Global AR/VR/MR Market

Augmented Reality (AR),Virtual Reality (VR), Mixed Reality (MR) Market Size, Share, Growth Analysis By Device type(AR Devices, VR Devices, MR Devices), By Component (Hardware, Software), By Technology, By Enterprise, By Application, By End Use Industry, By Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2080 | Region: Global | Published Date: April, 2024
Pages: 157 |Tables: 67 |Figures: 68

AR/VR/MR Market Insights

Global AR/VR/MR Market size was valued at USD 30.6 Billion in 2022 and is poised to grow from USD 42.46 Billion in 2023 to USD 521.28 Billion by 2031, at a CAGR of 39.1% during the forecast period (2024-2031).

Augmented reality and virtual reality use the user's existing environment and overlays digital or virtual content or information on top of it to provide an immersive digital experience in real-time. Augmented reality applications are created using special 3D programs that allow developers to seamlessly integrate contextual or digital content with the real world. Augmented reality provides interactive experiences through a variety of sensory modalities such as haptic, auditory, visual, somatosensory, and others. The technology has numerous applications in entertainment, training, and education. Manufacturing, healthcare, and logistics, among other industries, are increasingly focusing on using this technology for training, maintenance, assistance, and monitoring applications. The controlled collision of the AR/VR and IoT trends is represented by mixed reality.

Mixed reality (MR), also known as hybrid reality, merges the physical and virtual worlds to generate new environments and visualizations in which physical and virtual objects coexist and interact in real time. Mixed reality is a multidisciplinary field that includes computer graphics, signal processing, computer apparition, user interfaces, mobile computing, wearable computing, information visualization, and display and sensor design. Various industries, including automotive, healthcare, and office environments, are increasingly adopting mixed reality concepts.

US AR/VR/MR Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 26 billion

Largest Segment

Hardware

Fastest Growth

Hardware

Growth Rate

36% CAGR

AR/VR/MR Market ($ Bn)
Country Share for North America Region (%)

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AR/VR/MR Market Segmental Analysis

The global AR/VR/MR market is segmented by component, device type, technology, enterprise, application, end use industry, and region. By component, the market is segmented Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors], Semiconductor Components [Controllers & Processors, Integrated Circuits], Displays & Projectors, Position Tracker, Cameras, Others), Software (Software Development Kit, Game Engine, Modeling & Visualization Software, Content Management System, Training Simulation Software, Other Software). Based on device type, the market is segmented into Augmented Reality Devices (Head-Mounted Displays [Augmented reality smart glasses, Smart helmets], Head-Up Displays), Virtual Reality Devices (Head-Mounted Displays, Gesture-Tracking Devices [Data Gloves, Others], Projectors & Display Walls), Mixed Reality Devices (Head-up Display, HMD Display, Consumer Display, Others). Based on technology, the market is segmented into Augmented Reality Technology (Marker-Based Augmented Reality [Passive Marker, Active Marker], Marker less Augmented Reality [Model-based Tracking, Image Processing-Based Tracking], Anchor-Based Augmented Reality), Virtual Reality Technology (Non-Immersive Technology, Semi-Immersive & Fully Immersive Technology), Mixed Reality Technology (Holographic Displays, Immersive Technology). Based on enterprise, the market is segmented into Small Enterprises, Medium-Sized Enterprises, Large Enterprises. Based on application, the market is segmented into Augmented Reality (Consumer [Gaming, Sports & Entertainment {Museums, Theme Parks, Art Galleries & Exhibitions}], Commercial [Retail & e-commerce {Jewelry, Beauty & Cosmetics, Apparel Fitting, Grocery Shopping, Footwear, Furniture & Lighting Design}, Travel & Tourism, E-learning], Manufacturing, Healthcare [Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education, Others], Aerospace & Defense, Energy, Automotive, Other Applications [Agriculture, Construction, Transportation & Logistics, Public Safety, Telecom/IT Data Centers], Virtual Reality (Consumer [Gaming & Entertainment, Sports], Commercial [Retail & E-commerce, Education & Training, Travel & Tourism, Advertising], Manufacturing, Healthcare [Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education, Others],  Aerospace & Defense, Other Applications [Automotive, Real-Estate, Geospatial Mining, Others], Mixed Reality (Healthcare [Medical Training, Surgery Assistance, Patient Care Management], Education, Retail & E-commerce, Gaming & Entertainment, Automotive, Real Estate, Industrial & Manufacturing, Defense & Aerospace, Others). Based on end use industry, the market is segmented into Media & Entertainment, Retail & Ecommerce, Training & Education, Travel & Hospitality, Real Estate, Manufacturing, Healthcare, Aerospace & Defense, Automotive, Other End Use Industry. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.  

