According to our latest market study on "Augmented Reality and Virtual Reality Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Component, and End-User Industry," the market is expected to grow from US$ 27.96 billion in 2021 to US$ 252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021–2028.
The travel sector is reaping the benefits of AR and VR technologies to offer people a traveling experience in their own homes. People could explore the world by sitting comfortably on their couches. Thus, companies are working hard to transform travel experiences with the help of self-guided tours technology. AR technology alters travelers' perceptions of their physical surroundings and provides supplemental tourism experiences, along with opportunities for interaction. According to an article published by Forbes in April 2021, City Guide Tour, an AR mobile app, uses object recognition to offer on-screen information about destinations of interest, including museums, landmarks, galleries, and parks, as tourists stroll via a town or city. The Street Life, another mobile app, offers a library of crowd-sourced guided tours; viewers can watch this from home or navigate through in-person travel adventures while uploading their images on the app. Further, AR-powered glasses provide a more immersive experience, adding an element of fun and eliminating the need for a tour guide.
Based on technology, the augmented reality and virtual reality market is bifurcated into augmented reality and virtual reality. In 2021, the augmented reality segment led the augmented reality and virtual reality market. Based on component, the augmented reality and virtual reality market is segmented into semiconductor components, sensors, and others. In 2021, the semiconductor components segment accounted for the largest market share. Based on the end-user industry, the augmented reality and virtual reality market is segmented into entertainment, educational, industrial, medical, real estate & architecture, retail, aerospace & defense, and others. In 2021, the entertainment segment accounted for the largest market share. By geography, the augmented reality and virtual reality market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share in the augmented reality and virtual reality market.
Impact of COVID-19 Pandemic on Augmented Reality and Virtual Reality Market Growth
The retail sector has adopted the VR and AR technologies much before the onset of the COVID-19 pandemic. According to IBM's 2020 (US) Retail Index report, the pandemic expedited the shift to digital purchasing by five years. The popularity of virtual "try-before-you-buy" experiences—ranging from previewing furniture and products with daily brands such as IKEA and Home Depot to digitally trying on luxury fashion clothing of brands such as Louis Vuitton and Gucci—has increased significantly. Similarly, GLAMlab's Ulta's virtual try-on beauty tool is being highly adopted by people during the COVID-19 pandemic. In addition, when jewelry manufacturer Kendra Scott's stores were temporarily closed, the company implemented an AR application that let buyers visually try on earrings comfortably from their homes. Thus, a rise in the adoption of AR by customers and increased investments by retailers in this technology during the pandemic favored the augmented reality and virtual reality market growth.
Immersive Gaze, Google LLC, EON Reality, Vuzix Corporation, Blippar Group Limited (Layar B V), Innovega Inc., Simulanis Solutions Private Limited, Kanda ApS, YeppAR, and Zugara, Inc. are among the key players operating in the augmented reality and virtual reality market. In addition to these, several other players were analyzed to understand the overall augmented reality and virtual reality market.
Augmented Reality and Virtual Reality Market – by Region, during 2021–2028 (%)
Augmented Reality and Virtual Reality Market Size & Share Report 2028
Download Free Sample
Augmented Reality and Virtual Reality Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Augmented Reality and Virtual Reality), Component (Semiconductor Components, Sensors, and Others), and End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others)
Augmented Reality and Virtual Reality Market Size & Share Report 2028
Download Free SampleAugmented Reality and Virtual Reality Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Augmented Reality and Virtual Reality), Component (Semiconductor Components, Sensors, and Others), and End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others)
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com