AR and VR Market Report 2021-2031: Global Trends, Insights and Regional
Perspectives

The unprecedented demand for better hardware and
software technologies is a crucial factor for development of the market. The
use of AR and VR technology is not restricted to a particular age group, and
the heterogeneity of demand has given an impetus to market growth. A large
number of people are inclined toward buying latest electronic gadgets. Further,
increased affordability of the masses has created a farrago of opportunities
within the augmented and virtual reality market, which is expected to be beneficial
for the market growth in the upcoming year.

According to a new report published by Allied Market
Research, The augmented
and virtual reality market size was valued at $27.6 billion in 2021, and is
estimated to reach $856.2 billion by 2031, growing at a CAGR of 41.1% from 2022
to 2031.

The augmented and virtual reality market trends in
Asia-Pacific is expected to exhibit the highest growth during the forecast
period. Industries in this region are comprehending the potential of augmented
and virtual reality in manufacturing, defense, and entertainment sector in the
emerging economies such as China, India. SMEs are anticipated to be
opportunistic for this market owing to growth in adoption of immersive
technologies in this region.

Government investments and initiatives in emerging
economies, increase penetration of internet users, growth in demand for online
content, rise in online certification programs, growth in air traffic &
fleet of commercial aircraft, and rise in adoption of AR and VR technology in
healthcare, digital manufacturing, and defense are the primary factors that
fuel the augmented and virtual reality market in Asia-Pacific region.

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The report provides an analysis of each
segment and sub-segment with the help of tables and figures. This analysis
helps investors, market players, and new entrants in determining the
sub-segments to be tapped on to achieve growth in the coming years.

On the basis of industry vertical, the
gaming segment dominated the market in 2021, accounting for nearly one-fourth
of the global augmented and virtual reality market, and is projected to maintain
its leading position throughout the forecast period. However, the retail
segment is estimated to showcase the highest CAGR of 44.4% during the forecast
period.

Based on region, North America accounted
for the highest share in 2021, contributing to nearly two-fifths of the total
market share, and is projected to continue its leadership status by 2031.
However, the market across Asia-Pacific is projected to portray the fastest
CAGR of 43.9% during the forecast period. The research also analyzes regions including
Europe and LAMEA.

Based on application, the consumer segment held the
largest share in 2021, accounting for more than half of the market, and is
expected to maintain its dominance in terms of revenue by 2031. However, the
enterprise segment is estimated to witness the largest CAGR of 42.4% during the
forecast period.

Leading Market Players:

➢ Google Inc.,

➢ Sony,

➢ Magic Leap, Inc.,

➢ HTC Corporation,

➢ Microsoft Corporation,

➢ Osterhout Design Group,

➢ Facebook

➢ DAQRI,

➢ Samsung
Electronics Co., Ltd., and

➢ Wikitude

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enable strategic decision-making for the existing market players as well as
those willing to enter the market

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