Pune, India., Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Augmented Reality and Virtual Reality Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Technology (Augmented Reality and Virtual Reality), Component (Semiconductor Components, Sensors, and Others), and End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others), and Geography” the market in terms of revenue was estimated to be worth $27.96 billion in 2021 and is poised to reach $252.16 billion by 2028, growing at a CAGR of 36.9% from 2021 to 2028.
The growth of the augmented reality and virtual reality market is driven by growing use of virtual reality to offer better customer experience in online retail and immersive learning experience with VR, AR, and gamification. However, transformation of travel sector with AR & VR is emerging as a future trend in the industry.
Download Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPTE100000114/
Global Augmented Reality and Virtual Reality Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 27.96 Billion in 2021 |
| Market Size Value by | USD 252.16 Billion by 2028 |
| Growth rate | CAGR of 36.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Technology, Component, End-User Industry, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Immersive Learning Experience with VR, AR, and Gamification Boosts Global Augmented Reality and Virtual Reality Market Growth:
In the last few decades, the learning analytics landscape has dramatically expanded, especially for higher education. Students learn faster when they engage in the gamified version of lessons. Gaming features help create a fun and productive learning experience for learners. Gamification is common in e-learning platforms meant for K-12 level students. According to an article published by EducationWorld in December 2019, STEPapp launched India's first-of-its-kind gamified learning edtech app to revolutionize K-12 education in the country.
Further, since the introduction of virtual reality and augmented reality into education, the sector has experienced tremendous transformation in learning. VR provides a built reality, and AR provides an image with an improved view. Thus, a surge in the integration of virtual reality, augmented reality, and gamification technologies into educational techniques would offer better academic results and create demand for AR and VR solutions contributing in augmented reality and virtual reality market growth.
Rising investments in AR and VR technologies have created lucrative global augmented reality and virtual reality market growth opportunities. A few of the investments made in the AR and VR technologies are mentioned below:
- According to an article published by Crunchbase in January 2022, 2021 was the second-best year ever for VR and AR investment, as ~US$ 3.9 billion of venture capital came from startups and in 2018, US$ 4.4 billion was received.
- As per an article published by Tech Crunch, Niantic, a San Francisco-based developer of augmented reality platforms, closed a deal of US$ 300 million in November 2021 to build the real-world metaverse.
- As stated in an article published by Crunchbase, NAVER Z, a South Korean 3D avatar application developer, raised a Series B funding worth ~US$ 188.2 million for metaverse creation in November 2021.
- According to an article published by Crunchbase, Magic Leap, a Florida-based wearable tech maker, raised a total of US$ 500 million in October 2021.
- In November 2019, Lululemon invested in Mirror, a fitness tech firm that uses smart mirrors to deliver exercise sessions in their clients' homes. Mirror completed a US$ 34 million Series B funding round, led by hedge fund Point72 and counting Lululemon and Karlie Kloss as contributors.
Order a Copy of this Report at: https://www.theinsightpartners.com/buy/TIPTE100000114/
Global Augmented Reality and Virtual Reality Market: Segmental Overview
Based on technology, the augmented reality and virtual reality market is bifurcated into augmented reality and virtual reality. In 2021, the augmented reality segment led the market with a larger share. The increasing demand for remote assistance and cooperation from businesses to help with workflow management and optimization is projected to drive the market for the augmented reality segment. Based on component, the augmented reality and virtual reality market is segmented into semiconductor components, sensors, and others. The growing popularity of AR and VR-enabled gadgets has driven sensor makers to invest heavily in research and development for the introduction of newer sensors, which helps them stay ahead of the competition. For example, TDK Corporation announced the development of a complete portfolio of VR sensors in January 2019, paving the way for a new class of economical and accurate all-in-one VR solutions. Based on end-user industry, the augmented reality and virtual reality market is segmented into entertainment, educational, industrial, medical, real estate & architecture, retail, aerospace & defense, and others. In 2021, the entertainment segment accounted for the largest share in augmented reality and virtual reality market. Since the introduction of AR and VR technology, the entertainment sector has been their area of application. In this sector, these technologies are used in the production of gaming, movies, sports, travel, and other platforms. A person can get a real-world experience 3D world and interact with it via virtual reality. The augmented reality and virtual reality market, based on geography, is segmented primarily into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share in the global augmented reality and virtual reality market.
Global Augmented Reality and Virtual Reality Market: Competitive Landscape
Immersive Gaze, Google LLC, EON Reality, Vuzix Corporation, Blippar Group Limited (Layar B V), Innovega Inc., Simulanis Solutions Private Limited, Kanda ApS, YeppAR, and Zugara, Inc. are among the key players operating in the global augmented reality and virtual reality market. Several players are analyzed to understand the augmented reality and virtual reality market.
Recent Developments:
- In May 2021: Novelis collaborated with Zugara to create an augmented reality smartphone app that Novelis' product team may use as an interactive sales tool.
- In December 2021: Vuzix Corporation signed a distribution agreement with Barcotec GmbH ("Barcotec"), a European supplier of innovative hardware, a device management cloud, and a complete service package to regional and international companies and institutions.
Go through further research published by The Insight Partners:
Augmented Reality and Virtual Reality in Sports and Entertainment Market - Global Analysis and Forecast to 2030
Virtual Reality and Augmented Reality in Retail Market - Global Analysis and Forecast to 2028
AR and VR Display Market - Global Analysis and Forecast to 2030
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/augmented-reality-and-virtual-reality-market/
