Global Augmented Reality and Virtual Reality Market expected to reach USD 161.1 billion by 2025

The global augmented reality (AR) and virtual reality (VR) market is estimated to generate revenue of USD 22.1 billion in 2020 and is expected to reach USD 161.1 billion by 2025, witnessing 48.8% CAGR during the forecast period. The market is driven by factors such as increasing responsiveness about this technology, rapid acceptance of AR and VR technology among various industry domains, and the amalgamation of AR and VR to develop the mixed reality that can be implemented for prospective applications.

The market for AR and VR market is primarily driven by technological development, rapid growth in the adoption of tablet computers and smartphones, excessive concentration of major tech players in the AR and VR system worldwide. The increasing penetration of smartphones and tablet computers is extensively contributing towards the growth of AR and VR market across the globe. The tablet-based and mobile-based AR and VR technology is observing rapid application form the key players operating in education, interior designing, e-commerce, architecture, and furnishing.

On the basis of device type, the AR and VR market is segmented into AR devices and VR devices. Among these two segments, AR devices are expected to witness faster growth during the forecast period owing to extensive demand for AR and VR technology from the healthcare and retail domain in a developed economy that enables doctors and nurses to identify vein locations in patients.

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On the basis of application, the AR and VR market is segmented into AR applications and VR applications. AR application is segmented into consumer, commercial, aerospace and defense, enterprise, healthcare, and others. Of all, AR market size was the largest for consumer applications. The VR application is also categorized into consumer, commercial, aerospace and defense, enterprise, healthcare, and others. Among all these segments, commercial applications accounted for the largest demand for VR solutions.

North America accounted for the major share in the AR and VR industry in 2019, globally as the players in the region are continuously investing capital for the advancement of technology. Geographically, Asia-Pacific is expected to witness the fastest growth during the forecast period. The growth of this market is attributed to increasing investment in defense and commercial domain in this region. The existence of a large number of display board industrialists along with technological enhancements is the key factor bolstering the growth of AR and VR market.

The market structure for global AR and VR market is fragmented and some of the key players operating in the AR and VR market across the globe include Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc., and Sony Corporation.

Global AR and VR Market Coverage

Component Insight and Forecast 2015-2025

• Hardware
• Software

Device Insight and Forecast 2015-2025

• AR Devices
  • Head-Mounted Displays
  • Head-Up Displays
• VR Devices
  • Head-Mounted Displays
  • Gesture Tracking Devices
  • Projector & Display Wall Devices

Component Insight and Forecast 2015-2025

• AR Applications
  • Consumer
  • Commercial
  • Aerospace and Defense
  • Enterprise
  • Healthcare
  • Others
  • VR Application
    • Consumer
    • Commercial
    • Aerospace and Defense
    • Enterprise
    • Healthcare
    • Others

Geographical Segmentation

AR and VR Market by Region

North America

• U.S.
• Canada

Europe

• Germany
• U.K.
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Rest of Latin America

Middle East & Africa (MEA)

• UAE
• South Africa
• Rest of MEA

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