Global Augmented Reality (AR) and Virtual Reality (VR) Market is Forecast to Reach $94.4 Billion by 2023 - Soaring Demand for AR & VR in the Retail & E-Commerce Sectors

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Jul 31, 2018, 08:45 ET

DUBLIN, July 31, 2018 /PRNewswire/ --

The "Augmented Reality and Virtual Reality Market by Devices, by Component, by Application by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013 - 2023" report has been added to ResearchAndMarkets.com's offering.

Global augmented reality and virtual reality market is expected to reach $94.4 billion by 2023.

Increase in smartphone penetration, and advancement in internet connectivity and computer technology are the major factors driving the growth of the market.

On the basis of device type, the augmented reality and virtual reality market is categorized into AR devices and VR devices. Of the two, VR devices recorded larger share in the market, with a contribution of more than 60% in 2017. However, during the forecast period, the market for AR devices is expected to grow faster, witnessing a CAGR of 73.8%. The higher growth of this market is mainly attributed to the growing demand of the technologies from the tourism industry; for instance, the National Museum of Singapore uses AR devices to provide reality-enhanced tour of the museum, which has redefined the conventional museum experience for travelers.

On the basis component, the augmented reality and virtual reality market is categorized into hardware and software; between the two, the hardware category accounted for larger revenue in the market, valued at nearly 67% in 2017. However, the software component category is projected to witness higher growth during the forecast period.

On the basis of application, the augmented reality and virtual reality market is categorized into AR and VR applications. Consumer applications such as gaming, media, and entertainment, contributed over 30% of revenue in the market in 2017.

Market is expected to witness the fastest growth in Asia-Pacific (APAC)

During the forecast period, the augmented reality and virtual reality market in APAC is expected to witness a CAGR of 69%. Increase in investment in commercial and defense activities is expected to drive market growth in the region. AR applications are being developed which will provide map overlays of prominent landmarks for improving geographic awareness and enabling rescue teams with better navigation into difficult terrains. Similarly, the healthcare industry in the region is expected to be one of the most promising users of VR technologies and devices because of surging usage of VR in surgical training, live streaming of surgeries, patient monitoring, pain management.

Rising smartphone penetration is the key growth driver

AR and VR technologies are reaching out to the masses through different devices and platforms. Increasing penetration of smartphones and tablet computers among the consumers is providing a stable platform for augmented reality and virtual reality products. Additionally, smartphones can also be used as input devices for controlling the VR environment, especially for the virtual reality gaming applications. Hence, the increasing penetration of smartphones and tablet computers is leading to the growth of the augmented reality and virtual reality market.

Widespread potential for development of mixed reality offers immense growth opportunities in the augmented reality and virtual reality market

Mixed reality will be providing diversified opportunities to VR and AR manufacturers and content developers like interactive product content management by using 3D model of objects placed virtually in the real environment for users, for visualizing the real expected outcome and accordingly making changes in it. Simulation based learning allows interactive experiential learning under real environment. It offers connected enterprise solutions for completing a task where different team members can be networked in a shared virtual world, irrespective of their physical proximity in real world. This mixed reality is considered as the future of AR and VR technologies, allowing the manufacturers and content developers to expand to different domains which were earlier not possible with the use of any of these technologies individually.

Augmented reality and virtual reality market competitiveness

Technology giants are venturing into the augmented reality and virtual reality market through calculated strategic developments, such as the acquisition of Altspace VR, a social VR platform, by Microsoft; and Samsung electronics' acquisition of VRB, a startup involved in VR app development. Samsung, through innovation with Oculus VR, has also produced virtual reality devices for use, along with its top leading smartphones.

Some of the key players in the augmented reality and virtual reality market are Samsung Electronics Corporation Limited, Qualcomm Technologies Inc., Intel Corporation, Microsoft Corporation, Himax Technologies Inc., Seiko Epson Corporation, Sony Corporation, Google LLC, PTC Inc., and Vuzix Corporation.

Key Topics Covered

Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation By Component
1.3.2 Market Segmentation By Device Type
1.3.3 Market Segmentation By Application
1.3.4 Market Segmentation By Geography
1.3.5 Analysis Period
1.3.6 Market Data Reporting Unit
1.3.6.1 Value
1.4 Key Stakeholders

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown Of Primary Research Respondents
2.2.1.1 By Region
2.2.1.2 By Industry Participant
2.2.1.3 By Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions For The Study

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Definition Of Market Segments
4.1.1 By Device Type
4.1.1.1 Ar Devices
4.1.1.1.1 Hmds
4.1.1.1.2 Huds
4.1.1.2 Vr Devices
4.1.1.2.1 Hmds
4.1.1.2.2 Projection-Based Devices
4.1.1.2.3 Gesture Control Devices
4.1.2 By Component
4.1.2.1 Hardware
4.1.2.1.1 Sensors
4.1.2.1.2 Displays
4.1.2.1.3 3D Cameras
4.1.2.1.4 Semiconductor Components
4.1.2.2 Software
4.1.3 By Application
4.1.3.1 Ar Applications
4.1.3.1.1 Commercial
4.1.3.1.2 Consumer
4.1.3.1.3 Aerospace And Defense
4.1.3.1.4 Healthcare
4.1.3.1.5 Enterprise
4.1.3.1.6 Others
4.1.3.2 Vr Applications
4.1.3.2.1 Commercial
4.1.3.2.2 Consumer
4.1.3.2.3 Aerospace And Defense
4.1.3.2.4 Healthcare
4.1.3.2.5 Enterprise
4.1.3.2.6 Others
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Growing Focus Of Businesses On The Aesthetics Of Ar And Vr Devices
4.2.1.2 Increasing Investments By Tech Corporations And Venture Capitalists
4.2.1.3 Virtual Playground Applications
4.2.2 Drivers
4.2.2.1 Increasing Penetration Of Smartphones And Tablet Computers
4.2.2.2 Soaring Demand For Ar And Vr In The Retail And E-Commerce Sectors
4.2.2.3 Greater Demand From Enterprises
4.2.2.4 Rising Demand For Gesture And Haptic Control
4.2.2.5 Focus On Price Reduction By Vendors
4.2.2.6 Impact Analysis Of Drivers On Market Forecast
4.2.3 Restraints
4.2.3.1 Potential Health Risks
4.2.3.2 Technical Imperfections
4.2.3.3 Impact Analysis Of Restraints On Market Forecast
4.2.4 Opportunities
4.2.4.1 Technological Advancements
4.2.4.2 Integration Of Ar And Vr To Create Mixed Reality

