NEW YORK, Nov. 8, 2022 /PRNewswire/ — Technavio categorizes the Global Augmented Reality (AR) and Virtual Reality (VR) Market as a part of the parent technology hardware, storage, and peripherals market, covering manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. The Global Augmented reality and virtual reality Market share is set to increase by USD 364557.67 Million from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 52.37% as per the latest market forecast report by Technavio. The market will also record a 31.83% Y-O-Y growth rate during the forecast period.
Technavio has announced its latest market research report titled Global Augmented Reality and Virtual Reality Market 2023-2027
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Global Augmented Reality and Virtual Reality Market – Customer Landscape
Our report analyzes the Life Cycle of the Global Augmented Reality and Virtual Reality Market from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the global augmented reality and virtual reality market, focusing on the adoption rates of the major countries such as the US, China, Japan, Germany, and the UK. To help companies evaluate and develop growth strategies for 2022-2027. Our researchers have included –
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Key purchase criteria
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Adoption rates
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Adoption lifecycles
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Drivers of price sensitivity
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Global Augmented Reality and Virtual Reality Market – Vendor Analysis
Vendor Landscape – The global AR and VR market is fragmented, and the vendors are deploying growth strategies such as technological advancements to compete in the market. The market players also significantly leverage external market drivers, such as increasing dependence on apps and the proliferation of AR apps for numerous activities to achieve growth opportunities. However, factors such as hardware limitations will challenge the growth of the market participants. The increasing awareness among potential customers provides enormous opportunities for small vendors, encourages small vendors to innovate and succeed in a strong competitive environment, allows vendors to understand customers’ interests, and enables direct interaction with potential buyers. Thus, making the market competitive.
Key Vendor Profiles –
Global Augmented Reality and Virtual Reality Market – Segmentation Assessment
Geography Segment Overview
Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Augmented Reality and Virtual Reality Market as per geography is categorized into APAC, North America, Europe, the Middle East and Africa, and 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 understandings.
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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 originate from APAC. Factors such as the presence of key vendors, growing investments in AR and VR technology from key vendors, rising adoption of technologically advanced applications among consumers, and strong research activities to increase the application of AR and VR technologies are driving the growth of the market in the region. The US 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 augment the growth of the AR and VR market in North America.
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Revenue Generating Segment Highlights – The Global Augmented Reality and Virtual Reality Market as per technology segmentation is categorized into AR and VR. The augmented reality and virtual reality market share growth by the AR segment will be significant during the forecast period. Factors such as new product (hardware and software) launches, growing adoption of AR in different application areas, and rising funding and investments in AR technology are attributed to the high growth rate of the AR segment.
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Global Augmented Reality and Virtual Reality Market – Market Dynamics
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Major Driver – The increasing demand for AR and VR technology is driving the growth of the augmented reality and virtual reality market. The adoption of AR and VR technologies has increased significantly in the last decade. The growing application areas of AR and VR technology in different fields, such as education, medical, retail, and training is boosting the growth of the market. In addition, technological innovations from vendors, coupled with the growing preference for online shopping are driving the growth of the market in focus.
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Major Trend – Growing funding in startup 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 different companies as the application of these technologies is going beyond gaming to enterprises, 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.
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Major Challenges – The risks associated with AR and VR applications may challenge the augmented reality and virtual reality market growth. AR and VR collect and process vast 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 related to AR games, which, by their nature, involve interaction with the real world. AR users engage actively with technology in various activities, such as taking photos and capturing videos on devices, which often track location data. The safety of this information depends largely 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
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CAGR of the market during the forecast period 2023-2027
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Detailed information on factors that will assist augmented reality and virtual reality market growth during the next five years
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Estimation of the augmented reality and virtual reality market size and its contribution to the parent market
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Predictions on upcoming trends and changes in consumer behavior
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The growth of the augmented reality and virtual reality market
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Analysis of the market’s competitive landscape and detailed information on vendors
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Comprehensive details of factors that will challenge the growth of augmented reality and virtual reality market vendors
Related Reports
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The augmented reality in retail market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of 39.0 and a CAGR of 41.7% with the market share increasing by USD 9.24 billion during the forecast period 2021 to 2026. The market is segmented by type (apparel, furniture, lighting, and decor, footwear, grocery, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
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The augmented and virtual reality in healthcare market share 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, Europe, APAC, South America, and the Middle East and Africa).
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Augmented Reality and Virtual Reality Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2022 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 52.37% |
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Market growth 2023-2027 |
USD 364557.67 million |
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Market structure |
Fragmented |
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YoY growth (%) |
31.83 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 35% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Alphabet Inc., Apple Inc., Augmented Pixels Inc., Blippar Ltd., CyberGlove Systems Inc., Eon Reality Inc., HP Inc., HTC Corp., Innovega Inc., Lenovo Group Ltd., Magic Leap Inc., Microsoft Corp., PTC Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Toshiba Corp., Vuzix Corp., Wikitude GmbH, Zugara Inc., and Maxst Co. Ltd. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses 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 across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive 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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Global Augmented Reality and Virtual Reality Market 2023-2027
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