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Augmented and Virtual Reality Market worth $96.32 billion by 2029 – Exclusive Report by MarketsandMarkets™

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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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Browse in-depth TOC on “Augmented and Virtual Reality Market” 
120 – Tables
65 – Figures
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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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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

Head Mounted Display (HMD) Market Size, Share, Statistics and Industry Growth Analysis Report by Type, Technology (AR, VR), Application (Consumer, Commercial, Enterprise & Industry, Aerospace & Defense), Product Type (Head-mounted, eyewear), Component, Connectivity and Region – Global Forecast to 2029

AR and VR Display Market by Device Type (AR HMDs, VR HMDs, AR HUDs, VR Projectors), Technology, Display Technology (LCD, OLED, Micro-LED), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) & Region – Global Forecast to 2028

Mobile Augmented Reality (AR) Market with COVID-19 Impact Analysis by Device Type (Smartphones, Tablets, PDAs), Offering (Software, Services), Application (Consumer, Healthcare, Enterprise, Commercial), and Region – Global Forecast to 2025

Wearable Display Market by Product Type (Smart Bands, Smartwatches, Head-Mounted Displays), Display Technology (LED-Backlit LCD, OLED), Panel Type (Rigid, Flexible, Microdisplay), Display Size, Vertical, and Geography – Global Forecast to 2023

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
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Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week

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DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.

Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.

Purpose, Innovation, and Partnerships

Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.

Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.

Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:

The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.

Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.

Deepening Bonds: Key Web3 Ecosystems and Communities

Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.

These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.

“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.

“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.

In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.

 

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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SOURCE Bybit

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Yu Liu, Vice President of Baijiayun, to Attend 2024 Jixin AIGC Summit for Exploring New Industry Landscape

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BEIJING, Dec. 24, 2024 /PRNewswire/ — Baijiayun Group Ltd (“Baijiayun” or the “Company”) (NASDAQ: RTC), a one-stop AI video solution provider, today announced that it will attend the 2024 AIGC Summit soon.

Recently, the 2024 AIGC Summit, hosted by “Jixin”, a venture capital and industry research media that focuses on industrial AI, is about to kick off. As an outstanding enterprise representative that has successfully implemented AI technology in various industries, Baijiayun has been invited to attend. Yu Liu, the vice president of Baijiayun, will share unique insights at the summit to promote industry communication and progress.

This summit focuses on the in-depth application of AIGC technology in vertical scenarios, aiming to analyze the strategies, practices and successful experiences of AI going global, grasp the pulse of the development of the times, build a more open and win-win AIGC industrial ecosystem on a global scale, and open a new chapter for the future.

As an important participant in the AIGC field, Baijiayun has achieved remarkable results in technological innovation and application implementation. Vice President Yu Liu has been deeply involved in many core businesses and strategic decisions during the development of the company and has rich experience and profound insights in the application practice of AIGC technology. His attendance at this summit is expected to bring the latest achievements and innovative ideas of Baijiayun in vertical scenario applications and international market expansion, providing valuable references and inspirations for industry colleagues, further stimulating the innovation vitality and development momentum of the industry, and promoting the AIGC industry to a new peak. Many industry insiders are looking forward to this summit with full anticipation. It is believed that with the joint efforts of all parties, a clear and promising blueprint for the future development of the AIGC industry will be drawn.

For investor and media enquiries, please contact:

Company Contact:
Ms. Fangfei Liu 
Chief Financial Officer, Baijiayun Group Ltd
Phone: +86 25 8222 1596
Email: ir@baijiayun.com

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SOURCE Baijiayun Group Ltd

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My China Story: Technology Brings the World Together for a Chinese New Year

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BEIJING, Dec. 24, 2024 /PRNewswire/ — As the Spring Festival approaches, many are preparing for their holiday travels abroad. While the excitement of spontaneous trips is undeniable, one of the biggest hurdles travelers face is language barriers. However, iFlytek‘s innovative translation device promises to make communication effortless, helping you navigate any language challenges with ease.

 

Known for its sleek and compact design, iFlytek’s smart translation gadget offers an elegant black, business-style exterior, a moderate size, and a lightweight build. It’s the ideal travel companion, fitting easily into your pocket without weighing you down. Whether you’re heading to a city getaway or a remote adventure, this device ensures that language is never an obstacle.

The device boasts impressive capabilities, supporting translations in 84 languages online and 16 languages offline. Whether you’re traveling to Japan, South Korea, France, Germany, or the Middle East, this device handles it all. Even in remote locations—such as secluded mountain temples or isolated islands—the offline translation feature ensures you won’t be left speechless. The device also offers specialized vocabulary for specific fields, making translations more precise and professional.

With its intuitive interface, the gadget is easy to use—just a tap, and you’re ready to communicate. This makes it a perfect tool for travelers who want to ensure a smooth and enjoyable experience while abroad.

But what lies behind this innovative device? How did it come to life? To learn more about its development and functionality, we are following a Russian journalist as he visits iFlytek’s headquarters for an exclusive look at this remarkable “gadget” and uncover the story behind its creation.

Stay tuned as we explore the technology that’s revolutionizing the way we connect across cultures.

https://youtu.be/QkdFG0LvH70

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SOURCE “My China Story” International Short Video Competition Organizing Committee

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