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).  

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.

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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).  

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. 'Microsoft Corporation (US)  ', 'Google LLC (US)  ', 'Apple Inc. (US)  ', 'Facebook Technologies, LLC (Oculus) (US)  ', 'Sony Corporation (Japan)  ', 'Samsung Electronics Co., Ltd. (South Korea)  ', 'HTC Corporation (Taiwan)  ', 'Magic Leap, Inc. (US)  ', 'Vuzix Corporation (US)  ', 'Lenovo Group Limited (China)  ', 'Qualcomm Technologies, Inc. (US)  ', 'EON Reality, Inc. (US)  ', 'Pico Interactive, Inc. (China)  ', 'Meta Company (US)  ', 'DAQRI LLC (US)  ', 'Blippar Ltd (United Kingdom)  ', 'Wikitude GmbH (Austria)  ', 'Niantic, Inc. (US)  ', 'PTC Inc. (US)  ', 'Avegant Corporation (US)'

Gaming has become a mainstream trend on a global level, and it has evolved well beyond just consoles and personal computers. The development of virtual reality games and the subsequent rise in their popularity are projected to bolster the AR/VR/MR market growth. 

AR Cloud: AR/VR/MR companies should focus on developing cloud infrastructure and networks that allow users to share their virtual experiences. This will result in more interest among consumers and further create many opportunities for AR/VR/MR providers as well.

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.    

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Global AR/VR/MR Market

Report ID: SQMIG45I2080

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