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)
Publication Month: Mar 2022 | Report Code: TIPTE100000114 | No. of Pages: 171 | Category: Technology, Media and Telecommunications | Status: Published
The augmented reality and virtual reality 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 COVID-19 pandemic drastically affected the travel sector in the world in 2020 and early 2021. This sector is increasingly implementing AR and VR technologies to offer people a traveling experience by staying 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 and opportunities for interaction. According to an article published by Forbes in April 2021, City Guide Tour and similar AR mobile apps use object recognition to offer on-screen information about destinations of interest, including museums, landmarks, galleries, and parks, as tourists stroll through a town or city. The Street Life 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. AR-powered glasses provide a more immersive experience, adding an element of fun and eliminating the need for a tour guide.First Airlines offers immersive virtual reality travel trips to Rome, Hawaii, and Paris. Its VR experiences include first-class airline tickets with four-course meals, followed by VR tours of the main sights of destinations. Viewers can also explore virtual travel experiences through Google Earth VR, Oculus, and Immerse from The Hydrous. After the mitigation of the COVID-19 pandemic, these transformations in the travel sector will continue to enhance the augmented reality and virtual reality market growth as it is impossible for everyone to travel anywhere at any time. Trips with immersive experiences are affordable and bring endless joy to the viewer.
Strategic Insights
Impact of COVID-19 Pandemic on Augmented Reality and Virtual Reality Market
As augmented reality (AR) and virtual reality (VR) technologies are used in head-mounted displays (HMDs), they are expected to be majorly adopted by medical professionals as protective gear in the coming years. Despite the negative impact of the COVID-19 pandemic-associated lockdowns and low cross-border trade, the augmented reality and virtual reality market has continued to grow with the increasing shift toward adopting AR and VR technologies, and businesses switching to remote working or hybrid working. According to an article published by the INEWS, in 2020, the China Spring Cloud Auto Show was organized by combining AR technology, big data, Web 3D, panoramic content, and other technologies to present cutting-edge technologies and products from multiple perspectives. Therefore, the overall impact of the COVID-19 pandemic on the global augmented reality and virtual reality market in 2020 was positive. In 2021, HTC Corporation conducted an online conference for developers using VR technology. Also, the digital transformation of several businesses in sectors such as retail (e-commerce), education (e-learning), and healthcare (advanced equipment) would support the growth of the augmented reality and virtual reality market in the coming years.
Lucrative Regions for Augmented Reality and Virtual Reality Market
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Augmented Reality and Virtual Reality Market Insights
Immersive Learning Experience with VR, AR, and Gamification Boosts Augmented Reality and Virtual Reality Market Growth
In the last few decades, the learning analytics landscape has dramatically expanded, especially for higher education. Students learn faster when they engage in the gamified version of lessons. Gaming features help create a fun and productive learning experience for learners. Gamification is common in e-learning platforms meant for K-12 level students. According to an article published by EducationWorld in December 2019, STEPapp launched India's first-of-its-kind gamified learning edtech app to revolutionize K-12 education in the country.
Further, since the introduction of virtual reality and augmented reality into education, the sector has experienced tremendous transformation in learning. VR provides a built reality, and AR provides an image with an improved view. Thus, a surge in the integration of virtual reality, augmented reality, and gamification technologies into educational techniques would offer better academic results and create demand for AR and VR solutions in augmented reality and virtual reality market growth.
Technology-Based Market Insights
Based on technology, the augmented reality and virtual reality market is segmented into augmented reality and virtual reality. In 2021, the augmented reality segment led the augmented reality and virtual reality market with a larger share.
Augmented Reality and Virtual Reality Market, by Technology, 2020 and 2028 (%)
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Component - Based Market Insights
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.End-User Industry-Based Market Insights
Based on 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.
The players operating in the augmented reality and virtual reality market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the augmented reality and virtual reality market. A few developments by key players are listed below:
- In February 2022, EON Reality and LA City College offered extended reality (xr) solutions for new programs and colleges.
- In February 2022, EON Reality and Nanyang Polytechnic renewed their partnership to create a new knowledge metaverse hub and expand it in Singapore. NYP will join EON Reality's global and ever-growing knowledge metaverse to take another step into the future of interactive teaching.
Company Profiles
- Immersive Gaze
- Google LLC
- EON Reality
- Vuzix Corporation
- Blippar Group Limited (Layar B V)
- Innovega Inc.
- Simulanis Solutions Private Limited
- Kanda ApS
- YeppAR
- Zugara, Inc.
Frequently Asked Questions
Growing use of virtual reality to offer better customer experience in online retail and immersive learning experience with VR, AR, & gamification are driving the growth of the augmented reality and virtual reality market.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including augmented reality and virtual reality market. Further, the investments in AR and VR technologies are presenting significant potential for the future growth of the augmented reality and virtual reality market players.
Based on technology, the augmented reality and virtual reality market is segmented into augmented reality and virtual reality. In 2021, the augmented reality segment led the augmented reality and virtual reality market, accounting for the largest share in the market.
In 2021, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific (APAC). North America is a prospective market for augmented reality and virtual reality solution developers.
The major five companies in augmented reality and virtual reality includes Google LLC, EON Reality, Immersive Gaze, Blippar Group Limited (Layar B V), and Vuzix Corporation.
Based on component, the augmented reality and virtual reality market can be segmented into semiconductor components, sensors, and others. In 2021, the semiconductor components segment accounted for the largest market share.
The List of Companies - Augmented Reality and Virtual Reality Market
- Immersive Gaze
- Google LLC
- EON Reality
- Vuzix Corporation
- Blippar Group Limited (Layar B V)
- Innovega Inc.
- imulanis Solutions Private Limited
- Kanda ApS
- YeppAR
- Zugara, Inc.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global augmented reality and virtual reality market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global augmented reality and virtual reality market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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