Augmented And Virtual Reality Market Growth & Trends
The global Augmented And Virtual Reality Market size is anticipated to reach USD 512.69 billion by 2027, growing at a CAGR of 52.1% over the forecast period as per the new research report published by UpGraph Research.
Augmented Reality and Virtual Reality are among the most trending technologies in the last few years. Although, augmented and virtual reality may sound similar, however, these both are completely different technologies operating in a different mode. The Augmented reality superimposes computer-generated three-dimensional images such as a digital live view for the user viewing on the real world. One of the most popular examples of this technology is the mobile game ‘Pokemon GO’. AR uses a smartphone/tablet camera sensors for analyzing the surface area around and then fixes the digital object on a particular axis for viewing. AR doesn’t require any headset for viewing the content, unlike Smart glasses or headsets.
The VR technology needs the development of a completely digital content suitable to be viewed using VR headsets, which is a device which wither comes with an inbuilt screen or needs a smartphone to be fitted into it for viewing the VR content. It gives a 360-degree view of the imaginary world for example- various games, or any kind of virtual space. In short, virtual reality replaces the original world.
AR and VR gaming is the most popular application segment, many top Chinese & Japanese mobile gaming companies are focusing on developing AR & VR based games, considering its high demand worldwide. Augmented reality is also finding many applications in the manufacturing sector, this technology is being used for training, maintenance & guidance. AR in healthcare is used for educational purposes to demonstrate various body parts, their functioning, and disease diagnosis. Similarly, VR in the tourism industry may help travelers to pre-experience various destinations in order to choose the best travel destination, promote tourism, and gain knowledge related to various places. E-commerce & retailing industry is also using AR for realtime clothes/glasses digital trials, choosing suitable furniture, wall colors, and many other applications.
Among augmented reality vs Virtual reality, the market is dominated by virtual reality technology as the demand for VR apps is increased due to the availability of numerous VR headsets in the market. AR technology is a new concept and it is still into the developmental stage considering complexity & resources required for AR apps development.
At present, North America holds the largest market share in augmented and virtual reality due to the growing investments in the technology. In the U.S. & Canada, retail enterprises are using devices for visual merchandise of their products.APAC region accounted for the second-largest market share due to the increasing adoption of technology in entertainment, media for video games, and augmented reality games.
Augmented And Virtual Reality Market Segmentation:
UpGraph Research has segmented the global Augmented And Virtual Reality Market based on type, end-user, and the region as mentioned below:
- Augmented and Virtual Reality Application Insights
- Augmented and Virtual Reality Organization Size Insights
- Large Enterprises
- Small- & Medium-sized Enterprises
- Augmented and Virtual Reality Industry Vertical Insights
- Entertainment & Media
- Aerospace & Defense
- Augmented and Virtual Reality Regional Insights
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- North America