USD 42.4 billion
Report ID:
SQMIG45I2080 |
Region:
Global |
Published Date: January, 2025
Pages:
157
|Tables:
67
|Figures:
68
Global AR/VR/MR Market size was valued at USD 42.4 billion in 2023 and is poised to grow from USD 58.98 billion in 2024 to USD 826.63 billion by 2032, growing at a CAGR of 39.1% during the forecast period (2025-2032).
AR/VR/MR or augmented reality, virtual reality, mixed reality refers to the next generation of visual technologies. High investments in the development of new visual and digital technologies are projected to increase the demand for AR/VR/MR over the coming years. The rising adoption of next-level visual technologies to create a near-real virtual experience is what primarily drives AR/VR/MR market growth. From healthcare to entertainment, almost all industry verticals are projected to be revolutionized through AR and VR technologies. Video games are projected to emerge as prime adopters of AR and VR technologies as gamers demand more immersive gaming experiences. Use of VR in rehabilitation programs will also favor market development in the long run. However, high costs hardware and limited availability of content suited for AR/VR/MR are estimated to slow down market growth potential going forward.
US AR/VR/MR Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 42.4 billion
Largest Segment
Virtual Reality
Fastest Growth
Augmented Reality
Growth Rate
39.1% CAGR
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Global AR/VR/MR Market is segmented by Component, Device Type, Deployment Mode, Organization Size, End Use and region. Based on Component, the market is segmented into Hardware, Software and Services. Based on Device Type, the market is segmented into Augmented Reality (AR) Devices, Virtual Reality (VR) Devices and Mixed Reality (MR) Devices. Based on Deployment Mode, the market is segmented into On-premises and On-cloud. Based on Organization Size, the market is segmented into Large Organization and Small and Medium Organization. Based on End Use, the market is segmented into Media & Entertainment, Retail & e-Commerce, Training & Education, Travel & Hospitality, Real Estate, Manufacturing, Healthcare, Aerospace & Defense, Automotive, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The adoption of virtual reality is increasing rapidly across multiple industry verticals. The growing popularity of VR games and VR video content is expected to promote sales of virtual reality devices across the study period and beyond. Moreover, high investments in the development of novel VR headsets and VR displays are also forecasted to help this segment maintain a high market share over the coming years.
On the other hand, the demand for augmented reality devices is expected to surge at an impressive pace over the coming years. Growing investments in the development of augmented reality technology and its increasing application scope are pushing AR/VR/MR companies to invest in the development of augmented reality devices going forward.
Large enterprises have a higher spending potential, and this is why they are more inclined towards spending on advanced technologies such as AR/VR/MR. Large organizations are using AR/VR/MR for training and other applications to optimize their resource utilization and maximize profits. Creating AR/VR/MR solutions specific to the requirements of large enterprises will pay off big time for market players.
Meanwhile, the demand for AR/VR/MR in SMEs is projected to increase at a robust pace over the coming years. Growing affordability of AR/VR/MR technologies will play a crucial role in boosting market growth via this segment in the future.
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North America supported by its robust technological infrastructure and growing investments in digital technology development holds sway over the global AR/VR/MR market. The rising adoption of virtual rehabilitation and training in the advanced healthcare infrastructure of North American countries also helps this region's dominance. The presence of a robust gaming and entertainment culture supported by high spending potential also allows North America to spearhead global AR/VR/MR demand outlook. Canada and the United States remain the most opportune markets in this region.
Asia Pacific is estimated to emerge as the most opportune market for AR/VR/MR companies over the coming years. Growing disposable income of people and rising demand for better visual experiences are driving AR/VR/MR demand in this region. India, Japan, and China are slated to be the top markets for AR/VR/MR companies in this region.
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Adoption in Gaming
Enterprise Applications
High Costs of Development
Limited Content
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AR/VR/MR providers are projected to invest in the development of novel solutions using advanced technologies. Developing AR/VR/MR with better user interface to provide more immersion for users will be the prime focus of all AR/VR/MR companies in the future. Integrating AR/VR/MR technologies with other advanced technologies will also provide attractive moneymaking opportunities for companies in the long run.
Top Players in the Global AR/VR/MR Market
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for more immersive digital experiences and high investments in the advancement of AR/VR/MR technologies are projected to drive market growth over the coming years. On the contrary, limited content availability and high costs of technology development are predicted to hamper AR/VR/MR demand outlook in the future. North America is slated to lead the AR/VR/MR adoption owing to the presence of a strong technological infrastructure and quick adoption. AR/VR/MR companies should target the development of cloud platforms to help users share their immersive experiences.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 42.4 billion |
Market size value in 2032 | USD 826.63 billion |
Growth Rate | 39.1% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the AR/VR/MR Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the AR/VR/MR Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the AR/VR/MR Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the AR/VR/MR Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45I2080
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