NEW YORK, Dec. 14, 2021 /PRNewswire/ --
Augmented Reality (AR) and Virtual Reality (VR) Market Facts at a Glance-
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According to the recent market study by Technavio, the Augmented Reality and Virtual Reality Market Share in Information Technology Industry is expected to increase by USD 162.71 billion from 2020 to 2025, with an accelerated CAGR of 46%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
APAC will register the highest growth rate of 34% among the other regions. China and Japan are the key markets for the augmented reality (AR) and virtual reality (VR) market. Moreover, market growth in APAC will be faster than the growth of the market in other regions.
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Vendor Insights-
The augmented reality (AR) and virtual reality (VR) market is fragmented. Vendors are adopting organic and inorganic growth strategies to gain a competitive edge in the market. In September 2020, Facebook Inc. announced the opening of the new Facebook office in Lagos, Nigeria. The office is home to several teams across businesses, including sales, partnerships, policy, and communications.
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Regional Market Outlook
The augmented reality (AR) and virtual reality (VR) market share growth in APAC will be significant during the forecast period. China and Japan are the key markets for augmented reality and virtual reality in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Factors such as the presence of key vendors; the growing gaming industry in Asia, especially in Japan, China, and India; and rising investments in AR and VR technologies to expand their application in different fields will drive the augmented reality (AR) and virtual reality (VR) market growth in APAC over the forecast period.
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Latest Drivers & Trends Driving the Market-
A large number of customers are requesting VR solutions, whereas others are interested in VR and are seeking information about the same. Technological innovations will increase the demand for AR and VR applications during the forecast period, as these applications make the technologies more user-friendly. Wearable technology platforms are likely to enhance the utility of AR in everyday life. The growing application areas of AR and VR technology in different fields, such as education, medical, retail, and training, will further drive the growth of the global AR and VR market.
The rising number of partnerships and collaborations among vendors is likely to drive the growth of the global AR and VR market during the forecast period. Vendors are employing diverse business strategies, such as partnerships and collaborations, with end-users and other vendors. These strategies help them improve and upgrade their product portfolios and explore new application areas for their AR and VR software platforms. Such strategies are expected to drive the growth of the global AR and VR market during the forecast period.
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Here are Some Similar Topics-
Augmented Reality (AR) and Virtual Reality (VR) Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 46% |
Market growth 2021-2025 |
USD 162.71 billion |
Market structure |
Fragmented |
YoY growth (%) |
25.13 |
Regional analysis |
North America, APAC, Europe, MEA, and South America |
Performing market contribution |
APAC at 34% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alphabet Inc., Facebook Inc., HP Inc., HTC Corp., Magic Leap Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Snap Inc., Sony Corp., and Toshiba Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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. 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.
Contact:
Technavio Research
Jesse MaidaMedia & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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