Augmented and Virtual Reality Market Set to Reach USD 237.0 Billion by 2032| Driven by Growing Demand for Immersive Experiences Across Industries | Research by S&S Insider

The rapid adoption of AR and VR technologies in gaming, education, healthcare, and entertainment is driving market expansion. Additionally, advancements in hardware and software, coupled with greater consumer and enterprise interest in immersive experiences, are fueling this growth.

Pune, Nov. 07, 2024 (GLOBE NEWSWIRE) — Augmented and Virtual Reality Market Size Analysis:

“The SNS Insider report indicates that the Augmented and Virtual Reality Market was valued at USD 16.77 billion in 2023 and is projected to grow to USD 237.0 billion by 2032, with a compound annual growth rate (CAGR) of 34.24% during the forecast period from 2024 to 2032.”

The worldwide Augmented and Virtual Reality (AR/VR) market is bustling with growth as industries like gaming, health care, retail, and education are rapidly adopting immersive technologies. Originally confined to the entertainment industry, AR and VR technologies are now being utilized in various professional sectors, including product development, training, and medical simulations. Increasing consumer demands for interactive, real-time experiences driven by ever-improving hardware and software are fuelling this growth. Growing affordability of AR/VR devices with improved mobile and desktop devices is further driving the market growth. Improvements in computer vision, sensors and processing power to optimise user experiences across headsets and mobile phones. Moreover, further market growth is being fueled by its adoption across verticals like corporate training, healthcare and education for immersive experiences.

Gaming and entertainment may still be the biggest sectors for AR/VR applications, but other industries such as healthcare, retail and education are also beginning to embrace the technology. AR/VR offers virtual environments that improve customer experience and operational productivity. So, businesses are adopting AR/VR in training, process optimization, remote collaboration and interactive marketing.

The AR/VR market is assessed through SWOT analysis to highlight its strengths and potential, such as the presence of advanced technological infrastructure. This approach helps identify promising aspects of the industry. active investments in research & development across globe, high adoption rate of AR/VR devices among consumers and enterprises. Yet there remain various challenges when it comes to this, such as how expensive top tier hardware is and the issue of privacy & data safety. Nonetheless, these challenges should not dampen the vast opportunities for growth that is available within sectors such as, education, healthcare and training. Expansion of AR/VR technologies due to rapidly increasing demand for real-time training simulations as well as remote learning applications. Furthermore, the increasing adoption of AR/VR in e-commerce — including virtual try-ons and previews of service will open up massive growth opportunities.

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Major Players Analysis Listed in this Report are:

• Microsoft – HoloLens
• Sony – PlayStation VR
• Oculus (Meta) – Oculus Quest 2
• HTC – Vive Pro 2
• Magic Leap – Magic Leap 1
• Google – Google Glass Enterprise Edition 2
• Apple – ARKit
• Samsung – Samsung Gear VR
• NVIDIA – NVIDIA RTX Graphics Cards
• Unity Technologies – Unity AR/VR Development Platform
• Qualcomm – Snapdragon XR2
• Varjo – Varjo XR-3
• Pico Interactive – Pico Neo 3
• Vuzix – Vuzix Blade Smart Glasses
• EON Reality – EON-XR Platform
• Seiko Epson – Moverio BT-300
• Alibaba – Tmall Genie AR Glasses
• Lenovo – Lenovo ThinkReality A3
• RealWear – RealWear HMT-1
• Lumus – Lumus DK-50 AR Glasses

Augmented and Virtual Reality Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 16.77 billion
Market Size by 2032	USD 237.0 Billion
CAGR	CAGR of 34.24% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	•Continuous improvements in hardware and software, such as higher-quality headsets and more efficient AR/VR devices, are driving market growth. •AR applications for virtual try-ons and furniture visualization are revolutionizing the retail shopping experience. •VR enables immersive learning, offering virtual field trips and simulated environments for educational institutions.

