USD 26 billion
AR/VR/MR Market Size, Share, Growth Analysis, By Technology(Augmented Reality, Virtual Reality, and Mixed Reality), By Devices Type(Augmented Reality Devices, Virtual Reality Devices, and Mixed Reality Devices), By Organization Size(Small Enterprises, Medium-Sized Enterprises, and Large Enterprises), By Component(Hardware, and Software), By End Use Industry(Media & Entertainment, Retail & e-Commerce, Training & Education, Travel & Hospitality), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45I2080 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
67
|Figures:
68
AR/VR/MR Market Insights
AR/VR/MR Market size was valued at USD 42.46 Billion in 2023 and is poised to grow from USD 59.06 Billion in 2024 to USD 725.1 Billion by 2032, growing at a CAGR of 39.1% during the forecast period (2025-2032).
AR/VR/MR or augmented reality, virtual reality, mixed reality refers to the next generation of visual technologies. High investments in the development of new visual and digital technologies are projected to increase the demand for AR/VR/MR over the coming years. The rising adoption of next-level visual technologies to create a near-real virtual experience is what primarily drives AR/VR/MR market growth. From healthcare to entertainment, almost all industry verticals are projected to be revolutionized through AR and VR technologies. Video games are projected to emerge as prime adopters of AR and VR technologies as gamers demand more immersive gaming experiences. Use of VR in rehabilitation programs will also favor market development in the long run. However, high costs hardware and limited availability of content suited for AR/VR/MR are estimated to slow down market growth potential going forward.
US AR/VR/MR Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
36% CAGR
Global AR/VR/MR Market ($ Bn)
Country Share for North America Region (%)
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AR/VR/MR Market Segmental Analysis
Global AR/VR/MR market is segmented by device type, technology, component, organization size, end use industry, and region. Based on technology, the market is segmented into augmented reality, virtual reality, and mixed reality. Based on device type, the market is segmented into augmented reality devices, virtual reality devices, and mixed reality devices. Based on components, the market is segmented into hardware and software. Based on organization size, the market is divided into large and small and medium enterprises (SMEs). Based on end use industry, the market is segmented into media & entertainment, retail & ecommerce, training & education, travel & hospitality, real estate, manufacturing, healthcare, aerospace & defense, automotive, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Device Type
The adoption of virtual reality is increasing rapidly across multiple industry verticals. The growing popularity of VR games and VR video content is expected to promote sales of virtual reality devices across the study period and beyond. Moreover, high investments in the development of novel VR headsets and VR displays are also forecasted to help this segment maintain a high market share over the coming years.
On the other hand, the demand for augmented reality devices is expected to surge at an impressive pace over the coming years. Growing investments in the development of augmented reality technology and its increasing application scope are pushing AR/VR/MR companies to invest in the development of augmented reality devices going forward.
Analysis by Organization Size
Large enterprises have a higher spending potential, and this is why they are more inclined towards spending on advanced technologies such as AR/VR/MR. Large organizations are using AR/VR/MR for training and other applications to optimize their resource utilization and maximize profits. Creating AR/VR/MR solutions specific to the requirements of large enterprises will pay off big time for market players.
Meanwhile, the demand for AR/VR/MR in SMEs is projected to increase at a robust pace over the coming years. Growing affordability of AR/VR/MR technologies will play a crucial role in boosting market growth via this segment in the future.
Global AR/VR/MR Market By Device Type
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AR/VR/MR Market Regional Insights
North America supported by its robust technological infrastructure and growing investments in digital technology development holds sway over the global AR/VR/MR market. The rising adoption of virtual rehabilitation and training in the advanced healthcare infrastructure of North American countries also helps this region’s dominance. The presence of a robust gaming and entertainment culture supported by high spending potential also allows North America to spearhead global AR/VR/MR demand outlook. Canada and the United States remain the most opportune markets in this region.
Asia Pacific is estimated to emerge as the most opportune market for AR/VR/MR companies over the coming years. Growing disposable income of people and rising demand for better visual experiences are driving AR/VR/MR demand in this region. India, Japan, and China are slated to be the top markets for AR/VR/MR companies in this region.
