52.37% CAGR Growth in Augmented Reality And Virtual Reality Market due to the increasing demand for AR and VR technology - Technavio

NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The global augmented reality and virtual reality market size is estimated to grow by USD 364.55 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 52.37% during the forecast period. Significant growth is driven by increasing customer adoption for professional and private use. Demand surged over the past decade, with users actively seeking VR solutions and exploring AR technology. Technological innovations, including wearable platforms and VR applications, enhance user experience, especially in the education, medical, retail, and training sectors, further propelling market expansion.

For more insights on the historic data (2017 to 2021) and forecast size (2023 to 2027) - Request a sample report

Technavio has segmented the market based on Technology (AR and VR), Application (Consumer and Enterprise), and Geography (North America, APAC, Europe, Middle East and Africa, and South America). 

• The Augmented Reality (AR) segment is poised for significant growth, driven by its extensive application across various fields. Manufacturers offer a range of hardware, such as headsets and smart glasses, further fueling demand. AR finds utility in enterprise, retail, healthcare, media, entertainment, and education, facilitating processes, training, advertising, and entertainment. Recent innovations like Google's AR in Search enhance user interaction, fostering AR adoption and segment growth in the forecast period.

By geography, the global augmented reality and virtual reality market is segmented into North America, APAC, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global augmented reality and virtual reality market. Insights on the contribution of various segments including country and region, historic (2017 to 2021) and forecast size (2023 to 2027) - Download a Sample Report

Growing funding in startup AR and VR companies from investors is an emerging trend fueling the growth. However, challenges such as the risks associated with AR and VR applications may hamper the growth.

Insights on Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Augmented Reality And Virtual Reality Market report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth of the Augmented Reality And Virtual Reality Market between 2023 and 2027
• Precise estimation of the Augmented Reality And Virtual Reality Market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Augmented Reality And Virtual Reality Market industry across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Augmented Reality And Virtual Reality vendors

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Applications include:

The Augmented Reality (AR) and Virtual Reality (VR) industry, including Mixed Reality (MR), is driven by immersive technologies such as Spatial Computing and Extended Reality (XR). Utilizing Head-Mounted Displays (HMD) and wearable tech, it spans various sectors like healthcare, gaming, education, marketing, and automotive applications, offering interactive experiences and innovative solutions for training, visualization, and entertainment.

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The VR gaming market size is estimated to grow at a CAGR of 28.39% between 2022 and 2027. The market size is forecast to increase by USD 17,853.41 million.

The military augmented reality (AR) headgear market size is estimated to grow at a CAGR of 8.08% between 2022 and 2027. The market size is forecast to increase by USD 945.24 million.

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SOURCE Technavio