New York, USA, July 22, 2021 (GLOBE NEWSWIRE) — Market overview:
According to a comprehensive research report from Market Research Future (MRFR), “Global AR and VR Market Information by Technology, by Component, by Device Type and Vertical: Forecast to 2027” the market will reach USD 766 billion by 2025 growing at a CAGR of 73.7%.

Market scope:
Augmented reality greatly expands the ways connected devices can help with daily activities such as searching for information, shopping, and more, while virtual reality allows users to experience different places in the outside world while sitting down. in the comfort of their own homes. Virtual reality games create a 3D environment for their users, allowing them to feel the physical presence in a game.

Augmented Reality and Virtual Reality Market, previously limited to simple gamification, is now adopted by medical professionals around the world for therapeutic interventions. VR/AR is also used to treat a variety of conditions, including anxiety and stress, Parkinson’s disease, and rehabilitation. Additionally, advances in augmented and virtual reality technologies have played a major role in keeping industrial operations competitive and effective.

Dominant key players in The AR and VR market is covered:

• blippar
• Google LLC
• Samsung Group
• EON Reality Inc
• Hewlett-Packard Company
• increased pixels inc.
• DAQRI LLC
• Terminal Eleven (SkyView)
• Wikitude GmbH
• awe.org Pty Ltd (buildar.com)
• limited zapper
• Vitalis Limited
• facebook inc
• magic jump inc
• HTC Corporation
• Microsoft Corporation
• PTC inc.
• sony corporation
• Visteon Corporation

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Exclusively Covered USP Market:
AR and VR Market Drivers
The demand for head-mounted displays (HMDs) in gaming and entertainment, the adoption of augmented and virtual reality for marketing strategies, and the demand for AR/VR in the retail and e-commerce industry are key factors positively influencing AR /VR. market development. Additionally, growing demand for virtual and augmented reality devices in the manufacturing and healthcare sectors, as well as increased investment and funding by major market players to create AR/VR solutions, are driving growth. From the market.

Industrial automation (industry 4.0/5.0) is expected to foster the use of AR/VR to improve connectivity between self-monitoring devices, production machines, machine-to-machine (M2M) communication, and the Internet of Things (IoT). Substantial demand for AR/VR from manufacturing industries is expected to provide market participants with a multitude of opportunities in the future.

Additionally, strong demand from the healthcare and automotive industries due to automation is expected to drive the growth of the AR and VR market. In addition, the need to create common spaces during the COVID 19-led steps of self-isolation and social distancing will require the use of AR/VR tools when collaborating for work or play.

Augmented reality and virtual reality have gained popularity in recent years. Increased use of these capabilities in corporate communications and historical gaming achievements would fuel the AR/VR market.

However, the high investment required for AR/VR SoC development and integration is a major factor impeding the growth of the virtual and augmented reality markets. Additionally, issues with security compliance and the rise of cyber attacks as a result of lack of security standards are major factors challenging market dynamics. In addition, the lack of technical expertise, resulting in data manipulation, phishing, tracking, cyberattacks, and man-in-the-middle attacks, is expected to pose some challenges for market development.

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Market segmentation:
The AR/VR market has been segmented into technology, component, device type, and vertical.

By technology, the global AR/VR market has been segmented into augmented reality and virtual reality.

By component, the global AR/VR market has been segmented into hardware, software, and solutions.

By device type, the global AR/VR market has been segmented into augmented reality devices and virtual reality devices.

By vertical, the global AR/VR market has been segmented into Consumer Electronics, Healthcare, Retail, Travel & Tourism, Media & Entertainment, Aerospace & Defense, IT & Telecom, Automotive, BFSI, Manufacturing, Education, and Real Estate. .

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Regional Analysis:
By regions, the global augmented reality and virtual reality market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America currently leads the global augmented reality and virtual reality industry and is expected to do so during the evaluation period. The presence of a number of key players, such as Google, Microsoft and Facebook Inc, and the growing industrial sector drive the growth of the AR/VR market.

Furthermore, technical advances and the proliferation of connected devices would increase the size of the augmented reality market by 2025. The United States is the largest virtual reality and augmented reality market in the region, with an estimated valuation of US$307.91 billion to 2025 and a CAGR of 78.3% over the forecast period.

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Industry News:
Jan 22, 2021 – Marxent, a global pioneer in 3D commerce for the home vertical, announced the completion of Series C funding. The funds will be used to drive strategic value creation opportunities such as international expansion and development. of new products.

January 21, 2021 – NeXR Technologies SE announced a collaboration with H&Mbeyond to develop innovations for stationary retail, such as virtual fitting solutions and digital fitting rooms, which enable customers to try on individual exact-fit looks digitally, instantly and easily .

January 15, 2021 – NexTech AR Solutions Corp. (Canada), a leading provider of virtual experience (VTX) and augmented reality (AR) technologies and services for 3D advertisements, education, e-commerce, conferences and events, has announced the signing a six-month renewal agreement with Poly, with the possibility of additional revenue after six months.

Jan 05, 2021 – NexTech introduced Genie in a Bottle, the innovative human hologram AR marketing platform and latest e-commerce stores for its TruLyfe brand of human supplements. The company also declared its services segment expansion in the Asia Pacific market after establishing a presence in Singapore.

Impact of COVID-19 on Global Augmented Reality and Virtual Reality Market:
COVID 19 has accelerated digitization and given a much-needed boost to technology adoption around the world. The lockdowns caused by the coronavirus forced people to look for new solutions for daily needs, from food delivery to medical and educational needs. The current coronavirus outbreak has served as a launching pad for the popularization of augmented and virtual reality (AR/VR).

These technologies are useful in a number of industries, including healthcare, education, tourism, retail, and others. After lockdown restrictions are lifted, the behavioral changes brought about by the pandemic will continue for much longer, if not forever. People will remain socially distant despite being virtually close due to AR/VR technology and extended reality. AR/VR platforms would help businesses function and grow regardless of the challenges posed by social distancing.

Additionally, more and more people would be working from remote locations and smartphones with better internet connectivity, making it possible for the masses to work online. Innovative market players have begun to aggressively pursue expanding virtual and augmented reality application areas. As a result, the augmented reality and virtual reality industries are anticipated to receive a considerable boost, allowing them to gain significant traction and investment.

About the future of market research:
Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis on diverse markets and consumers around the world. Market Research Future has the distinguished goal of providing top quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, helping to answer your most important questions. questions.

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