Analysis by Device Type 

The largest segment in the market of AR/VR/MRs is Virtual Reality (VR) devices. The segment held 57% of the total market in 2023. This dominance can be attributed to the ever-increasing use of virtual reality technology in especially in the fields of games, entertainment, and training, and purposes such as training across a variety of sectors. VR devices’ services that provide users with a sense of reality are highly attractive to the consumer as they provide a higher level of immersion and the feeling of presence in a game. Moreover, VR has continued to capture market position through its usefulness in education and training, giving students and trainees more value at a cheaper cost than traditional learning, with minimal risks or harm involved. The increasing development in hardware for VR like graphics, motion tracking, and the ever-decreasing latency period also contribute to the trends of VR. 

On the other hand, the Mixed Reality (MR) device is an emerging segment within the AR/VR/MR market, experiencing the fastest-growth. The growth of MR is primarily fueled by its adoption in industrial, health, and enterprise sectors where the technology provides features of both AR and VR environments. MR devices augment actual interactions in the digital and physical environments and improve communication as well as working efficiency in project coordination, designing, and management. Some of the key factors that have necessitated this exponential growth such as innovation in the MR devices; enhanced sensors; better spatial tracking; and the introduction of less bulky and affordable MR headsets 

Analysis by End Use Industry 

In 2023, the Media and Entertainments segment dominated the AR/VR/MR market. This segment is growing due to the rising need to experience content that is more than real life, VR gaming, AR sports broadcasts and MR cinematic. There is a demand for more stimulating forms of content in the consumer market, which has driven spending on AR/VR/MR tools by various giants from the media and entertainment industry. Moreover, growth in the development of the hardware technology like VR headsets, and AR glasses, and also the development of the better-quality content and ease of access have popularized such experiences.  

On the other hand, the healthcare segment is experiencing highest growth with the significant CAGR. This segment has experienced a high growth rate in areas like training, healthcare, and operations simulation. These technologies create the practical and realistic training facilities for the healthcare professionals, saving the dangers and expenses of the real cliché trainings. Moreover, AR is adopted for more precise disease identification and treatment strategies, while VR contributes to alleviating patients’ pain and treating mental disorders. The latest software developments that have made their way into the healthcare industry and the growing adoption of AR/VR/MR solutions across healthcare practices are the key factors driving this segment.

AR/VR/MR Market By Device Type (%), 2022 (%)

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AR/VR/MR Market Regional Insights

Based on geography, the global AR/VR/MR market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region held the most substantial share of more than 35% in the global market. This is attributed to the growing number of companies in the region that drives the AR/ VR/ MR market growth. The rapid expansion of the business and consumer segments is also among the primary driver of the market in the region. Furthermore, significant firms offering advanced solutions, such as Google, Facebook, DAQRI, and others, are based in North America. Also, these companies in this region are investing in AR, VR, and simulation, which also contributes to the market growth.

Europe is the technology's second-largest market. The growing use of augmented reality and virtual reality technologies in the media and entertainment industry, education, healthcare, and the increased use of mobile phones and play stations will aid in market growth. The use of augmented reality and virtual reality is becoming increasingly popular in the healthcare and manufacturing industries. Germany, Italy, Spain, France, and other European countries contribute to the growth of this market.