Chapter 5. Global Market Size And Forecast
5.1 By Component
5.1.1 Ar Market, By Component
5.1.2 Vr Market, By Component
5.2 By Device Type
5.2.1 Ar Market, By Device Type
5.2.2 Vr Market, By Device Type
5.3 By Application
5.3.1 Ar Market, By Application
5.3.2 Vr Market, By Application
5.4 By Region

Chapter 6. North America Market Size And Forecast
6.1 By Component
6.1.1 Ar Market, By Component
6.1.2 Vr Market, By Component
6.2 By Device Type
6.2.1 Ar Market, By Device Type
6.2.2 Vr Market, By Device Type
6.3 By Application
6.3.1 Ar Market, By Application
6.3.2 Vr Market, By Application
6.4 By Country
6.4.1 Ar Market, By Country
6.4.2 Vr Market, By Country

Chapter 7. Europe Market Size And Forecast
7.1 By Component
7.1.1 Ar Market, By Component
7.1.2 Vr Market, By Component
7.2 By Device Type
7.2.1 Ar Market, By Device Type
7.2.2 Vr Market, By Device Type
7.3 By Application
7.3.1 Ar Market, By Application
7.3.2 Vr Market, By Application
7.4 By Country
7.4.1 Ar Market, By Country
7.4.2 Vr Market, By Country

Chapter 8. Apac Market Size And Forecast
8.1 By Component
8.1.1 Ar Market, By Component
8.1.2 Vr Market, By Component
8.2 By Device Type
8.2.1 Ar Market, By Device Type
8.2.2 Vr Market, By Device Type
8.3 By Application
8.3.1 Ar Market, By Application
8.3.2 Vr Market, By Application
8.4 By Country
8.4.1 Ar Market, By Country
8.4.2 Vr Market, By Country

Chapter 9. Row Market Size And Forecast
9.1 By Component
9.1.1 Ar Market, By Component
9.1.2 Vr Market, By Component
9.2 By Device Type
9.2.1 Ar Market, By Device Type
9.2.2 Vr Market, By Device Type
9.3 By Application
9.3.1 Ar Market, By Application
9.3.2 Vr Market, By Application
9.4 By Country
9.4.1 Ar Market, By Country
9.4.2 Vr Market, By Country

Chapter 10. Competitive Landscape
10.1 Market Competitiveness
10.1.1 Component Suppliers
10.1.2 Technology Suppliers
10.1.3 Device Suppliers
10.2 Product Benchmarking Of Key Players
10.3 Global Strategic Developments Of Key Players
10.3.1 Product Launches
10.3.2 Partnerships
10.3.3 Other Developments

Chapter 11. Company Profiles
11.1 Samsung Electronics Co. Ltd.
11.1.1 Business Overview
11.1.2 Product And Service Offerings
11.1.3 Key Financial Summary
11.2 Qualcomm Technologies Inc.
11.2.1 Business Overview
11.2.2 Product And Service Offerings
11.2.3 Key Financial Summary
11.3 Intel Corporation
11.3.1 Business Overview
11.3.2 Product And Service Offerings
11.3.3 Key Financial Summary
11.4 Microsoft Corporation
11.4.1 Business Overview
11.4.2 Product And Service Offerings
11.4.3 Key Financial Summary
11.5 Himax Technologies Inc.
11.5.1 Business Overview
11.5.2 Product And Service Offerings
11.5.3 Key Financial Summary
11.6 Seiko Epson Corporation
11.6.1 Business Overview
11.6.2 Product And Service Offerings
11.6.3 Key Financial Summary
11.7 Sony Corporation
11.7.1 Business Overview
11.7.2 Product And Service Offerings
11.7.3 Key Financial Summary
11.8 Google Llc
11.8.1 Business Overview
11.8.2 Product And Service Offerings
11.9 Ptc Inc.
11.9.1 Business Overview
11.9.2 Product And Service Offerings
11.9.3 Key Financial Summary
11.10 Vuzix Corporation
11.10.1 Business Overview
11.10.2 Product And Service Offerings
11.10.3 Key Financial Summary
11.11 North America-Based Players
11.11.1 Oculus Vr Llc
11.11.2 Osterhout Design Group (Odg) Inc.
11.11.3 Eon Reality
11.11.4 Magic Leap Inc.
11.11.5 Meta Company
11.11.6 Marxent Labs Llc
11.12 Europe-Based Players
11.12.1 Wikitude Gmbh
11.12.2 Blippar
11.12.3 Daqri Llc

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