In a recent published report, Kenneth Research has updated the market report for Augmented Reality and Virtual Reality (ARVR) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Augmented Reality and Virtual Reality (ARVR) Market products.
Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
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The global market for augmented reality and virtual reality is estimated to reach USD 766 billion by 2025, registering a 73.7% CAGR during the forecast period of 2018 to 2025. The growing demand for head-mounted displays (HMDs) in gaming and entertainment, adoption of virtual reality for marketing strategies by enterprises, increasing demand of augmented reality and virtual reality in the retail and e-commerce industry is raising demand for augmented reality devices in the healthcare sector and growing investments and funding by the key market players operating in the augmented reality and virtual reality market for the development of AR/VR solutions is majorly driving the global market growth.
Augmented reality and virtual reality are immersive technologies that visualize a virtual surrounding either by using a device or over a surface/platform. Virtual reality software is used to create artificial surrounding and is presented to the user in a way that makes the user believe and experience as a real environment. Virtual reality is primarily experienced through vision and audio. Moreover, virtual reality replicates a realistic scenario in front of the user so that it can experience various environments just by sitting at one place. Virtual reality uses a combination of hardware and software components to imitate any situation and transform it into a three-dimensional scene. The hardware components in virtual reality include a head-mounted display and gloves that can communicate with the computer. The gestures and movements of an individual’s hands and eyes generate a stimulus to the system, which in turn responds to the virtual world. This technology is completely immersive as it withdraws the individual from the real world entirely and provides it an experience of a virtual world.
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Virtual reality can be efficiently used for training purposes since it becomes critical to train an amateur in real-life conditions. The applications of virtual reality can be seen in medical, military, manufacturing, visualization, entertainment and games, robotics, education, marketing, navigation and path planning, tourism, geospatial, and urban planning and civil engineering.
Augmented reality is an integration of digital information with the user environment in real time and use the existing environment to overlay new information on the top of it. Augmented reality combines the real world with the virtual world using software or software-defined kit (SDK) platforms. This technology is partially immersive, which means that the user can experience the real world as well as the augmented world at the same time. With the help of smartphones and tablets, the user can hover across any environment, thereby, and blending the real world with augmented world. The applications of augmented reality can be seen in verticals such as retail, e-commerce, manufacturing, education and training, automotive, and travel and tourism. The increasing adoption of consumer electronics devices and smartphones supporting high-end graphics is encouraging the augmented reality and virtual reality software developers to develop innovative AR/VR solutions.
However, privacy concerns related to augmented reality technology and vulnerabilities insecurity due to lack of security standards, resulting in data manipulation, spoofing, sniffing, cyber-attacks, and man-in-middle attacks are some challenges for the market growth in the coming years.
360-degree VR Video
360-degree virtual reality is an audio-visual simulation of an altered and substituted or augmented environment allowing the user to look around in all direction. 360-degree virtual reality can be used for many applications other than entertainment. This technology is mostly used for training, which includes pilot & driver training, physical environment, space study, undersea exploration, and surgery. Real time, pre-rendered computer graphics imagery (CGI), and real time rendered 3D games are the types of 360-degree VR systems. With the help of EYE VR camera, a user can stream live with high-quality 360-degree video direct to the user’s VR headsets. This EYE VR camera includes 42 cameras, 24 microphones, 225-megapixel resolution, three-axis 3D video, 4 hours battery life, and 360-degree capture range. The 360 VR camera can be used in sports, music, and filmmaking. Virtual reality offers various services for streaming live sports events
By technology, the market has been segmented into mobile augmented reality and virtual reality. The expanded reality segment is further classified as marker-based augmented reality, and marker-less augmented reality. The virtual reality segment is also classified into non-immersive systems, semi-immersive projection system, and fully-immersive systems.
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By component, the market has been segregated into hardware and software. The hardware segment is further divided into sensors, processors, controllers, cameras, and others. The software segment is also categorized as software development kits and platforms.
By component, the market has been classified as hardware, software, and solutions.
By device type, the market has been bifurcated into augmented reality devices and virtual reality devices. The augmented reality devices segment has been further classified as a head-mounted display, a head-up display, and handheld devices. The virtual reality devices segment is further divided into the head-mounted display, gesture tracking devices, and display wall & projectors.
By vertical, the market has been segmented into consumer electronics, media & entertainment, healthcare, retail, aerospace & defense, automotive, BFSI, IT & telecommunication, manufacturing, education, travel & tourism, and real estate
MRFR recognizes the key players in the global Augmented Reality and Virtual Reality market as Google LLC, Blippar, EON Reality Inc., Augmented Pixels Inc., Hewlett-Packard Company, DAQRI LLC, Wikitude GmbH, Terminal Eleven (SkyView), Sony Corporation, Zapper Limited, awe.org Pty Ltd (buildar.com), Virtalis Limited, Facebook Inc., Samsung Group, Microsoft Corporation, HTC Corporation, PTC Inc., Magic Leap Inc., and Visteon Corporation
Global Augmented Reality and Virtual Reality Market, 2018–2025 (USD Million)
Augmented Reality and Virtual Reality (ARVR) Market Research Report – Global Forecast till 2025 -Report image 01
Source: MRFR Website
The market for global augmented reality, and virtual reality is estimated to grow at a significant rate during the forecast period from 2018 to 2025. The geographical analysis of augmented reality and virtual reality market has been studied for North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Spain, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, and the rest of Asia-Pacific), and the rest of the world (the Middle East & Africa and South America).
At present, North America holds the largest market share in the AR/VR market due to the presence of key market players and the growing investors in the AR/VR technology. Retail enterprises in the US, Canada, and Mexico are adopting AR devices for visual merchandising of their products. There is an increasing need for head-mounted displays due to their demand in the defense sector for simulation-based training in the region driving the market growth in North America. Europe accounted for the second-largest market share due to increasing adoption of the AR/VR technology in the media & entertainment industry for play-station and mobile games. The market also generates significant revenue from rising adoption of virtual reality and augmented reality solutions in countries such as the UK, Germany, France, Spain, Italy, Sweden, the Netherlands, Norway, Austria, and other European countries. Asia-Pacific accounted for the third-largest market share and is expected to attain the highest growth in the coming years due to the adoption of augmented reality and virtual reality solutions for 3D modeling, 3D animation, and virtualization by various industry verticals.
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The market growth is expected to gain momentum in countries such as China, Japan, India, Australia, Singapore, South Korea, and other Asian countries. South America and the Middle East & Africa region is expected to achieve a significant market growth increasing demand for AR/VR technology and investments from key players to offer augmented reality and virtual reality solutions to small- and medium-sized enterprises in the healthcare, retail, and e-commerce sectors.
The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to expand their reach to the customers.
Augmented reality and virtual reality software developers
Augmented reality and virtual reality hardware vendors
Managed service providers
Original equipment manufacturers (OEMs)
Original design manufacturers
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