During the forecast period, Asia Pacific is expected to grow rapidly. The rapidly expanding automotive, manufacturing, logistics, and gaming industries are expected to drive regional market growth. Owing to the presence of low-cost hardware manufacturers, China is expected to dominate the global market. India is also expected to provide market growth opportunities due to rising consumer demand.

Latin America is expected to grow steadily as a result of collaborations and partnerships with companies based in the United States. For example, in October 2020, Grupo Boticário, a Brazilian cosmetics company, will collaborate with Vuzix Corporation to deploy AR smart glasses at its manufacturing unit.

AR/VR/MR Market By Region, 2024-2031
  • Largest
  • Fastest

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AR/VR/MR Market Dynamics

AR/VR/MR Market Drivers

  • Smartphone usage and technology improvements have enabled people to view virtual graphics immersed in real-world contexts. They can also connect with these visuals and engage with them by just utilizing the camera on their smartphone devices, which is one of the primary drivers driving the AR and VR business forward. Furthermore, augmented reality (AR) and virtual reality (VR) are becoming essential components of current smartphones, and demand for these technologies is projected to be driven by mobile devices. Additionally, smartphone manufacturers are currently planning to produce the next wave of innovative computing devices, which is projected to open up new market potential.

AR/VR/MR Market Restraint

  • Excessive use of smart devices is causing problems for technology users. According to the Stanford University study, users react to the immersive environment in the same way they do to the physical environment, affecting their psychology and behavior. Some users may experience severe post-traumatic stress disorder as a result of the study. Wearing the devices, on the other hand, can impair the user's ability to interact socially, leading to loneliness and depression. As a result, rising concerns about the impact of excessive AR usage on users are likely to stymie market growth.

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AR/VR/MR Market Competitive Landscape

The market is fragmented in nature. Companies in the global market are receiving massive funds and investments from all over the world. Companies such as Facebook and Google are acquiring market start-ups to gain expertise. Companies like Microsoft Corporation, Vuzix Corporation, and Qualcomm Technologies, Inc., among others, are collaborating with different industries to expand their businesses. Apple intends to create smart glasses in the same way that Google LLC has. For developers to create augmented solutions, the company provides technology apps such as ARKit.

Top Players in the Global AR/VR/MR Market

AR/VR/MR Market Recent Developments

  • In November 2022, In order to enter the AR headset market, Apple announced to begin mass production of its AR (augmented reality) and MR (mixed reality) headsets in March 2023.
  • In April 2021, PTC started a new R&D facility at the Technion – Israel Institute of Technology, with a USD 5 million New Israeli Shekel investment. Industrial IoT, Augmented Reality (AR), Simulation, and Generative Design technologies are all being researched at the newly started center.
  • In March 2021, Blippar, Chroma Ventures, 4J Studios, and West Coast Capital joined together to lead a USD 5 million Pre-Series A Funding Round. The funding done by companies aims to enhance the R&D and to accelerate Blippar's growth across the US, European, and Asian regions.

AR/VR/MR Key Market Trends

  • Growing demand for AR/VR/MR in architecture is a significant growth potential for the market. Digital information can be projected on architectural models using AR/VR/MR devices. These devices can also be used to get a glimpse of a building's inside even if the design is still in its early phases. This will aid architects to get a projected image from the screen to the physical space.
  • Another factor that catalyzes the growth of the industry includes the availability of affordable AR/VR/MR devices. The key players operating in the market leverages the customers with the best and most affordable products to enhance their experience. For an instance, Zspace Inc. provides a laptop for educators, students, and healthcare professionals. The laptop combines AR and VR via a mix of specialized 3D screen technology and lightweight glasses that makes the MR content easier to access.
  • People are widely adopting AR/VR/MR devices for a variety of applications such as content creation and professional training beyond video gaming, which is substantially contributing to the growth of the market.

