Allied Market Research
Loading...
0

Augmented and Virtual Reality Market Expected to Reach $454.73 Billion by 2030

 

Report Code : A01805

quote Asia-Pacific is expected to observe highest growth rate during the forecast period. Augmented and virtual reality is trending in developing countries such as India, as it has impacted various industries in the country, such as retail, real estate, consumer goods, and automotive. In addition, introduction of 4G technology and high-speed communication along with growing number of smartphone users has driven the adoption of AR and VR market in this region. Also, currently AR and VR has been used in Japan majorly for entertainment purposes. However, in the upcoming years, it is predicted to be applied in other industries as well, such as tourism, retail, medicine, and manufacturing. Moreover, China is expected to dominate the AR and VR market for long term, as Chinese consumers are leading the region. quote

Rachita Rake
Research Analyst, ICT at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

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

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Augmented and Virtual Reality Market by Organization Size, (Large Enterprises and Small & Medium Sized Enterprises), Application, (Consumer and Enterprise), and Industry Vertical (Gaming, Entertainment & Media, Aerospace & Defense, Healthcare, Education, Manufacturing, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,922 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Augmented and Virtual Reality Market"
Purchase Enquiry