USD 26 billion
Report ID: SQMIG45I2080 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 67 | Figures: 68
AR/VR/MR Market was valued at USD 26 billion in 2021 and it is expected to reach at USD 242 billion by 2028, with CAGR of 36% over the forecast period (2022-2028).
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.
Global Market Size
USD 26 billion
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The global AR/VR/MR market is segmented on the basis of offering, industry vertical, and region. Based on the offering, the global market is segmented into hardware and software. Based on industry vertical, the market is segmented into gaming, entertainment & media, aerospace & defense, healthcare, education, manufacturing, retail, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
AR/VR/MR Market Analysis by Offering
In 2021, the software segment accounted for 50% share in the global market. This is attributed to the rising trend of VR content creation and AR gaming. The widespread adoption of AR and VR would be aided by mass consumerization. The revenue growth of the AR & VR software segment has been hampered by delays in the launch of new AR & VR gear, as well as a reduction in AR & VR device sales. However, the growing desire to maintain social distance in order to prevent the virus from spreading is predicted to drive up the adoption of AR and VR technologies, as well as give opportunities for AR and VR software suppliers.
AR/VR/MR Market Analysis by Industry Vertical
In 2021, the gaming segment accounted for 20% share in the global market. This is attributed to the rising craze for AR gaming among consumers. The outbreak of COVID-19 also positively influenced the growth of the segment. City shutdowns, lockdowns, halts in the manufacturing processes, along with the disruption of the supply chain have severely impacted the growth of the market. Amid COVID-19 people were mandated to stay at home in order to maintain social distancing norms, which encouraged the adoption of these devices and software for their spare time. Hence, this created significant growth opportunities for the market growth.
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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.
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AR/VR/MR Market Drivers
AR/VR/MR Market Restraint
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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
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.
|Market size value in 2021||USD 26 billion|
|Market size value in 2028||USD 242 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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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