Wilmington, DE, Oct. 31, 2023 (GLOBE NEWSWIRE) -- As per a report by Allied Market Research, the global augmented and virtual reality market is predicted to garner a revenue of $856.2 billion by 2031. The market accounted for $27.6 billion in 2021 and is anticipated to rise at a CAGR of 41.1% during the 2022-2031 period. The report provides insights on the major companies of the market and their strategies, along with the latest trends in the industry.
Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/2135
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 | Increasing penetration of smartphones |
| Growing craze for online gaming | |
| Cost-efficiency of augmented and virtual reality-based solutions | |
| Opportunities | Increased disposable income of people |
| Restraints | Lack of good user experience design |
Buy this Complete Report (254 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/augmented-and-virtual-reality-market/purchase-options
The report offers detailed segmentation of the global augmented and virtual reality market based on organization size, application, industry vertical, and region.
By organization size, the large enterprises sub-segment held the largest market share in 2021, with around two-thirds of the market share. On the other hand, the SMEs sub-segment is expected to be the fastest growing with a CAGR of 43.3% during the forecast period.
By application, the consumer sub-segment accounted for the maximum revenue in 2021, with around half of the market share. It is expected to continue its leadership status by 2031. On the other hand, the enterprise sub-segment is estimated to have the highest CAGR of 42.4% during the 2022-2031 period.
By industry vertical, the gaming sub-segment held the highest market share in 2021, with around one-fourth of the total share. The sub-segment is projected to be highly profitable in the coming period also. However, the retail sub-segment is predicted to demonstrate the fastest growth at a CAGR of 44.4% during the analysis timeframe.
By region, the North America augmented and virtual reality market held the most dominant position in 2021, with around two-fifths of the market share. It is expected to present lucrative opportunities by 2031. However, the Asia-Pacific augmented and virtual reality market is estimated to be the fastest growing with CAGR of 43.9% during the 2022-2031. The report has also provided a detailed study of the market in Europe and LAMEA.
Major companies in the global augmented and virtual reality industry include Google Inc., Microsoft Corporation, DAQRI, Sony, Osterhout Design Group, Samsung Electronics Co., Ltd., Magic Leap, Inc., Facebook, Wikitude, and HTC.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2135
Key Industry Development -
July 2023: Atlas Copco has acquired Extend3D GmbH, a German based firm, that develops and produces augmented reality systems including 3D video and laser projectors, supporting manufacturing processes in Industry 4.0. This acquisition will enhance the offering in process and quality control by leveraging a diverse portfolio of augmented reality products, that are designed specifically for assembly operations with high complexity and high demand on quality.
December 2022: VoxelSensors, a 3D perception technology firm, partnered with OQmented, an AR/VR display and 3D sensing firm with a focus on MEMS-based solutions. The partnership with VoxelSensors would provide a great opportunity to unlock the potential of Lissajous laser beam scanning for 3D perception in lightweight augmented reality (AR) glasses.
May 2022: Google LLC has acquired Raxium, a five-year-old Bay Area startup, that offers microLED display technologies for wearables and augmented and virtual reality (AR/VR) headsets. Through this acquisition, Google will strengthen its position in augmented and virtual reality (AR/VR) across the globe.
April 2022: Threekit launched its Immersive Shopping Suite, Advanced Augmented Reality (AR) and Virtual Try-on features that offer online shoppers an unparalleled customer experience. Threekit Advanced AR is the next evolution of augmented reality experiences for eCommerce faster, more visually accurate and interactive than most existing solutions. In addition, this technology enables shoppers to see how wearable products look on them via a mobile phone or camera-enabled laptop.
March 2022: UAE telco e& (formerly Etisalat) partnered with Meta, provider of Facebook, WhatsApp, and Instagram platform. This partnership helps to bring out 'enhanced' augmented and virtual reality (AR/VR) based game in conversational commerce, which is the next big thing in creating more consumer interactions in the digital space.
September 2021: WPP and Snap Inc., announced a partnership to help brands build and deliver immersive experiences for consumers using augmented reality (AR). With a particular focus on e-commerce, the partnership combines Snap’s leading AR technology with WPP’s integrated capabilities across creative, media, commerce, and technology, and enable WPP clients to better connect with their customers on the Snapchat platform and drive meaningful business results through AR.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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.
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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.
