Augmented Reality and Virtual Reality (ARVR) Market Analysis by Vertical (Education, Manufacturing, Gaming & Entertainment, Aerospace & Defense, Retail, Entertainment, and Others); by Organization Size (Small & Medium, and Large Enterprises); and by Type (Services, Hardware, and Software)-Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

   Augmented Reality and Virtual Reality (ARVR) Market Scope

Global Augmented Reality and Virtual Reality Market Highlights Over 2023 - 2033

The global augmented reality and virtual reality (ARVR) market is estimated to garner a revenue of USD 1,705.0 billion by the end of 2033 by growing at a CAGR of ~40% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 40.0 billion in the year 2022. The growth of the market can be attributed to the increase in the adoption of augmented and virtual reality technology. More than 13 Million AR and VR devices are sold in the year 2019 worldwide.

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Augmented reality adds digital elements to a live view through the camera on smartphones whereas virtual reality refers to a completely immersive experience to replace a real-life environment with a stimulated one.  The main benefits of AR and VR are that they provide real-time experience through new business models and personalized content. Hence, the rise in the number of smartphone users is expected to surge the growth of the global augmented reality and virtual reality market. There are more than 6 Billion smartphone & mobile phone users around the globe.

Global Augmented Reality and Virtual Reality (ARVR) Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Sale of Digital Video Games– AR and VR are used in digital video games to provide a better experience to customers and it is anticipated to rise the growth of the global augmented reality and virtual reality (ARVR) market.  In the year 2022, more than 70% of the population in the United States will play video games.

• Surge in the Disposable Income– According to the Bureau of Economic Analysis, disposable personal income increased by 0.2% in July 2022, totaling USD 37.6 billion.

•  Advancement in 5G Infrastructure– In the year 2021, there are more than 650 Million 5G subscribers active across the globe.

• Rising Use of Artificial Intelligence– More than 35 percent of organizations around the globe has adopted artificial intelligence in the year 2021

Challenges

• Concerns Related to Cybersecurity

• Lack of Skilled Expertise

• Lack of Awareness Among People

The global augmented reality and virtual reality market is segmented and analyzed for demand and supply by vertical into education, manufacturing, gaming & entertainment, aerospace & defense, retail, entertainment, and others. Out of these, the gaming & entertainment segment is anticipated to hold the largest share over the forecast period owing to the advancement in creating video-based immersive media, and an increase in the virtual ride for theme parties. For instance, there are more than 155 theme parks in China till August 2020.

Global Augmented Reality and Virtual Reality (ARVR) Market Regional Synopsis

Regionally, the global augmented reality and virtual reality market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the back of rising investment in advanced technology, increasing mobile subscribers, and growing e-learning with the support of augmented and virtual reality. For instance, there are more than 1.2 Billion mobile subscribers till 2021 in India.

Market Segmentation

Our in-depth analysis of the global augmented reality and virtual reality market includes the following segments:

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Key Companies Dominating the Global Augmented Reality and Virtual Reality (ARVR) Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global augmented reality and virtual reality market that are included in our report are Alphabet Inc., Microsoft Corporation, Blippar Group Limited, HTC Corporation, Magic Leap, Inc., EON Reality, Samsung, Wikitude, Sony Corporation, Tilt Five, Inc., and others.

Global Augmented Reality and Virtual Reality (ARVR) Market: Latest Developments

• August, 2022: Tilt Five, Inc., Tilt Five, Inc., announced a collaboration with CATAN GmbH, CATAN Studio, Twin Sails Interactive, and Blazing Griffin to launch 'CATAN - Tilt Five AR' in Spring 2023. The Tilt Five version will provide players with an exciting way to immerse themselves in the world of CATAN, allowing them to watch the island come to life in 3D holographic form while keeping an eye on their fellow table players.

• April, 2022: Blippar Group Limited announced the launch of Augmented Reality campaign for 14 Hands' new Unicorn Rose, which transports users on a vacation and allows friends and family from all over the world to join them. Users can bring the pool party to life in two ways: they can scan a physical Unicorn Rosé can or bottle, or they can share a link directly and across social media. Augmented Reality experiences are typically limited to a single user interacting with scenarios; however, this campaign allows for multi-player games.

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• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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