CHICAGO, Aug. 2, 2024 /PRNewswire/ — The Augmented and Virtual Reality Market was valued at USD 22.12 billion in 2024 and is expected to reach USD $96.32 billion by 2029, at a CAGR of 34.2% during the 2024-2029 period according to a new report by MarketsandMarkets™. The major factors driving the growth of the augmented and virtual reality market include the increasing adoption of AR and VR in entertainment and gaming industry, growing adoption of AR in retail and e-commerce sectors, and increasing need for remote working and virtual classrooms fuels the adoption of VR technologies. Moreover, the growing demand of AR and VR technologies in telemedicine industry provides future growth opportunities to the market players.
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120 – Tables
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215 – Pages
Augmented and Virtual Reality Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 22.12 billion
Estimated Value by 2029
$ 96.32 billion
Growth Rate
Poised to grow at a CAGR of 34.2%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Enterprise, Technology, Offering, Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Lack of flexibility and technical issues in various AR VR products
Key Market Opportunities
Growing implementation of government initiatives and investments
Key Market Drivers
Rapid growth of AR and VR applications in the gaming and entertainment industry
Head-mounted Displays (HMDs) segment is expected to have the largest market size in the augmented and virtual reality market during the forecast period.
The augmented and virtual reality head-mounted displays (HMDs) are expected to have the largest market size during the forecast period. Key factors driving the AR HMD market growth include the growing need to overlay computer-generated graphics, data, or 3D objects onto the field of view which is highly preferable in healthcare, automotive and aerospace & defense applications. Whereas the VR HMD market growth is primarily driven by the presence of companies like Sony, Oculus, HTC, Samsung, Google, TLC Alcatel, and Osterhout Design Group that have garnered significant acclaim from users. The primary applications for VR HMDs are gaming and entertainment, which are projected to dominate the market in the coming years.
Consumer and commercial applications is expected to witness the highest CAGR in the augmented and virtual reality market, respectively, during the forecast period.
The augmented reality market for consumer applications is expected to witness the highest CAGR during the forecast period which is attributed to the increasing need for enhanced gaming experience, additional features through which players can create virtual objects and characters and link them to specific locations in the real world, allowing for easy interaction with digital objects in real-world settings. Therefore, the demand for AR software is significant in the consumer sector, as they are widely used in nearly all gaming applications. On the other hand, the virtual reality market for commercial applications is expected to witness the highest CAGR during the forecast period which is attributed to the increasing integration of VR HMDs in commercial applications such as advertisements, marketing and retail, and fashion. This commercial application holds significant growth potential due to the increasing global expenditure on advertising various products.
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Asia Pacific is anticipated to have the largest market size in the augmented and virtual reality market during the forecast period.
Asia Pacific augmented and virtual reality industry is set to have the largest market size during the forecast period. Key factors driving this growth are the increasing adoption of AR and VR in consumer electronics, retail, BFSI (Banking, Financial Services, and Insurance), healthcare, transportation, and sports and entertainment. These industries can gain many benefits with the help of AR and VR such as increasing consumer awareness of technologies and the rapid integration of new technologies, particularly in countries such as China, India, and South Korea.
Key Players
The report profiles key players in augmented and virtual reality companies such as Meta. (US), Sony Group Corporation (Japan), Apple Inc. (US), ByteDance (China), DPVR (China), Intel Corporation (US), Magic Leap, Inc. (US), Ultraleap (US), Vuzix (US), Xiaomi (China), HTC Corporation (Taiwan), Google (US), SAMSUNG (South Korea), Microsoft (US), EON Reality (US), Maxst Co., Ltd. (South Korea), Blippar Group Limited (UK), Atheer, Inc. (US), Nintendo (Japan), Ultraleap (US), Penumbra Inc. (US), Psico Smart S.L. (Spain), Panasonic Corporation (Japan), Scope AR (US), Continental AG (Germany), Virtually Live (Switzerland), Intel Corporation (US), Craftars (Romania), BidOn Games Studio (Ukraine), Appentus Technologies (India), 3D Cloud (US), and WayRay AG (US).
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Related Reports:
Virtual Reality (VR) Market Size, Share & Industry Growth Analysis Report by Technology (Non-immersive, Semi & Fully Immersive), Offering, Device Type (Head-mounted Devices, Gesture Tracking Devices, Projectors & Display Walls), Application and Region – Global Forecast to 2029
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