Portland, OR , Sept. 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global augmented and virtual reality market generated $27.6 billion in 2021, and is estimated to reach $856.2 billion by 2031, witnessing a CAGR of 41.1% from 2022 to 2031. The report offers a comprehensive study of changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $27.6 billion |
| Market Size in 2031 | $856.2 billion |
| CAGR | 41.1% |
| No. of Pages in Report | 254 |
| Segments Covered | Organization Size, Application, Industry Vertical, and Region |
| Drivers | Proliferation of smartphones |
| Rise in popularity of gaming | |
| Cost-efficient benefits of AR- and VR-based solutions | |
| Opportunities | Increased affordability of the masses |
| Restrains | Lack of good user experience design |
Covid-19 Scenario:
- The Covid-19 pandemic favored the growth of the market due to rise in shift toward the adoption of AR and VR technologies since most businesses implemented the work from home culture.
- The digital transformation and industry 4.0 had boosted the demand for AR and VR market. Moreover, the players collectively forced to deploy multiple new and agile approaches to improve the consumer experience.
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The report offers detailed segmentation of the global augmented and virtual reality market based on organization size, application, industry vertical, and region. 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.
Based on organization size, the large enterprises segment accounted for the highest share in 2021, contributing to nearly two-thirds of the total share, and is expected to maintain its leadership status during the forecast period. However, the SMEs segment is expected to manifest the highest CAGR of 43.3% from 2022 to 2030.
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.
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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.
Leading players of the global augmented and virtual reality industry analyzed in the research include Google Inc., Sony, Magic Leap, Inc., HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude.
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The report analyzes these key players in the global augmented and virtual reality market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
