AR and VR Market poised to surge, projecting a $364.55 billion increase between 2022-2027, fueled by rising technology demand - Technavio

    NEW YORK, NY, December 15, 2023 /24-7PressRelease/ -- Explore the latest Technavio report, "Augmented Reality and Virtual Reality Market." forecasting rapid growth in the coming years. The market is poised to surge by USD 364.55 billion, with a remarkable CAGR of approximately 52.37% throughout the forecast period. The APAC region is anticipated to experience a substantial 35% growth from 2022 to 2027. Acquire the full report for comprehensive insights.

The global AR and VR market is witnessing a surge in demand driven by the escalating interest in augmented reality (AR) and virtual reality (VR) technology. Over the last decade, consumers have increasingly embraced VR and AR for both personal and professional applications, fueling a rising trend in seeking VR solutions. Technological advancements are set to play a pivotal role in meeting this demand, making AR and VR applications more user-friendly. Wearable technologies, such as Google's Project Glass, and the development of Android AR applications are enhancing practicality, especially in shopping experiences. Download a sample report here.

Technavio emphasizes key trends in the Augmented Reality and Virtual Reality Market:

Increased investor funding in startup AR and VR companies propels market growth.
Diverse vendor attention leads to augmented funding across enterprises, healthcare, and marketing sectors.
Focus areas include display medium manufacturers and AR application developers.
Notable examples, like Magic Leap Inc., receiving substantial investments, drive innovation and market expansion.
This report comprehensively covers market segmentation by application (consumer and enterprise), technology (AR and VR), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

Expect a significant increase in market share for the AR segment during the forecast period, driven by its extensive applications across various fields. Multiple companies are manufacturing AR hardware, including headsets, smart glasses, and lenses. The growing popularity of AR spans industries such as enterprise, retail, healthcare, media, entertainment, and education. Industries are leveraging AR for streamlining processes, training, troubleshooting, advertising, marketing, and entertainment. The rising adoption of AR across different sectors is anticipated to propel the growth of the AR segment. Major players like Lenovo Group Ltd., Samsung Electronics Co. Ltd., and Alphabet Inc. are shaping the Augmented Reality and Virtual Reality Market. For more information on companies or their offerings, download the sample report.

According to Technavio's analysis, the AR and VR market are poised for significant growth, driven by increasing demand, technological advancements, expanding application areas, and substantial investments. Addressing challenges related to security and privacy concerns will be crucial for sustained market expansion. For a comprehensive understanding and detailed insights, download the sample report here.

Related Reports:

AR VR Smart Glasses Market: The augmented reality (AR) and virtual reality (VR) smart glasses market is estimated to grow at a CAGR of 13.8% between 2022 and 2027. The size of the market is forecast to increase by USD 7,297.59 million.

Virtual Reality (VR) Market: The Virtual Reality (VR) Market size is estimated to grow at a CAGR of 60.65% between 2022 and 2027. The size of the market is forecast to increase by USD 181,340.96 million.

Table of Contents:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by Technology
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
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Email: [email protected]
Website: www.technavio.com/

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