Dublin, Nov. 29, 2024 (GLOBE NEWSWIRE) -- The "United States Augmented Reality & Virtual Reality Market by Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The United States Augmented Reality & Virtual Reality Market was valued at USD 7.48 billion in 2023, and is projected to reach USD 12.40 billion by 2029, rising at a CAGR of 8.63%
The U.S. AR and VR market has experienced rapid growth and innovation, driven by advancements in technology, increasing consumer demand, and widespread adoption across various industries. AR and VR technologies are transforming how businesses and consumers interact with digital content by creating immersive experiences that blend the physical and virtual worlds. AR enhances real-world environments with digital overlays, while VR offers fully immersive virtual environments. Together, these technologies are revolutionizing sectors such as gaming, healthcare, retail, manufacturing, education, and real estate.
In recent years, the gaming and entertainment industry has been a significant driver of AR and VR adoption, with consumers seeking immersive gaming experiences. Popular VR headsets, such as Oculus and PlayStation VR, and AR applications like Pokemon Go have gained mainstream traction. Beyond entertainment, the healthcare sector has also embraced AR and VR for training, surgical simulations, and patient care. These technologies allow medical professionals to practice complex procedures in a risk-free virtual environment, improving patient outcomes and healthcare delivery.
The retail and e-commerce sectors are leveraging AR to enhance customer experiences by enabling virtual product try-ons and interactive displays, which have become particularly relevant in the post-pandemic era. In manufacturing and industrial applications, AR is used for remote assistance, training, and maintenance, while VR aids in design, prototyping, and production planning. The ability to visualize data in real time and collaborate in virtual spaces is improving efficiency and reducing costs for businesses.
The United States AR and VR market is poised for continued growth, driven by technological advancements such as 5G, AI, and machine learning, which are enhancing the capabilities of AR and VR devices. As businesses increasingly recognize the value of these technologies, investments in AR and VR solutions are expected to rise. Furthermore, the growing popularity of AR and VR in education, remote collaboration, and healthcare will continue to fuel market expansion. Overall, the United States AR and VR market is set to play a pivotal role in shaping the future of digital experiences across industries.
Key Market Trends
Rising Adoption of AR and VR in Healthcare
One of the most prominent trends in the United States AR and VR market is the increasing adoption of these technologies in healthcare. AR and VR are transforming the way medical professionals approach patient care, training, and surgical procedures. In particular, VR is being used for medical training and simulations, allowing surgeons and other healthcare providers to practice complex procedures in a controlled, risk-free environment. This has been instrumental in improving surgical outcomes and reducing errors.
Additionally, AR is being integrated into surgical navigation systems, enhancing the precision of procedures. Surgeons can overlay 3D images of organs or tissues onto a patient's body during surgery, providing them with real-time, highly detailed guidance. Beyond surgery, AR is being used in rehabilitation and physical therapy, where patients can engage with interactive environments that promote recovery through engaging exercises. For example, stroke patients use AR-enabled tools for motor skill recovery, improving the rehabilitation process.
Mental health treatment is also benefiting from AR and VR technologies. VR-based therapies are being used to treat conditions such as anxiety, PTSD, and phobias by creating safe, controlled virtual environments where patients can confront and manage their symptoms. As the healthcare industry continues to recognize the potential of AR and VR to improve patient outcomes and operational efficiency, investment in these technologies is expected to grow. This trend is expected to accelerate as advancements in hardware and software continue to enhance the precision and capabilities of AR and VR in healthcare.
Expansion of AR and VR in Retail and E-commerce
AR and VR are revolutionizing the retail and e-commerce sectors in the United States, as businesses increasingly seek to provide enhanced, interactive customer experiences. The rise of online shopping, accelerated by the COVID-19 pandemic, has pushed retailers to adopt immersive technologies that allow customers to engage with products in new ways. AR is particularly useful in this regard, as it enables consumers to visualize products in their own environment through smartphone applications, which has become a key selling point for furniture, home decor, and even fashion retailers.
