businesses have turned to remote work. For instance, HTC announced to hold 2021 developer conference online, and it is projected to still be conducted through VR. On the other hand, The 2020 China Spring Cloud Auto Show combined AR technology, big data, Web 3D, panoramic content, and other technologies to present cutting-edge technologies and products from multiple perspectives.
Key Findings Of The Study
- By organization size, in 2020 the large enterprises dominated the Augmented and virtual reality market size. However, the SMEs segment is expected to exhibit significant growth during augmented and virtual reality market forecast period.
- Depending on application, the consumer generated the highest revenue in 2020. However, the enterprise segment is expected to exhibit significant growth during the forecast period.
- Region wise, the augmented and virtual reality industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key Augmented and virtual reality industry players profiled in the report include Google Inc., Sony, Magic Leap, Inc., HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude. This study includes market trends, augmented and virtual reality market analysis, and future estimations to determine the imminent investment pockets