Augmented Reality and Virtual Reality Market worth $71.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 4, 2023 /PRNewswire/ -- The Augmented Reality and Virtual Reality Market is expected to reach USD 71.2 billion by 2028 from USD 25.1 billion in 2023, at a CAGR of 23.2 % during the 2023-2028 period according to a new report by MarketsandMarkets™. Augmented Reality (AR) and Virtual Reality (VR) are immersive technologies that redefine the way we interact with the digital and physical worlds. Whereas virtual reality market is expected to reach USD 29.6 billion by 2028 from 12.9 billion in 2023, at a CAGR of 18.0% during the 2023- 2028 period.

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Augmented Reality and Virtual Reality Market Report Scope:

Many companies are investing in augmented and virtual reality industry which gives an opportunity for growth in the augmented and virtual reality market. The augmented and virtual reality market is in the development phase at present, with the presence of multiple players offering augmented and virtual reality products. North America is likely to contribute significantly to the growth of the augmented and virtual reality market. Similarly, the Europe, Asia Pacific and RoW regions are expected to be the growing market for the forecasted period.

Small enterprises pioneering augmented and virtual reality innovations across industries.

Small enterprises operating in the Augmented Reality (AR) and Virtual Reality (VR) space are dynamic and innovative companies that specialize in various facets of AR and VR technology. These smaller businesses play a crucial role in shaping the future of AR and VR by contributing to their development, deployment, and applications across a wide range of industries. Often characterized by agility and creativity, these enterprises focus on specific niches within the AR and VR ecosystem, such as content creation, software development, hardware manufacturing, consulting, and services.

A small enterprise typically involves an investment ranging from more than INR 25 lakh to less than INR 5 crore in plants and machinery. These enterprises encompass a diverse range of businesses, including service providers, grocery stores, medical shops, tradespeople, bakeries, and small-scale manufacturing units. Traditionally, customers had to physically visit stores to try on clothing or explore items like jewelry and furniture. However, augmented reality (AR) has transformed this paradigm by allowing customers to virtually try on products and preview items, offering a valuable opportunity for customers to assess products before making a purchase. Retailers incorporating AR technologies can extend their reach globally, reduce product returns, and enhance customer satisfaction. AR also facilitates exceptional customer service, as in-store shoppers can scan products to access instant information. AR proves invaluable for employee training, aiding in complex technical projects by overlaying instructional information.

Typically, AR applications are downloaded onto customers' smartphones, utilizing computer vision technology to identify a shopper's location within a store. Integrated store layouts and real-time stock data are then used to display relevant product details, providing a guided shopping experience. Shoppers can use their smartphones to peruse store shelves, receiving personalized product recommendations and coupons superimposed on their screens, catering to specific preferences and dietary needs in grocery stores. When shoppers point their phone cameras at merchandise, the app recognizes the products and overlays digital information on top of the displayed images.

Meanwhile, virtual reality (VR) technology is revolutionizing virtual meetings and enhancing product development. VR enables the creation of new products and the testing of store layouts in a virtual environment, seeking feedback from customers before implementing designs in the physical world. Similar to AR, VR offers businesses a novel way to reach customers beyond their immediate vicinity, hosting virtual events accessible to a global audience and setting up virtual fitting or trial rooms.

Semi- and fully immersive technologies to dominate the virtual reality market during the forecast period.

Many companies in the industry are directing their efforts toward the creation of immersive video games designed to captivate users. The utilization of VR headsets facilitates user engagement within the virtual realm. The growing desire for both semi-immersive and fully immersive VR devices is primarily driven by advancements in computing and electronic networking systems. Additionally, innovations like fully immersive VR technology, featuring Head-Mounted Display Systems (HMDS) that deliver a 360° field of view and high-resolution experiences, are anticipated to fuel the expansion of this market. Semi-immersive technology offers a moderate level of immersion in a digital environment. Users typically interact with these systems using some form of interface, such as a computer screen, projection, or a smaller-scale immersive device like a head-mounted display (HMD) or CAVE (Cave Automatic Virtual Environment). While users may feel partially immersed in the digital world, they remain aware of their physical surroundings and may not experience a complete sense of presence. Semi-immersive technology is often used in applications like gaming, simulation training, and virtual walkthroughs.

Fully immersive technology provides a high level of immersion, where users feel completely transported into a digital environment, often to the extent that they lose awareness of their physical surroundings. This level of immersion is typically achieved through advanced hardware like high-quality VR headsets and motion tracking systems that accurately replicate users' movements in the virtual world. Fully immersive experiences aim to create a strong sense of presence, making users feel as though they are truly inside the digital environment. This technology is used in various applications, including high-end gaming, medical simulations, virtual tours, and architectural design.

Display & projectors hold the largest size of the augmented reality market during the forecast period.

Displays and projectors are pivotal components in Augmented Reality (AR) and Virtual Reality (VR) systems, shaping how users perceive and interact with digital content. In AR, head-up displays (HUDs) or waveguide-based systems seamlessly overlay digital information onto the user's real-world view, often through transparent or semi-transparent screens, enabling context-aware interactions. Optical combiners merge real and virtual elements by reflecting or refracting light. In VR, head-mounted displays (HMDs) are employed, enveloping users in immersive digital environments through high-resolution OLED or AMOLED screens situated near their eyes, fostering a profound sense of presence. These displays are often stereoscopic, offering 3D visuals for depth perception. Projectors are less common but are used in some AR setups, casting digital information onto surfaces in the user's field of view, enabling shared experiences or larger-scale interactions. Together, displays and projectors serve as the windows into the digital realms of AR and VR, enhancing the way users interact with and perceive the virtual and augmented elements.