For instance, AR "try-before-you-buy" features allow users to see how furniture would look in their homes or virtually try on clothing and accessories before making a purchase. This reduces uncertainty and increases customer confidence, resulting in higher conversion rates and fewer product returns. VR is also being employed in retail for virtual showrooms and stores, allowing customers to explore products in immersive 3D environments from the comfort of their homes.
Furthermore, AR and VR are enhancing in-store experiences by providing interactive displays and product information. Customers can use AR applications to scan items and receive detailed information or view promotional content. This trend is expected to continue as retailers recognize the potential of AR and VR to bridge the gap between physical and online shopping, offering customers seamless, engaging experiences. The adoption of these technologies in retail and e-commerce will likely increase as businesses seek innovative ways to attract and retain customers in a competitive market.
AR and VR in Education and Training
The use of AR and VR in education and training is gaining momentum in the United States, offering immersive learning experiences that enhance student engagement and comprehension. In education, AR and VR technologies allow students to explore complex subjects in a more interactive and engaging manner. For example, VR can transport students to historical events, scientific simulations, or even virtual tours of distant locations, providing them with a firsthand experience that traditional learning methods cannot match.
AR is being used in classrooms to create interactive learning environments where students can visualize 3D models of objects, such as molecules, planets, or ancient artifacts, directly in their physical space. This immersive learning helps students better understand abstract concepts and improves retention. Moreover, AR and VR are being increasingly integrated into remote learning platforms, making education more accessible and personalized.
In corporate training, AR and VR are being used to provide realistic simulations for industries such as aviation, manufacturing, and healthcare. Employees can practice operating machinery, navigating complex environments, or performing intricate procedures without the risks or costs associated with real-world training. For example, pilots use VR for flight simulations, and manufacturing workers use AR for machine maintenance and repair training. As businesses and educational institutions continue to embrace AR and VR technologies, this trend is expected to drive significant growth in the market, making learning more efficient, interactive, and scalable.
Advancements in AR and VR Hardware and Software
Technological advancements in AR and VR hardware and software are a key trend driving the market's growth in the United States. In recent years, significant improvements have been made in the design and functionality of AR and VR devices, making them more accessible, comfortable, and powerful. Lighter, more ergonomic headsets with improved resolution and field of view are enhancing user experience, while advancements in tracking and motion sensors are making interactions within virtual environments more natural and responsive.
On the software side, the development of more sophisticated AR and VR platforms is expanding the range of applications for these technologies. AI and machine learning are being integrated into AR and VR solutions to enable smarter, more interactive experiences. For example, AI-powered AR applications can recognize objects and provide real-time information or suggestions, while VR environments are becoming more adaptive and responsive to user inputs. Cloud-based AR and VR solutions are also gaining traction, allowing businesses to deploy and scale these technologies more easily.
The rollout of 5G networks is expected to significantly boost the performance of AR and VR applications by reducing latency and enabling real-time data processing. This will be particularly beneficial for applications requiring high levels of precision, such as in healthcare, industrial training, and gaming. As these technologies continue to evolve, the AR and VR market in the United States will see further innovation and expansion, driving new use cases across industries.
Key Players Profiled in this United States Augmented Reality & Virtual Reality Market Report
- Microsoft
- Apple
- Meta Platforms
- Sony
- Samsung Electronics Co.
- Magic Leap
- Qualcomm
- HTC
- Unity Software
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $7.48 Billion |
| Forecasted Market Value (USD) by 2029 | $12.4 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | United States |
Report Scope:
In this report, the United States Augmented Reality & Virtual Reality Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
United States Augmented Reality & Virtual Reality Market, By Technology Type:
- Augmented Reality
- Virtual Reality
United States Augmented Reality & Virtual Reality Market, By Component:
- Hardware
- Software
- Services
United States Augmented Reality & Virtual Reality Market, By End-User Industry:
- Healthcare
- Automotive
- Retail
- Gaming
- Others
United States Augmented Reality & Virtual Reality Market, By Region:
- Northeast
- Southwest
- West
- Southeast
- Midwest
Companies Profiled
- Microsoft
- Apple
- Meta Platforms
- Sony
- Samsung Electronics Co.
- Magic Leap
- Qualcomm
- HTC
- Unity Software
For more information about this report visit https://www.researchandmarkets.com/r/3w392s
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