Augmented Reality and Virtual Reality Market Size to Grow by USD 364557.67 Million From 2022 to 2027, Customer Landscape, Vendor Assessment and Market Dynamics – Technavio

NEW YORK, 8 November 2022 /PRNewswire/ — Technavio categorizes the global Augmented Reality (AR) and Virtual Reality (VR) market as part of the overall hardware, storage and peripherals market, covering manufacturers of mobile phones, personal computers, servers, electronic computer components, and peripherals. The Global market for augmented reality and virtual reality share is set to increase by USD 364557.67 million from 2022 to 2027. Moreover, the market’s growth momentum will accelerate by a CAGR of 52.37% according to the latest market forecast report from Technavio. The market will also register one 31.83% YOY growth rate in the forecast period.

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Global market for augmented reality and virtual reality – Customer landscape

Our report analyzes the life cycle of the global Augmented Reality and Virtual Reality market from the innovator stage to the laggard stage. The report illustrates the life cycle of the global augmented reality and virtual reality market, focusing on adoption rates of the major countries such as the United States, China, Japan, Germany, and Great Britain. To help companies evaluate and develop growth strategies for 2022-2027. Our researchers have included –

• Important purchase criteria

• Adoption rates

• Adoption life cycles

• Drivers of price sensitivity

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Global market for augmented reality and virtual reality – Supplier analysis

Supplier landscape – The global AR and VR market is fragmented, and vendors are using growth strategies such as technological advancements to compete in the market. The market players are also significantly leveraging external market drivers, such as increasing reliance on apps and proliferation of AR apps for a variety of activities to achieve growth opportunities. However, factors such as hardware limitations will challenge market players’ growth. The growing awareness among potential customers provides enormous opportunities for small suppliers, encourages small suppliers to innovate and succeed in a highly competitive environment, allows suppliers to understand customers’ interests and enables direct interaction with potential buyers. Thus making the market competitive.

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Key Vendor Profiles –

Global market for augmented reality and virtual reality – Segmentation assessment

Geography segment overview

Technavio’s market research report provides detailed information on regional opportunities pending for vendors, which will help generate sales revenue. The global market for augmented reality and virtual reality according to geography is categorized in APAC, North America, Europeit Middle East and Africaand South America. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Augmented Reality and Virtual Reality market size and actionable market understanding.

• Regional highlights – APAC is the fastest growing region in the global augmented reality and virtual reality market compared to other regions. 35% of the market’s growth will come from APAC. Factors such as the presence of key vendors, increasing investments in AR and VR technology by key vendors, increasing adoption of technologically advanced applications among consumers, and strong research activities to increase the adoption of AR and VR technologies are driving the growth of the market in the region. USA and Canada are the leading contributors to the AR and VR market in the region. The presence of key vendors in the region is likely to further boost the growth of the AR and VR market North America.

• Revenue generating segment highlights – The global Augmented Reality and Virtual Reality market according to technology segmentation is categorized into AR and VR. Augmented reality and virtual reality market growth in the AR segment will be significant during the forecast period. Factors such as new product launches (hardware and software), increasing use of AR in various application areas, and increasing funding and investment in AR technology are attributed to the high growth in the AR segment.

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Global market for augmented reality and virtual reality – Market dynamics

• Main driver – The growing demand for AR and VR technology is driving the growth of the Augmented Reality and Virtual Reality market. The use of AR and VR technologies has increased significantly in the last decade. The growing applications of AR and VR technology in various fields such as education, medicine, retail and training are boosting the growth of the market. In addition, technological innovations from suppliers, combined with the growing preference for online shopping, are driving the growth of the market in focus.

• Main trend – Increasing funding in start-up AR and VR companies from investors is a major trend in the market. The growing popularity of AR and VR technologies is attracting significant funding from various companies as the use of these technologies extends beyond gaming to business, healthcare and marketing. The funding from venture capitalists in small startups will promote technological advancement in the AR and VR market, which will boost the growth of the global AR and VR market during the forecast period.

• Big challenges – The risks associated with AR and VR applications may challenge the growth of the Augmented Reality and Virtual Reality market. AR and VR collect and process enormous amounts of information about users and their environment. Therefore, privacy concerns are a major challenge in the global AR and VR market. Information security risks are mostly associated with AR games, which by their very nature involve interaction with the real world. AR users actively engage with technology in various activities, such as taking photos and taking videos on devices, which often track location data. The security of this information largely depends on users’ behavior, how actively they share their AR experiences on social media and how freely they share their information with AR application providers.

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Augmented Reality and Virtual Reality Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will contribute to augmented reality and virtual reality market growth during the next five years

• Estimation of the size of augmented reality and virtual reality and its contribution to the main market

• Predictions of upcoming trends and changes in consumer behavior

• The growth of the augmented reality and virtual reality market

• Analysis of the market’s competitive landscape and detailed information on suppliers

• Comprehensive details on factors that will challenge the growth of augmented reality and virtual reality vendors

Related reports

• The augmented reality in the retail market the study is a comprehensive report with in-depth qualitative and quantitative research that evaluates the current scenario and analyzes the growth of 39.0 and a CAGR of 41.7% with the market share increasing by USD 9.24 billion in the forecast period 2021 to 2026. The market is segmented by type (clothing, furniture, lighting and decor, footwear, grocery and others) and geography (North America, EuropeAPAC, South Americaand Middle East and Africa).

• The augmented and virtual reality in the healthcare sector the proportion is expected to increase by USD 6.55 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 29.13%. The market is segmented by component (hardware and software) and geography (North America, EuropeAPAC, South Americaand Middle East and Africa).

Table of contents:

1 Summary

2 Market landscape

3 Market size

4 Historical market size

5 Analysis of five forces

6 Market segmentation by technology

7 Market Segmentation by Application

8 Customer landscape

9 Geographical landscape

10 drivers, challenges and trends

11 Supplier landscape

12 Supplier analysis

13 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, comprehensive research and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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