Augmented Reality and Virtual Reality Market Is Expected To Accelerate At A CAGR of 36+% To Top $252+Bn by 2028; Industry Size, Share, Emerging Technologies & Development Status

Augmented reality and virtual reality market Size, Share, Growth, Industry Trends and Forecast 2028-Covid-19 Impact and Global Analysis – By Technology, Component, End-User Industry and Geography The research report added by The Insight Partners is an in-depth analysis of the latest developments, market size, share, growth, trends, status, upcoming technologies, industry drivers, challenges, regulatory policies with key company profiles and player strategies. Augmented reality and virtual reality market is expected to grow from US$ 27.96 billion in 2021 to US$. 252.16 billion by 2028; estimated to be a CAGR 36.9% Between 2021-2028.

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Increasing investments in AR and VR technologies have created lucrative augmented reality and virtual reality market growth opportunities. Some of the investments in AR and VR technologies are mentioned below:

  • According to a Crunchbase article published in January 2022, 2021 was the second best year for VR and AR investment, with ~$3.9 billion in venture capital coming from startups, and 2018 saw $4.4 billion.
  • According to an article published by Tech Crunch, Niantic, the San Francisco-based developer of augmented reality platforms, inked a $300 million deal in November 2021 to build a real-world metaverse.
  • According to an article published by Crunchbase, NAVER Z, a South Korean 3D avatar app developer, raised ~188.2 million USD in Series B funding in November 2021 to create metaverse.
  • According to an article published by Crunchbase, Magic Leap, a Florida-based wearable technology company, raised a total of US$500 million in October 2021.
  • In November 2019, Lululemon invested in Mirror, a fitness technology company that uses smart mirrors to perform exercises in their customers’ homes. Mirror has completed a US$34 million Series B funding round led by hedge fund Point72, with Lululemon and Karlie Kloss among its contributors.

Augmented reality and virtual reality market The report provides an overview of the Global Augmented Reality and Virtual Reality Market including definitions, classifications and applications. It also includes a comprehensive understanding of various factors such as drivers, restraints, and major micro markets. The report is a comprehensive source of widespread facts and figures for business strategists as it provides historical and futuristic data such as supply and demand figures, cost, revenue, profit, supply chain value, etc. It also includes key market characteristics which include production, revenue, price, capacity, gross margin, market share, consumption, gross production rate, supply/demand, cost, capacity utilization, export/import and CAGR (compound annual growth rate).

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Augmented Reality and Virtual Reality Market: By Component Overview

On the basis of components, the augmented reality and virtual reality market is segmented into semiconductor components, sensors, and others. In 2021, the semiconductor components segment accounted for the largest share of the augmented reality and virtual reality market. The main components driving AR and VR technologies include HMDs, wearable displays, computing units and sensors. Continuous research and development over the past decade has enabled technology companies to deliver revolutionary headgear and affordable, accessible, compact and powerful AR and VR systems.

Leading players operating in the country Global Augmented Reality and Virtual Reality Market:

Immersive Gaze, Google LLC, EON Reality, Vuzix Corporation, Blippar Group Limited (Layar BV), Innovega Inc., Simulanis Solutions Private Limited, Kanda ApS, YeppAR and Zugara, Inc. are the global key players in augmented reality. and the virtual reality market. Several players are analyzed to understand the Augmented Reality and Virtual Reality market.

  • in May 2021Novelis partnered with Zugara to create an augmented reality smartphone app that Novelis’ product team can use as an interactive sales tool.
  • In December 2021Vuzix Corporation has signed a distribution agreement with Barcotec GmbH (“Barcotec”), which offers innovative hardware, device management cloud and a full service package to regional and international companies and institutions.

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The most important findings of the study:

  • The growing use of virtual reality to provide a better customer experience for online retail and immersive learning experiences through VR, AR and gamification is driving the growth of the augmented reality and virtual reality market.
  • The market opportunity lies in developing countries. Developing countries have become hubs of opportunity for various markets, including augmented reality and virtual reality. In addition, investments in AR and VR technologies represent significant potential for future growth of augmented reality and virtual reality market players.
  • On the basis of technology, the augmented reality and virtual reality market is segmented into augmented reality and virtual reality. In 2021, the Augmented Reality segment led the Augmented Reality and Virtual Reality market and held the largest market share.
  • In 2021, North America led the market with significant revenue share, followed by Europe and Asia Pacific (APAC). North America is a potential market for developers of augmented reality and virtual reality solutions.
  • The top five augmented reality and virtual reality companies include Google LLC, EON Reality, Immersive Gaze, Blippar Group Limited (Layar BV), and Vuzix Corporation.
  • On the basis of components, the augmented reality and virtual reality market can be segmented into semiconductor components, sensors, and others. In 2021, the segment of semiconductor components represented the largest market share.
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North America leads the augmented reality and virtual reality market in terms of share. The presence of major market players in the United States is one of the prominent factors contributing to the growth of the augmented reality and virtual reality market in North America.

Augmented reality and virtual reality market Key segmentation:

By technology (augmented reality and virtual reality)

By component (semiconductor components, sensors and others)

By End User Industry (Entertainment, Education, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, etc.)

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Promising Regions and Countries Mentioned in Augmented Reality and Virtual Reality Report:

  • North America ( United States)
  • Europe (Germany, France, United Kingdom)
  • Asia Pacific (China, Japan, India)
  • Latin America (Brazil)
  • Middle East and Africa

The report provides insight into the following indicators:

  1. Market Penetration: Provides comprehensive information about the market offered by key players
  2. Market Development: Provides in-depth information on profitable emerging markets and analyzes penetration among mature market segments
  3. Market Diversification: Provides detailed information on new product launches, untapped geographies, recent developments and investments
  4. Competitive Assessment and Intelligence: Provides comprehensive assessment of leading players’ market shares, strategies, products, certifications, regulatory approvals, patent status and manufacturing capabilities
  5. Product development and innovation: Provides intelligent insights into future technologies, R&D activities and breakthrough product developments
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Thank you for reading this article; you can also get a separate chapter or regional version of the report, such as North America, Europe, or Asia.

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