Rising investments for research and development activities and growing digitization is driving the global augmented reality & virtual reality market growth for the forecast period.
According to TechSci Research report, “Global Augmented Reality & Virtual Reality Market By Product Type (Head-Mounted Display, Head-Up Display, Smart Glass, Handheld Device Applications) By Organization Size (Large Enterprises, Small- & Medium-sized Enterprises) By Offering (Hardware & Software) By Application (Consumer, Enterprise) By End User (Entertainment, Manufacturing, Healthcare, Defense, Consumer Electronics, Automotive, & Others), By Region, Company Forecast & Opportunities, 2026”, The global augmented reality & virtual reality market is expected to witness significant growth in the next five years. Augmented reality is a type of interactive environment that enhances the real-time environment by overlaying digital visual elements, sound, and other sensory elements. Augmented reality applications are developed by using 3-D technology enabling the users to interact in the real world in real-time. Virtual reality creates immersive experiences for the user with the help of headset devices and it has no connection with the real environment. The use of augmented reality in architecture to create the project of the building interior and get digital information on architectural models so that architects can make smart decisions is fostering the augmented reality technology demand in the next five years. The surge in the demand for online channels as they offer to pick up and delivery facility, online payments, quick navigation facility is extensively using the augmented reality to provide product enhanced experience to consumers. The demand from the tourism industry is also growing to attract more consumers by providing a virtual tour to landmarks, famous places, and eating spots to attract tourists to visit their place.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities across the globe, imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Disruption in the supply chain was observed which also affected the cross-border trade of devices. Also, the use of protective gear by the healthcare professionals boosted the demand for head-mounted display devices by the healthcare professionals which positively impacted the market growth.
However, slow growth in underdeveloped countries and lack of skilled professionals may restrain the global augmented reality & virtual reality market growth.
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Global augmented reality & virtual reality market is segmented into product type, offering organization size, application, end user, regional distribution, and company. Based on end user, the market can be divided into entertainment, manufacturing, healthcare, defense, consumer electronics, automotive, and others. The entertainment end user segment is expected to account for major market share in the forecast period, 2022-2026. The rising youth population across the globe and the increase in affordability of consumers to use advanced technologies is the major driver for the growth of this segment. The rise in demand for interactive gaming and the blooming gaming industry is also contributing to boost the growth of the entertainment segment. Based on application, the market can be bifurcated into consumer and enterprise. The consumer segment is dominating the market and is expected to maintain its dominance throughout the forecast period due to the increase in the adoption of augmented reality and virtual reality technology. Based on offering, the market is divided into hardware & software. The software offering segment is expected to hold a lion’s share in the next five years owing to the growing trend of creating games with the use of augmented reality and curating content with the help of virtual reality.
Alphabet Inc., DAQRI LLC, Facebook Inc., HP Inc., HTC Corporation, Magic Leap Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Toshiba Corporationare the leading players operating in global augmented reality & virtual reality market. Service Providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several augmented reality & virtual reality providers are coming up with their technologically advanced offerings.
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“With the developing healthcare sector and the rise in the adoption of advanced healthcare solutions to provide quality treatment to patients, the healthcare industry is adopting augmented reality and virtual reality technology to provide quality treatment to patients is boosting the market growth. The use of augmented reality in healthcare is enabling the healthcare professionals to view the patient’s body in 3-D view which further eases the treatment process and allows the healthcare professional to examine the cause of treatment efficiently. Also, the rise in demand for minimally invasive treatment offering several benefits including less post-operative pain, smaller incision, faster recovery time, among others is contributing to the surge the demand for augmented reality and virtual reality market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Augmented Reality & Virtual Reality Market By Product Type (Head-Mounted Display, Head-Up Display, Smart Glass, Handheld Device Applications) By Organization Size (Large Enterprises, Small- & Medium-sized Enterprises) By Offering (Hardware & Software) By Application (Consumer, Enterprise) By End User (Entertainment, Manufacturing, Healthcare, Defense, Consumer Electronics, Automotive, & Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of global augmented reality & virtual reality market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global augmented reality & virtual reality market.
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