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Segmentation Analysis

By Component

The Hardware segment dominated the Augmented Reality (AR) and Virtual Reality (VR) market and represented significant revenue share in 2023. This leadership is driven by the growing need for high-performance devices that provide immersive AR and VR experiences. Essential components such as sensors and processors are crucial for motion tracking, image rendering, and enabling real-time interactions in AR/VR headsets. With increasing AR/VR adoption in sectors like gaming, healthcare, and education, demand for these hardware components continues to rise. This segment is expected to experience steady growth, fueled by technological advancements and the increasing availability of affordable, high-quality AR/VR devices.

The Software segment is witnessing the highest CAGR in the AR/VR market. This growth is propelled by the growing demand for customized applications and tools designed for AR and VR experiences. SDKs help developers create cross-platform applications, while AR/VR platforms provide the necessary ecosystem for these apps to function. The rise of cloud computing and the increasing demand for software solutions in virtual collaboration, training, and simulations are key drivers behind this rapid expansion. As AR and VR continue to grow in sectors like healthcare, retail, and entertainment, the demand for specialized software is expected to increase, driving further market growth.

Augmented and Virtual Reality Market Segmentation:

By Technology  

• Augmented Reality
  • Marker-based Augmented Reality
  • Marker-less Augmented Reality
• Virtual Reality
  • Non-Immersive systems
  • Semi-Immersive Projection System
  • Fully-Immersive Systems

By Component

• Hardware
  • Sensors
  • Processors
  • Controllers
  • Cameras
  • Others
• Software
  • Software Development Kits
  • Platforms

By Device Type

• Augmented Reality Devices
  • Head-Mounted Display
  • Head-Up Display
  • Handheld Devices
• Virtual Reality Devices
  • Head-mounted Display
  • Gesture Tracking Devices
  • Display Wall and Projectors

By Vertical

• Consumer Electronics
• Media & Entertainment
• Healthcare
• Retail
• Aerospace & Defense
• Automotive
• BFSI
• IT & Telecommunication
• Manufacturing
• Others

Regional Landscape

The North America region dominated the Augmented Reality (AR) and Virtual Reality (VR) market in 2023 and represented significant revenue share, bolstered by its strong technological infrastructure, widespread adoption of advanced technologies, and a concentration of major tech companies. The demand for AR and VR is consistently rising across industries such as gaming, healthcare, retail, and education, with the U.S. leading the charge. This market leadership is further supported by significant investments in R&D and the growing application of AR/VR in entertainment, healthcare, and training. The region is expected to maintain its growth trajectory, driven by advancements in hardware and software technologies, along with the rollout of 5G networks.

The Asia-Pacific (APAC) region is experiencing the fastest CAGR growth in the AR and VR market, driven by the rapid adoption of immersive technologies in countries like China, Japan, and India. Sectors such as gaming, retail, education, and healthcare are seeing a high demand for these technologies. The boom in e-commerce, online gaming, and virtual entertainment has further accelerated the adoption of AR and VR in the region. Strong government support for digital transformation and significant investments from both local and international companies are fueling this growth. The APAC market is expected to continue expanding rapidly, driven by the increasing rollout of 5G and advancements in mobile AR.

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Recent Developments

January 2024 – Meta announced the integration of AI tools with their Meta Quest platform to enhance virtual experiences in gaming and social VR. This initiative aims to improve user engagement and immersive interactions by integrating machine learning-driven avatars and personalized content recommendations​

March 2024 – Vicarious Surgical, a company revolutionizing surgical technology, secured a partnership with leading healthcare providers to enhance their robot-assisted surgery system, which integrates VR for real-time guidance during procedures

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

 6. Competitive Landscape

7. Augmented Reality and Virtual Reality Market Segmentation, by Component

8. Augmented Reality and Virtual Reality Market Segmentation, by Technology

9. Augmented Reality and Virtual Reality Market Segmentation, by Device Type

10. Augmented Reality and Virtual Reality Market Segmentation, by Vertical

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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