Chicago, June 02, 2023 (GLOBE NEWSWIRE) -- According to a research report UK Augmented Reality and Virtual Reality Market by Technology Type (AR: Markerless, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology), Device Type, Offering, Application, Enterprise, and Geography - Global Forecast to 2027", published by MarketsandMarkets, UK Augmented Reality and Virtual Reality Industry to Grow at a CAGR 26.4% from 2022 to 2027.
Rapid transition to digitalization in education, retail, and several other industries to puch market growth the in the UK
The technology industry in the UK has grown at twice the rate of the non-technology industry. Continuous investments in the country are expected to help the digital ecosystem grow at a high rate. The presence of companies such as Blippar (UK), Inde (UK), Engine Creative (UK), Inition (UK), and Holition (UK) are projected to help drive the AR & VR market in the UK. Engine Creative and Holition are using AR technology to engage end users of different brands of its clients. Also, technology clusters in the UK are using VR technology. This digital change in the UK is likely to drive the AR & VR market in the country. Emerging technologies such as AR and VR are used in museums worldwide to attract an audience, thereby increasing the inflow of visitors. The UK is becoming a hotbed for AR devices. The demand for AR devices is expected to arise mainly from the gaming industry as the country has the second-largest video gaming industry.
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The country has been a pioneer in the adoption of virtual reality, augmented reality, and artificial intelligence technologies across different industries. South Korea's VR and AR market is set to grow immensely by 2027. The advent of 6G in the region and along with growing demand for head-mounted displays (HMDs) for gaming applications, is expected to drive the market for AR and VR in the country.
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As stated by CyberCrew.uk.in 2020, the country had the sixth-largest video gaming industry. The retail sector in the UK also plays a crucial role in market growth. For instance, Westfield, a London-based shopping mall chain, partnered with Inition (UK), a VR interactive experience production company, to showcase significant fashion trends of spring and summer using VR technology. Such initiatives taken by retailers to provide an immersive experience to customers will spur the demand for near-eye display modules. London has the maximum number of AR and VR companies in the UK. The majority of companies in the UK are focused on content production. Companies will be able to witness huge growth in the upcoming years due to the content required for hardware devices.
The presence of companies, such as Vuzix Corporation, supplying modern technology-based HMD products to the aerospace & defense sector has led to the high penetration of AR/VR devices to train the pilots of commercial aircraft, fighter jets, and commercial and private jets. This factor is expected to spike the demand for AR/VR HMD wearables in simulation and training activities conducted for aerospace & defense personnel.
The European Association for Virtual Reality and Augmented Reality (EuroVR) conference held in various European countries, such as London, Athens, and Laval, bring together the research workforce and local and international key players offering AR and VR devices to strengthen their domain expertise and form collaborations for future work. This is projected to support the AR and VR market growth in the country.
Top Key Market Players in Augmented Reality and Virtual Reality companies
- Google (US), Microsoft (US),
- Sony Corporation (Japan),
- Samsung Electronics (South Korea),
- HTC (Taiwan),
- Apple Inc., (US),
- PTC Inc., (US),
- Seiko Epson (Japan),
- Oculus VR (by Facebook (US)),
- Lenovo (China).among others
See Also :
UK Augmented Reality and Virtual Reality Market
China Augmented Reality and Virtual Reality Market
France Augmented Reality and Virtual Reality Market
Germany Augmented Reality and Virtual Reality Market
Japan Augmented Reality and Virtual Reality Market