Global AR/VR/MR Market By Region
- Largest
- Fastest
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AR/VR/MR Market Dynamics
AR/VR/MR Market Drivers
Adoption in Gaming
- Gaming has become a mainstream trend on a global level, and it has evolved well beyond just consoles and personal computers. The development of virtual reality games and the subsequent rise in their popularity are projected to bolster the AR/VR/MR market growth.
Enterprise Applications
- Use of AR/VR/MR technologies in organizations and enterprises to promote virtual collaborations and rapid prototyping are also expected to boost the demand for AR/VR/MR over the coming years.
Restraints
High Costs of Development
- Whether it is AR/VR/MR software or hardware, developing them remains a highly capital-intensive task for all companies as the technology is still in its initial stages of development. These high costs hinder AR/VR/MR adoption and slow down market growth potential.
Limited Content
- AR/VR/MR content is still not widely available as it requires specialized equipment to shoot and process, which again is quite expensive. Lack of content demotivates consumers from buying AR/VR/MR devices and hurts sales.
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AR/VR/MR Market Competitive Landscape
AR/VR/MR providers are projected to invest in the development of novel solutions using advanced technologies. Developing AR/VR/MR with better user interface to provide more immersion for users will be the prime focus of all AR/VR/MR companies in the future. Integrating AR/VR/MR technologies with other advanced technologies will also provide attractive moneymaking opportunities for companies in the long run.
Top Players in the Global AR/VR/MR Market
- Microsoft Corporation (US)
- Google LLC (US)
- Apple Inc. (US)
- Facebook Technologies, LLC (Oculus) (US)
- Sony Corporation (Japan)
- Samsung Electronics Co., Ltd. (South Korea)
- HTC Corporation (Taiwan)
- Magic Leap, Inc. (US)
- Vuzix Corporation (US)
- Lenovo Group Limited (China)
- Qualcomm Technologies, Inc. (US)
- EON Reality, Inc. (US)
- Pico Interactive, Inc. (China)
- Meta Company (US)
- DAQRI LLC (US)
- Blippar Ltd (United Kingdom)
- Wikitude GmbH (Austria)
- Niantic, Inc. (US)
- PTC Inc. (US)
- Avegant Corporation (US)
AR/VR/MR Market Recent Developments
-
In May 2024, Sony in partnership with Siemens announced that it will launch virtual reality headset for the latter’s industrial metaverse focus by December 2024. The product is currently integrated with Siemens’ engineering design platform NX, and will be expanded to other its products.
-
In March 2024, Fresenius Medical Care launched a new “Augmented Reality” (AR) application to make learning easier for nursing staff in Kidney Replacement Therapy in Intensive Care Units. The AR glasses, in combination with digital learning modules, allow nursing staff to learn how to use acute dialysis machines on site within the intensive care wards. The glasses stream visual and acoustic recordings as users interact with the dialysis machine, providing professionals with an immersive learning experience.
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In June 2023, Apple launched Apple Vision Pro, a spatial computer that seamlessly blends digital content with the physical world. The breakthrough design of Vision Pro features an ultra-high-resolution display system that packs 23 million pixels across two displays, and custom Apple silicon in a unique dual-chip design to ensure every experience feels like it’s taking place in front of the user’s eyes in real time.
AR/VR/MR Key Market Trends
- AR Cloud: AR/VR/MR companies should focus on developing cloud infrastructure and networks that allow users to share their virtual experiences. This will result in more interest among consumers and further create many opportunities for AR/VR/MR providers as well.
AR/VR/MR Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for more immersive digital experiences and high investments in the advancement of AR/VR/MR technologies are projected to drive market growth over the coming years. On the contrary, limited content availability and high costs of technology development are predicted to hamper AR/VR/MR demand outlook in the future. North America is slated to lead the AR/VR/MR adoption owing to the presence of a strong technological infrastructure and quick adoption. AR/VR/MR companies should target the development of cloud platforms to help users share their immersive experiences.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 30.6 Billion |
| Market size value in 2031 | USD 521.28 Billion |
| Growth Rate | 39.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on AR/VR/MR Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on AR/VR/MR Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the AR/VR/MR Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the AR/VR/MR Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the AR/VR/MR Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the AR/VR/MR Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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