Global AR/VR/MR Market

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 Insights

AR/VR/MR Market was valued at USD 26 billion in 2019 and it is expected to reach at USD 242 billion by 2031, with CAGR of 36% over 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.

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FAQs

AR/VR/MR Market was valued at USD 26 billion in 2019 and it is expected to reach at USD 242 billion by 2031, with CAGR of 36% over 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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