Augmented and Virtual Reality Market To Reach $454.73 Billion By 2030: Allied Market Research
Expansion of the gaming community, surge in penetration of smartphones, cost-efficient benefits of augmented and virtual reality-based solutions drive the global augmented and virtual reality market. Shift toward the adoption of virtual and augmented reality technologies increased during the Covid-19 pandemic as more number of businesses adopted work from home culture. For instance, HTC, one of the leading tech companies, announced to hold 2021 developer conference through VR.
Portland, OR , Nov. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global *augmented and virtual reality market* generated $14.84 billion in 2020, and is expected to reach $454.73 billion by 2030, witnessing a CAGR of 40.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Expansion of the gaming community, surge in penetration of smartphones, cost-efficient benefits of augmented and virtual reality-based solutions drive the global augmented and virtual reality market. However, resistance to adopt the augmented and virtual reality technology in underdeveloped areas and lack of user experience design hinder the market growth. On the other hand, advancements in technology and rise in adoption of AR & VR by enterprises present new opportunities in the coming years.
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*Covid-19 Scenario:*
· Shift toward the adoption of virtual and augmented reality technologies increased during the Covid-19 pandemic as more number of businesses adopted work from home culture. For instance, HTC, one of the leading tech companies, announced to hold 2021 developer conference online, and will be conducted through VR.
· The augmented and virtual reality has been implemented in emerging healthcare applications such as patient management, point of care, tele-health, and home-based care. This would lead to growth of the market during the post pandemic period.
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The report offers detailed segmentation of the global augmented and virtual reality market based on organization size, application, industry vertical, and region.
Based on organization size, the large enterprises segment accounted for the largest share in 2020, contributing to more than three-fifths of the total share, and is estimated to continue its leadership status throughout the forecast period. However, the SMEs segment is projected to manifest the highest CAGR of 42.4% from 2021 to 2030.
Based on industry vertical, the gaming segment contributed to the highest share in 2020, accounting for more than one-fourth of the total share of the global *AR and VR market*, and is expected to maintain its lead position during the forecast period. However, the retail segment is projected to witness the fastest CAGR of 45.6% from 2021 to 2030.
Based on region, North America held the highest share in 2020, contributing to nearly two-fifths of the total share, and is estimated to maintain its dominant share by 2030. However, Asia-Pacific is projected to register the largest CAGR of 43.5% during the forecast period.
Leading players of the global augmented and virtual reality market analyzed in the research include Google Inc., Magic Leap, Inc., Sony, Microsoft Corporation, HTC, Facebook, Osterhout Design Group, Samsung Electronics Co., Ltd., DAQRI, and Wikitude.
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