AR/VR/MR Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, among the offerings, the software segment is projected to hold a dominating share as well as grow at a fastest CAGR during the period. While, among the industry vertical the gaming segment held a dominating market share.

Report Metric Details
Market size value in 2022 USD 30.6 Billion
Market size value in 2031 USD 521.28 Billion
Growth Rate 39.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors], Semiconductor Components [Controllers & Processors, Integrated Circuits], Displays & Projectors, Position Tracker, Cameras, Others), Software (Software Development Kit, Game Engine, Modeling & Visualization Software, Content Management System, Training Simulation Software, Other Software)
  • Device type
    • Augmented Reality Devices (Head-Mounted Displays [Augmented reality smart glasses, Smart helmets], Head-Up Displays), Virtual Reality Devices (Head-Mounted Displays, Gesture-Tracking Devices [Data Gloves, Others], Projectors & Display Walls), Mixed Reality Devices (Head-up Display, HMD Display, Consumer Display, Others)
  • Technology
    • Augmented Reality Technology (Marker-Based Augmented Reality [Passive Marker, Active Marker], Marker less Augmented Reality [Model-based Tracking, Image Processing-Based Tracking], Anchor-Based Augmented Reality), Virtual Reality Technology (Non-Immersive Technology, Semi-Immersive & Fully Immersive Technology), Mixed Reality Technology (Holographic Displays, Immersive Technology)
  • Enterprise
    • Small Enterprises, Medium-Sized Enterprises, Large Enterprises
  • Application
    • Augmented Reality (Consumer [Gaming, Sports & Entertainment {Museums, Theme Parks, Art Galleries & Exhibitions}], Commercial [Retail & e-commerce {Jewelry, Beauty & Cosmetics, Apparel Fitting, Grocery Shopping, Footwear, Furniture & Lighting Design}, Travel & Tourism, E-learning], Manufacturing, Healthcare [Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education, Others], Aerospace & Defense, Energy, Automotive, Other Applications [Agriculture, Construction, Transportation & Logistics, Public Safety, Telecom/IT Data Centers]), Virtual Reality (Consumer [Gaming & Entertainment, Sports], Commercial [Retail & E-commerce, Education & Training, Travel & Tourism, Advertising], Manufacturing, Healthcare [Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education, Others], Aerospace & Defense, Other Applications [Automotive, Real-Estate, Geospatial Mining, Others]), Mixed Reality (Healthcare [Medical Training, Surgery Assistance, Patient Care Management], Education, Retail & E-commerce, Gaming & Entertainment, Automotive, Real Estate, Industrial & Manufacturing, Defense & Aerospace, Others)
  • End Use Industry
    • Media & Entertainment, Retail & Ecommerce, Training & Education, Travel & Hospitality, Real Estate, Manufacturing, Healthcare, Aerospace & Defense, Automotive, Other End Use Industry
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
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on AR/VR/MR Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on AR/VR/MR Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

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.

Analyst Support

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.

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FAQs

AR/VR/MR Market was valued at USD 30.6 Billion in 2022 and USD 42.46 Billion in 2023 and is poised to grow to USD 521.28 Billion by 2031 growing at a CAGR of 39.1% during the forecasted period (2024-2031)

The market is fragmented in nature. Companies in the global market are receiving massive funds and investments from all over the world. Companies such as Facebook and Google are acquiring market start-ups to gain expertise. Companies like Microsoft Corporation, Vuzix Corporation, and Qualcomm Technologies, Inc., among others, are collaborating with different industries to expand their businesses. Apple intends to create smart glasses in the same way that Google LLC has. For developers to create augmented solutions, the company provides technology apps such as ARKit. 'Google Inc. (US)', 'Microsoft Corp. (US)', 'Sony Corp. (Japan)', 'Oculus VR (US)', 'Samsung Electronics Co. Ltd. (South Korea)', 'Seiko Epson ', 'Lenovo (US)', 'Magic Leap Inc. (US)', 'Vuzix (US)', 'Apple Inc. (US)', 'HTC(US)', 'PTC Inc. (US)', 'Leap Motion (US)'

