Chicago, March 12, 2024 (GLOBE NEWSWIRE) -- The augmented reality market is expected to reach USD 71.2 billion by 2028 from 25.1 billion in 2023, at a CAGR of 23.2% during the 2023- 2028 period. Whereas virtual reality market is expected to reach USD 29.6 billion by 2028 from 12.9 billion in 2023, at a CAGR of 18.0% during the 2023- 2028 period.
To know about the assumptions considered for the study download the pdf brochure
Augmented & Virtual Reality companies include:
- Google (US),
- Microsoft (US),
- Sony Group Corporation (Japan),
- META (US),
- SAMSUNG (South Korea),
- HTC Corporation (Taiwan),
- Apple Inc. (US),
- PTC Inc. (US),
- Seiko Epson Corporation (Japan),
- Lenovo (China),
- Wikitude, a Qualcomm company (Austria),
- EON Reality (US),
- MAXST Co., Ltd. (South Korea),
- Magic Leap, Inc. (US).
Sony Group Corporation
Sony, one of the largest conglomerates in the electronics industry, engages in the design, manufacture, development, and sale of electronic equipment. It also offers electronic instruments and devices for both consumer and industrial markets and provides global customer support services. The company's manufacturing facilities are primarily located in Asia. Sony is also involved in various financial services, including life and non-life insurance, as well as network services and advertising agency operations in Japan.
Sony's business operations are categorized into several reportable segments, including Games and network Services, Entertainment, Technology and services, Imaging and sensing Solutions, Pictures, Music, Financial Services, and Others. The Games & Network Services segment is responsible for producing and selling home gaming products, software, and network services. The Imaging & Sensing Solutions segment offers digital imaging products and professional solutions. The Entertainment Technology & Services category encompasses television, audio, and video. Sony's Pictures segment includes motion pictures, television productions, and media networks. Additionally, the Music segment provides recorded music, music publishing, and visual media and platform services. The Financial Services segment represents life and non-life insurance businesses in the Japanese market, along with a bank business in Japan. The "Others" category encompasses various businesses, such as Internet-related services, PC operations, medical services, and disc manufacturing.
HTC Corporation
HTC Corporation is a consumer electronics company that specializes in creating, designing, and manufacturing smartphones, virtual reality (VR) devices, and other electronic products. The company is engaged in crafting personal computing devices in various forms, with smartphones being the core product supplied by upstream partners who provide essential components and operating systems. HTC reaches its customers through various channels, including telecom service providers, distributors, and retailers.
The company's notable achievement in the VR market was the introduction of the HTC VIVE, a headset VR device, developed in partnership with Valve Corporation (US). This device garnered recognition, securing over 22 awards at the 2016 Consumer Electronics Show (CES), including the prestigious Best of CES award. HTC continues to expand its VR product range alongside its presence in the Americas, Europe, and Asia. Among its subsidiary companies are Communications Global Certification (Taiwan), HTC America (US), High Tech Computer Asia Pacific (Singapore), and HTC America Innovation.
Augmented Reality (AR) Market Dynamics
Driver: Increasing capital infusion in the augmented reality (AR) market
The Augmented Reality (AR) and Virtual Reality (VR) market is experiencing a notable surge in investment activity, with financial resources flowing into this sector at an accelerating pace. This phenomenon can be attributed to a combination of factors that are driving investor confidence in the potential of AR technology and its diverse applications. One of the primary catalysts for the rising investment in the AR market is the growing recognition of AR's transformative impact across various industries. From entertainment and gaming to healthcare and education, AR is reshaping how people interact with digital content and their surroundings. Investors are keenly aware of the potential for AR to enhance user experiences, improve business operations, and unlock new revenue streams. This optimism fuels a strong appetite for investment in AR-focused companies and startups.
Advancements in AR hardware and software are playing a pivotal role in attracting investment. As AR technology becomes more sophisticated, reliable, and accessible, its applications become broader and more compelling. Investors see the potential for AR to become an integral part of everyday life, ranging from consumer devices like smartphones and smart glasses to industrial tools that optimize workflows and enhance productivity.
The adoption of AR by industry leaders and trendsetters also contributes to the investment surge. As prominent companies integrate AR solutions into their business models, it sends a signal to investors that AR is not just a novelty but a strategic imperative. This validation encourages more investment, as stakeholders anticipate a growing market demand driven by both consumer enthusiasm and corporate adoption.
Restraint: Privacy and security concerns related to AR
The rapid evolution of Augmented Reality (AR) technology has ushered in a wave of innovative applications and experiences, enriching how we interact with the digital and physical realms. However, amid this exciting progress, a critical concern that has emerged is the potential security and privacy issues associated with AR.
Opportunity: Crafting dynamic consumer experiences and immersive campaigns
The realm of advertising and marketing is undergoing a profound transformation through the innovative integration of Augmented Reality (AR). Brands are recognizing the immense potential of AR as a means to captivate audiences and establish a lasting connection. By harnessing AR technology, brands can transcend traditional advertising boundaries, creating campaigns that are not only engaging but also unforgettable. Interactive advertisements come to life as users interact with virtual elements overlaid with their real-world surroundings. Product demonstrations take on new dimensions as AR allows consumers to visualize products in their own spaces before purchase, demystifying the shopping experience. Personalization reaches unprecedented levels as AR tailors content to individual preferences and contexts, forging deeper emotional connections with consumers.
Challenge: High demand for robust network infrastructure
The underpinning network infrastructure emerges as a pivotal factor determining the quality and viability of user experiences. With the rise of cloud-based AR applications, the demand for a robust and low-latency network connection becomes paramount. This infrastructure serves as the conduit that facilitates the real-time transmission of data, bridging the virtual and physical worlds seamlessly. However, the challenge lies in the inherent vulnerability of AR experiences to slow or unstable internet connections. The repercussions are stark: such conditions can inflict lag, interrupt interactions, and fragment the otherwise harmonious integration of digital content into the physical environment.
