The Augmented Reality and Virtual Reality Market Size, Growth driven by the growing use of virtual reality to offer better customer experience in online retail and immersive learning experience with VR, AR, & gamification, the investments in AR and VR, transformation of travel sector with AR & VR technologies.
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The Insight Partners published latest research study on “Augmented Reality and Virtual Reality Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology (Augmented Reality and Virtual Reality), Component (Semiconductor Components, Sensors, and Others), and End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others)”, the global augmented reality and virtual reality market is expected to grow from $27.96 billion in 2021 to $252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021–2028.
Augmented Reality and Virtual Reality Market: Competitive Landscape and Key Developments
Immersive Gaze, Google LLC, EON Reality, Vuzix Corporation, Blippar Group Limited (Layar B V), Innovega Inc., Simulanis Solutions Private Limited, Kanda ApS, YeppAR, and Zugara, Inc. are among the key players operating in the global augmented reality and virtual reality market. Several players are analyzed to understand the augmented reality and virtual reality market.
In May 2021, Novelis collaborated with Zugara to create an augmented reality smartphone app that Novelis’ product team may use as an interactive sales tool.
In December 2021, Vuzix Corporation signed a distribution agreement with Barcotec GmbH (“Barcotec”), a European supplier of innovative hardware, a device management cloud, and a complete service package to regional and international companies and institutions.
Rising investments in AR and VR technologies have created lucrative augmented reality and virtual reality market growth opportunities. A few of the investments made in the augmented reality and virtual reality market ecosystems are mentioned below:
- According to an article published by Crunchbase in January 2022, 2021 was the second-best year ever for VR and AR investment, as ~US$ 3.9 billion of venture capital came from startups and in 2018, US$ 4.4 billion was received.
- As per an article published by Tech Crunch, Niantic, a San Francisco-based developer of augmented reality platforms, closed a deal of US$ 300 million in November 2021 to build the real-world metaverse.
- As stated in an article published by Crunchbase, NAVER Z, a South Korean 3D avatar application developer, raised a Series B funding worth ~US$ 188.2 million for metaverse creation in November 2021.
- According to an article published by Crunchbase, Magic Leap, a Florida-based wearable tech maker, raised a total of US$ 500 million in October 2021.
- In November 2019, Lululemon invested in Mirror, a fitness tech firm that uses smart mirrors to deliver exercise sessions in their clients’ homes. Mirror completed a US$ 34 million Series B funding round, led by hedge fund Point72 and counting Lululemon and Karlie Kloss as contributors.
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Augmented Reality and Virtual Reality Market: by Component Overview
Based on component, 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 in augmented reality and virtual reality market. The major components that drive AR and VR technologies include HMDs, wearable screens, computing units, and sensors. Continuous R&D over the last decade has allowed tech firms to deliver revolutionary headgear, and AR and VR systems that are inexpensive, accessible, compact, and effective.
A rise in demand for AR/VR semiconductor components in gaming, cost-effective benefits of augmented and virtual reality-based solutions, resistance to adopting augmented and virtual reality technology, and introduction of industry-specific solutions are among the major factors influencing the market for AR and VR semiconductor components. Video games are among the most common augmented and virtual reality technologies, and the number of gamers (AR and VR based games) around the world has risen rapidly in recent years, contributing to the augmented reality and virtual reality market growth.
The COVID-19 pandemic drastically affected the travel sector in the world in 2020 and early 2021. Therefore, the travel sector is increasingly implementing AR and VR technologies to offer the viewers a traveling experience by staying in their own homes. People could explore the world by sitting comfortably on their couches. Thus, companies are working hard to transform travel experiences with the help of self-guided tours technology. AR technology alters travelers’ perceptions of their physical surroundings and provides supplemental tourism experiences and opportunities for interaction.
According to an article published by Forbes in April 2021, AR mobile apps such as City Guide Tour use object recognition to offer on-screen information about destinations of interest, including museums, landmarks, galleries, and parks, as tourists stroll via a town or city. The Street Life (a mobile app) offers a library of crowd-sourced guided tours; viewers can watch this from home or navigate through in-person travel adventures while uploading their images. AR-powered glasses provide a more immersive experience, adding an element of fun and eliminating the need for a tour guide. Thus, the adoption of AR and VR technologies contributing to the augmented reality and virtual reality market growth
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