Smartphone usage and technology improvements have enabled people to view virtual graphics immersed in real-world contexts. They can also connect with these visuals and engage with them by just utilizing the camera on their smartphone devices, which is one of the primary drivers driving the AR and VR business forward. Furthermore, augmented reality (AR) and virtual reality (VR) are becoming essential components of current smartphones, and demand for these technologies is projected to be driven by mobile devices. Additionally, smartphone manufacturers are currently planning to produce the next wave of innovative computing devices, which is projected to open up new market potential.

Growing demand for AR/VR/MR in architecture is a significant growth potential for the market. Digital information can be projected on architectural models using AR/VR/MR devices. These devices can also be used to get a glimpse of a building's inside even if the design is still in its early phases. This will aid architects to get a projected image from the screen to the physical space.

Based on geography, the global AR/VR/MR market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region held the most substantial share of more than 35% in the global market. This is attributed to the growing number of companies in the region that drives the AR/ VR/ MR market growth. The rapid expansion of the business and consumer segments is also among the primary driver of the market in the region. Furthermore, significant firms offering advanced solutions, such as Google, Facebook, DAQRI, and others, are based in North America. Also, these companies in this region are investing in AR, VR, and simulation, which also contributes to the market growth.

Global AR/VR/MR Market size was valued at USD 30.6 Billion in 2022 and is poised to grow from USD 42.46 Billion in 2023 to USD 521.28 Billion by 2031, at a CAGR of 39.1% during the forecast period (2024-2031).

The market is fragmented in nature. Companies in the global market are receiving massive funds and investments from all over the world. Companies such as Facebook and Google are acquiring market start-ups to gain expertise. Companies like Microsoft Corporation, Vuzix Corporation, and Qualcomm Technologies, Inc., among others, are collaborating with different industries to expand their businesses. Apple intends to create smart glasses in the same way that Google LLC has. For developers to create augmented solutions, the company provides technology apps such as ARKit. 'Google Inc. (US)', 'Microsoft Corp. (US)', 'Sony Corp. (Japan)', 'Oculus VR (US)', 'Samsung Electronics Co. Ltd. (South Korea)', 'Seiko Epson ', 'Lenovo (US)', 'Magic Leap Inc. (US)', 'Vuzix (US)', 'Apple Inc. (US)', 'HTC(US)', 'PTC Inc. (US)', 'Leap Motion (US)'

Smartphone usage and technology improvements have enabled people to view virtual graphics immersed in real-world contexts. They can also connect with these visuals and engage with them by just utilizing the camera on their smartphone devices, which is one of the primary drivers driving the AR and VR business forward. Furthermore, augmented reality (AR) and virtual reality (VR) are becoming essential components of current smartphones, and demand for these technologies is projected to be driven by mobile devices. Additionally, smartphone manufacturers are currently planning to produce the next wave of innovative computing devices, which is projected to open up new market potential.

Growing demand for AR/VR/MR in architecture is a significant growth potential for the market. Digital information can be projected on architectural models using AR/VR/MR devices. These devices can also be used to get a glimpse of a building's inside even if the design is still in its early phases. This will aid architects to get a projected image from the screen to the physical space.

Based on geography, the global AR/VR/MR market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region held the most substantial share of more than 35% in the global market. This is attributed to the growing number of companies in the region that drives the AR/ VR/ MR market growth. The rapid expansion of the business and consumer segments is also among the primary driver of the market in the region. Furthermore, significant firms offering advanced solutions, such as Google, Facebook, DAQRI, and others, are based in North America. Also, these companies in this region are investing in AR, VR, and simulation, which also contributes to the market growth.

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