Product ID: SQMIG45I2080
Global AR/VR/MR Market Size, Share, Growth Analysis, By Offering(Software, Hardware), By Industry Vertical(Gaming, Entertainment & Media) - Industry Forecast 2024-2031
Report ID:
SQMIG45I2080 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
67 |
Figures:
68
Global 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.
Global AR/VR/MR Market Report Snapshots
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