What is the global market size of AR/VR/MR Market?

Global AR/VR/MR Market was valued at USD 26 billion in 2021 and it is expected to reach at USD 242 billion by 2028, with CAGR of 36% over the forecast period (2022-2028). Read More

Who are the key vendors in the Global AR/VR/MR Market?

The market is fragmented in nature. Companies in the global market are receiving massive funds and investments from all over the world. Companies such as Facebook and Google are acquiring market start-ups to gain expertise. Companies like Microsoft Corporation, Vuzix Corporation, and Qualcomm Technologies, Inc., among others, are collaborating with different industries to expand their businesses. Apple intends to create smart glasses in the same way that Google LLC has. For developers to create augmented solutions, the company provides technology apps such as ARKit.'Google Inc. (US)','Microsoft Corp. (US)','Sony Corp. (Japan)','Oculus VR (US)','Samsung Electronics Co. Ltd. (South Korea)','Seiko Epson ','Lenovo (US)','Magic Leap Inc. (US)','Vuzix (US)','Apple Inc. (US)','HTC(US)','PTC Inc. (US)','Leap Motion (US)' Read More

What is the key driver of Global AR/VR/MR Market?

Smartphone usage and technology improvements have enabled people to view virtual graphics immersed in real-world contexts. They can also connect with these visuals and engage with them by just utilizing the camera on their smartphone devices, which is one of the primary drivers driving the AR and VR business forward. Furthermore, augmented reality (AR) and virtual reality (VR) are becoming essential components of current smartphones, and demand for these technologies is projected to be driven by mobile devices. Additionally, smartphone manufacturers are currently planning to produce the next wave of innovative computing devices, which is projected to open up new market potential. Read More

What is the key market trend for Global AR/VR/MR Market?

Growing demand for AR/VR/MR in architecture is a significant growth potential for the market. Digital information can be projected on architectural models using AR/VR/MR devices. These devices can also be used to get a glimpse of a building's inside even if the design is still in its early phases. This will aid architects to get a projected image from the screen to the physical space. Read More

Which region accounted for the largest share in Global AR/VR/MR Market?

Based on geography, the global AR/VR/MR market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region held the most substantial share of more than 35% in the global market. This is attributed to the growing number of companies in the region that drives the AR/ VR/ MR market growth. The rapid expansion of the business and consumer segments is also among the primary driver of the market in the region. Furthermore, significant firms offering advanced solutions, such as Google, Facebook, DAQRI, and others, are based in North America. Also, these companies in this region are investing in AR, VR, and simulation, which also contributes to the market growth. Read More

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 2024-2031

Report ID: SQMIG45I2080 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 67 | Figures: 68

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.

AR/VR/MR Market Report Snapshots

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Global AR/VR/MR Market size was valued at USD 30.6 Billion in 2022 and is poised to grow from USD 42.46 Billion in 2023 to USD 521.28 Billion by 2031, at a CAGR of 39.1% during the forecast period (2024-2031).

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. '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)'

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.

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.

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.

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AR/VR/MR Market Dynamics

AR/VR/MR Market Report Snapshots

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What is the global market size of AR/VR/MR Market?

Who are the key vendors in the AR/VR/MR Market?

What is the key driver of AR/VR/MR Market?

What is the key market trend for AR/VR/MR Market?

Which region accounted for the largest share in AR/VR/MR Market?

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