Augmented Reality and Virtual Reality Market: Future Projections and Industry Insights of the 2022-2030

The Global Augmented Reality and Virtual Reality Market Size accounted for USD 22.6 Billion in 2021 and is estimated to achieve a market size of USD 451.5 Billion by 2030 growing at a CAGR of 38.5% from 2022 to 2030.

Augmented Reality and Virtual Reality Market Overview

The market for augmented reality and virtual reality significantly widens the spectrum of daily tasks that connected devices may assist with, including information search, commerce, as well as other activities, while virtual reality enables users to travel the world from the convenience of their homes. VR technology generates a simulated environment for its consumers, allowing them to perceive the real presence of gaming.

Augmented Reality and Virtual Reality Market Statistics

Global augmented reality and virtual reality market revenue was worth USD 22.6 billion in 2021, with a 38.5% CAGR from 2022 to 2030
Asia-Pacific augmented reality and virtual reality market share gathered more than 35.4% in 2021
According to study, the rise of AR/VR technology in the United States alone will produce 2.3 million jobs over the next few years.
By component, the hardware category capture over 61.2% of total market share in 2021
Growing acceptance in the military and defense industries, propel the augmented reality and virtual reality market value

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Augmented Reality and Virtual Reality Market Trends

The key drivers of the market are the expanding use of the internet and the booming video game sector. The AR & VR market will rise rapidly during the forecast period due to the growing uses of virtual reality and augmented reality in sectors such as retail, entertainment, healthcare, media, aerospace, manufacturing, and defense. Furthermore, governments across the world are encouraging the use of different technologies and new technologies to aid the automotive industry and manufacturing sectors to thrive. In addition, for on-site improvements and digitalization, commercial and business solutions are highly dependent on AR technology. As a result, such aspects are responsible for increased market share.

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Augmented Reality and Virtual Reality Market Segmentation

The global augmented reality and virtual reality market has been segmented by Acumen Research and Consulting based on device type, component, technology, platform, and device application. By device type, the segment is separated into augmented reality devices (head-up displays (HUD), head-mounted displays (HMD), and handheld devices), and virtual reality devices (head-mounted displays (HMD), projects & displays wall, and gesture control devices (GCD)).

In terms of component, the market is categorized into hardware, and software. According to the augmented reality and virtual reality market forecast, the hardware category is predicted to develop significantly in the next years.

Based on technology, the market is categorized into marker-based augmented reality, marker-less augmented reality, and virtual reality technology. In terms of platform, the market is classified into mobile, PC, console, and others. Moreover, the market is split into augmented reality application (commercial, tourism, e-learning, e-commerce & marketing applications, medical, consumer, aerospace & defense, and others), and virtual reality application (commercial, aerospace and defense, industrial, consumer, medical, and others), based on the device application.

Augmented Reality and Virtual Reality Market Regional Overview

Based on the region, the worldwide augmented reality and virtual reality market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an industry review of augmented and virtual reality, the Asia-Pacific area is the fastest-growing market. The expanding consumer segment in nations like Japan, South Korea, and China is responsible for ARVR's growth. The growing need for ARVR in sectors such as medicine, entertainment, real estate, aerospace & military, and education is also propelling the worldwide augmented reality and virtual reality market forward. Furthermore, as the demand for mobile phones and portable devices grows, augmented reality and virtual reality innovation are becoming increasingly popular among computer game and handheld device producers. ARVR technology is utilized in the defense and aerospace industries to display information such as aircraft speed, horizon line, and altitude. ARVR technology is utilized in clinical teaching, different medical devices, and wellness monitoring systems in the healthcare industry.

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Augmented Reality and Virtual Reality Market Players

Some of the prominent augmented reality and virtual reality market companies are Qualcomm Technologies Inc., Vuzix Corporation, Oculus VR, Samsung Electronics Co. Ltd., Laster Technologies, CyberGlove Systems LLC, Google Inc., Innovega Inc., Facebook Inc., Microsoft Corporation, NIVIDIA Corporation, EON Reality, Inc., Magic Leap, Inc., Augmented Pixels Co., and Advanced Micro Devices, Inc.

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