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Virtual reality market for healthcare applications to register the highest CAGR between 2023 and 2028.

The medical sector stands as a prominent pillar in the VR market, encompassing a significant share of its applications. VR technology plays a pivotal role in medical training and education, proving instrumental in instructing medical students and nurturing new practitioners. Beyond education, VR also finds application in the realm of treating phobias and conducting surgical procedures. Several companies, including Mindmaze VR (Switzerland), Polhemus (US), Simbionix (US), Virtual Heroes (US) (a division of Applied Research Associates), and Virtually Better (US), are actively engaged in the development of VR applications tailored for healthcare.
One remarkable manifestation of VR's influence in healthcare is human simulation software that generates lifelike 3D interactive representations of the human body.

This technology goes beyond mere visualization; it detects vital parameters like oxygen and carbon dioxide levels and facilitates real-time simulations of patients experiencing conditions such as inhalation injuries, multiple traumas, poisoning, altered mental states, and various disorders. Trainees, including medical professionals, can engage in practicing invasive medical procedures within a virtual clinical scenario, closely observing how their interventions impact a patient's recovery. VR diagnostics, with its immersive visualization capabilities, offers a true-to-life perspective of patients' anatomy. Moreover, VR aids in autism therapy by crafting virtual environments that assist autistic individuals in honing skills essential for adapting to the real world. In yet another facet, VR technology aids doctors in treating heart diseases through the creation of detailed 3D images.

One of the most transformative applications of VR in healthcare is the provision of a risk-free environment for surgical procedures. VR surgeries ensure patient safety by eliminating any actual risk to the patient. Surgeons can receive immediate feedback upon the completion of virtual surgery, facilitating valuable learning experiences and knowledge acquisition for healthcare professionals. Pioneering developments in this domain include virtual robotic surgery, where a robotic device executes the surgical procedure under the surgeon's control. Furthermore, the evolution extends to telesurgery, enabling doctors to remotely diagnose diseases and contribute to the advancement of healthcare practices.

North America has the largest market share in the augmented and virtual reality market.

Currently North America has the largest market share for the augmented and virtual reality market.

The North American market for Augmented Reality (AR) and Virtual Reality (VR) is segmented into three countries: the United States, Canada, and Mexico. North America, well-known for its technological advancements and innovations, stands at the forefront of markets for cutting-edge display device technologies.

In 2022, North America emerged as the leading AR market, capturing a significant market share. The widespread adoption of AR devices by businesses to enhance productivity and precision has been a major driving force behind the growth of the AR market in North America. Additionally, the integration of AR technology into consumer electronics is contributing to its expansion. Various sectors, including aerospace & defense, healthcare, consumer goods, and commercial industries, are harnessing AR technology for a wide range of applications, including education and training. Furthermore, several global companies specializing in AR devices and solutions, such as PTC Inc., Magic Leap, Microsoft, and Google, have established their presence in the United States. These factors collectively position North America as the dominant player in the global AR market.

Similarly, in 2022, North America led the global VR market in terms of size and revenue generated from VR applications. The VR market is expected to experience significant growth in this region in the upcoming years. The widespread adoption of VR across various sectors, particularly in consumer electronics, is driving the expansion of the VR market. Sectors like aerospace & defense, healthcare, consumer goods, and commercial industries are increasingly embracing VR technologies for further advancements. The United States is home to numerous global players offering VR products and solutions, solidifying North America's prominence in the global VR market.

Key Players

The report profiles major players in the augmented and virtual reality companies with a significant global presence include Google (US), Microsoft (US), Sony Group Corporation (Japan), META (US), SAMSUNG (South Korea), HTC Corporation (Taiwan), Apple Inc. (US), PTC Inc. (US), Seiko Epson Corporation (Japan), Lenovo (China), Wikitude, a Qualcomm company (Austria), EON Reality (US), MAXST Co., Ltd. (South Korea), Magic Leap, Inc. (US),  Blippar Group Limited(UK),  Atheer, Inc (US), Vuzix (US), CyberGlove Systems Inc. (US), Leap Motions (Ultraleap) (US), Penumbra, Inc. (US), Nintendo (Japan), PSICO SMART APPS, S.L. (Spain), Xiaomi (China), Panasonic Corporation (Japan), Scope AR (US), Continental AG (Germany), Virtually Live (Switzerland),  SpaceVR Inc (US), Intel Corporation (US), 3D Cloud by Marxent (US), WayRay AG (Switzerland), Craftars (Romania),  Talespin Reality Labs, Inc. (US), BidOn Games Studio (Ukraine), appentus technologies (India), ByteDance (China), and DPVR (China).

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AR and VR Display Market Size by Device Type (AR HMDs, VR HMDs, AR HUDs, VR Projectors), Technology, Display Technology (LCD, OLED, Micro-LED), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) & Region - Global Forecast to 2028

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