Augmented Reality and Virtual Reality Industry
The entertainment and media industry will boost the growth of the augmented reality and virtual reality market during the forecast period.
PORTLAND, Ore., Oct. 19, 2022 /EINPresswire.com/ — The booming gaming industry and the rapid penetration of the Internet are key drivers of the AR and VR market. Increasing applications of augmented and virtual reality in healthcare, retail, entertainment, media, manufacturing, aerospace, defense, and education will boost the growth of the AR VR market during the forecast period.
According to a report published by Allied Market Research, the global augmented and virtual reality market will generate $27.6 billion in 2021 and is estimated to reach $856.2 billion by 2031, with an estimated CAGR is 41.1%.
A full overview is available at https://www.alliedmarketresearch.com/augmented-and-virtual-reality-market.
This report provides an in-depth segmentation of the global augmented reality and virtual reality market based on organization size, application, industry vertical, and region. This report provides an analysis of each segment and sub-segment using tables and charts. This analysis helps investors, market players, and new entrants to determine which sub-segments they should leverage to achieve growth in the coming years.
Based on organization size, the large enterprise segment will account for the highest share in 2021, contributing nearly two-thirds of the total share, and is expected to maintain its leadership position during the forecast period. However, the SME segment is expected to exhibit the highest CAGR of 43.3% from 2022 to 2030.
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Based on application, the consumer segment is expected to hold the largest share in 2021, accounting for more than half of the market, and maintain its dominance in terms of revenue by 2031. However, the enterprise segment is estimated to witness the largest CAGR of 42.4% during the forecast period.
Based on industry verticals, the gaming segment is projected to dominate the market in 2021, accounting for nearly a quarter of the global augmented and virtual reality market, and to maintain its leading position throughout the forecast period. However, the retail segment is estimated to exhibit the highest CAGR of 44.4% during the forecast period.
Based on region, North America will hold the highest share in 2021, contributing nearly two-fifths of the total market share, and is projected to maintain its leadership position by 2031. The fastest CAGR for him of 43.9% during the forecast period. The study also analyzes regions such as Europe and his LAMEA.
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Key players in the global augmented and virtual reality industry analyzed in this study include Google Inc., Sony, Magic Leap, Inc., HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude. .
Covid-19 Scenario:
• The Covid-19 pandemic has favored market growth as most companies have introduced a work-from-home culture, leading to an increased shift towards adoption of AR and VR technologies.
• Digital transformation and Industry 4.0 are driving demand in the AR and VR market. Additionally, players are being forced to deploy multiple new agile approaches collectively to improve the consumer experience.
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