Augmented Reality and Virtual Reality Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast, 2017 - 2025

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Augmented Reality and Virtual Reality Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast, 2017 - 2025

Status : October, 2020 | Semiconductor & Electronics | PPT format

Report Digest


Global Augmented Reality and Virtual Reality Market: Snapshot

Flaunting an interminable and grandiose history of providing efficient immersive operator simulation and training solutions, MWPowerlab and Schneider Electric are setting some new standards for augmented reality and virtual reality. After acquiring MWPowerlab, Schneider Electric has been enjoying an augmented share in the global market with the addition of the advanced version of the technology to its portfolio.

The 3D visualization provided at an advanced stage and cutting edge real-time 3D technology offered by MWPowerlab are expected to scale up the Enterprise Asset Performance Management product offered by Schneider Electric. The augmented reality and virtual reality technology has become more accessible than ever in a wide range of world markets as a result of its extensive sustained development. Already included in Schneider Electric’s portfolio, the human machine interface (HMI) supervisory, asset management, and simulation solutions could be largely leveraged with the help of the real-time 3D technology offered by MWPowerlab. MWPowerlab has also stated that its augmented reality and virtual reality technology is anticipated to be tremendously optimized for applications in industrial verticals.

Although assisted reality glasses have had much of the demand in the recent time, the future seems to be on the name of mixed reality headsets, which surprise the wearer with more immersive experiences. By the concluding year of the forecast period, there would probably be a difference of millions between the market shares of assisted reality glasses and mixed reality headsets. With depth sensors and positional tracking in place, mixed reality headsets could allow interactions with holographic objects.

Augmented Reality and Virtual Reality Market: Overview and Segmentation

The global augmented reality and virtual reality market is anticipated to exhibit substantial growth in the coming years. This market is an extremely dynamic, exciting, and promising one and is single-handedly fueled by recent technological advancements. While the application of this technology is already established in sectors such as retail, healthcare, and consumer goods, it is predicted that in the near future, many more new and innovative applications will come to the fore.

The global market for augmented reality and virtual reality can be segmented on the basis of technology into augmented and virtual reality technologies. Among these, augmented reality is projected to witness immense growth during the course of the forecast period owing to the rising demand for AR in gaming, media and entertainment, manufacturing, and healthcare.

By way of sensors and components, the market is fragmented into software, hardware, and services. The hardware segment held the dominant share of over 72.0% in 2015 thanks to the high demand for devices such as glasses, head mounted display, sensors, and console.

The market can also be segmented by application into gaming, media and entertainment, e-commerce, medical, military, and education among others. Gaming, media and entertainment, and healthcare are the most promising segments and are expected to contribute considerably over the forecast period. Further, the demand for augmented reality and virtual reality-based head up displays is likely to increase in the automotive sector in the coming years.

Augmented Reality and Virtual Reality Market: Drivers and Restraints

The global market for augmented reality and virtual reality is fueled the soaring demand and usage of smart phones and the growing application of this technology in the healthcare sector. The high Internet connectivity and penetration is also projected to serve as a driving factor for the global augmented reality and virtual reality market.

Some of the major factors restricting the growth of the market world over are privacy issues, lack of awareness, and image latency. The need for hardware also hampers the augmented reality and virtual reality market in terms of capital investment. However, an increase in R&D initiatives and emerging applications will emerge as key opportunities, fuelling the growth of the market.

Augmented Reality and Virtual Reality Market: Regional Outlook     

From a geographical standpoint, the worldwide market is classified into North America, Europe, Asia Pacific, and Rest of the world. It has been observed that the augmented reality and virtual reality markets in North America, Asia Pacific, and Europe are immensely lucrative, with North America dominating the international scene. In Europe, media and entertainment accounts for a significant share among all end-use applications.

The Asia Pacific market is extremely promising and is slated to exhibit a staggering CAGR over the course of the forecast period. The hardware and service segments are expected to contribute significantly by 2025. China plays a major role in the expansion of the Asia Pacific augmented and virtual reality market.

The Middle East and Africa (MEA) and South America markets are projected to contribute relatively lower revenue to the global market, at the same time, maintaining a steady pace over the forecast period. Hardware is anticipated to emerge as a prominent segment in MEA as well as South America as compared to the services and software segments.

Augmented Reality and Virtual Reality Market: Vendor Landscape

The key players competing in the augmented reality and virtual reality market include Catchoom, Blippar, Innovega Inc., Metaio Gmbh, Laster Technologies, Vertalis Ltd, Total Immersion, Augmented Pixels Co., Kishino Limited, Kooaba AG, Wikitude Gmbh, and Qualcomm Incorporated.

The global augmented reality and virtual reality market is increasingly dynamic and displays a high degree of competition. It is characterized by the presence of a few small-scale players and several of the world’s largest technology firms.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?