Download Sample, Gaming and Retail Industry Experiencing Growth due to AR/VR Technology
Rise in digitization and the large number of people getting more involved in online activities, businesses are seeking additional ways to leverage their digital presence. So, technology development and digitalization are the main reasons behind the adaptation of the latest technologies in sectors such as manufacturing, healthcare, retail, and others. In order to increase a competitive edge, businesses and enterprises have been able to decrease manufacturing costs. Augmented reality and virtual reality technology have transformed the gaming organization in the world. According to research, AR/VR is projected to create revenue of US$ 72.8 billion in 2024, and 80% of the revenue is generated by the gaming industry.
AR/VR is an opportunity for retail as its adoption in the segment benefits to enhance customer experience, for instance, customers can now try a product before purchasing them. Retailers such as Myntra, IKEA, and Lenskart offer AR-based services, which enable shoppers to make informed choices without even visiting the stores. Due to the growing number of smartphone users, AR/VR technology is gaining popularity. The introduction of entry-level VR headsets in the market has boosted the AR/VR market across the globe.
AR/VR is an opportunity for retail as its adoption in the segment benefits to enhance customer experience, for instance, customers can now try a product before purchasing them. Retailers such as Myntra, IKEA, and Lenskart offer AR-based services, which enable shoppers to make informed choices without even visiting the stores. Due to the growing number of smartphone users, AR/VR technology is gaining popularity. The introduction of entry-level VR headsets in the market has boosted the AR/VR market across the globe.
Advancements in AR/VR Technology Attracting Significant Investments in the Market
Advancements in AR hardware and software are playing an important role in attracting investment. The AR/VR technology market can be helpful for investment and finance activity. This phenomenon can be attributed to a combination of factors that are driving investor confidence in the potential of AR technology and its diverse applications. One of the main reasons for rising investment in the AR market is the growing recognition of AR’s transformative impact across various industries. Investors are strongly aware of the potential for AR to enhance user experience, advance business operations, and unlock new revenue streams. This enthusiasm drives a strong interest in investment in AR/VR-based businesses and start-ups.
A key factor in the enterprise industry’s growth in the AR market will be significant expenditures made by the companies in smart manufacturing. Businesses with industries spread throughout the country can adopt AR and with few engineers to oversee a huge setup. It would be possible to handle companies more successfully through remote cooperation by engaging AR technology to remotely handle tools and other systems. The technology of virtual reality may be used to monitor a factory’s workflow, ensuring the work is completed on time and the product is created. The manager can use virtual reality to secure the safety of employees by tracking their whereabouts and receiving alerts for hazardous areas.
A key factor in the enterprise industry’s growth in the AR market will be significant expenditures made by the companies in smart manufacturing. Businesses with industries spread throughout the country can adopt AR and with few engineers to oversee a huge setup. It would be possible to handle companies more successfully through remote cooperation by engaging AR technology to remotely handle tools and other systems. The technology of virtual reality may be used to monitor a factory’s workflow, ensuring the work is completed on time and the product is created. The manager can use virtual reality to secure the safety of employees by tracking their whereabouts and receiving alerts for hazardous areas.
Recent Trends in the Augmented Reality and Virtual Reality Industry
- Augmented reality is advancing using artificial intelligence to interpret sensor data.
- Mobile or smartphone augmented reality or virtual reality is rising from gaming tools to business tools.
- Virtual environment meetings are gaining popularity with advanced technology.
- Mixed reality where AR and VR will be joined together to create the digital world with the real world.
- With the help of AR/VR technology virtual wearable market will increase.
Explore Our Breakthrough Market Segmentation and Personalize it to Meet Your Business Needs…!
Data Privacy and Security can Hamper the AR/VR Market Growth
The pervasiveness of augmented reality-related illnesses is increasing as a result of gamer’s extreme utilization of AR/VR and the formation of new gaming tools and technologies. Due to attractive and addictive AR games, they may result in difficulties including eye strain, weight gain, anxiety, and lack of attention. However, the technology's immersive environment and prolonged utilization of the AR/VR headset may cause worry or tension. Consumers of AR technology may become stressed and ill as a result of the harmful electromagnetic radiation they are exposed to. These problems related to health issues of the consumers of AR/VR-related technology can hinder market growth.
The advancements in augmented reality and virtual reality technology increase apprehensions about data privacy and projection. AR/VR technologies involve the draping of huge digital information into the real world, which can create many options for data collection and transfer. As there are digital advancements around the world, there is an increased potential for capturing personal information, such as profiles of individuals, images, and even choice or behavioral patterns. This information can be utilized to make profiles of people and raise questions about individual privacy. AR/VR applications and tools can involuntarily capture personal data, potentially infringing on user privacy. These concerns of data privacy and security can slow down the market growth of AR/VR technology.
The advancements in augmented reality and virtual reality technology increase apprehensions about data privacy and projection. AR/VR technologies involve the draping of huge digital information into the real world, which can create many options for data collection and transfer. As there are digital advancements around the world, there is an increased potential for capturing personal information, such as profiles of individuals, images, and even choice or behavioral patterns. This information can be utilized to make profiles of people and raise questions about individual privacy. AR/VR applications and tools can involuntarily capture personal data, potentially infringing on user privacy. These concerns of data privacy and security can slow down the market growth of AR/VR technology.
Novel Technologies in Gaming and AR/VR Headsets Stimulating the AR/VR Market Growth
The gaming industry is experiencing a rise in demand for immersive experiences driven by Augmented reality and virtual reality technology. For instance, in June 2023,’ DPVR’ a prominent VR device company, and ‘Clique Games joined services in a stimulating partnership to improve the virtual reality gaming experience. Together, they aim to bring new and innovative gaming content to enthusiasts across the globe. The growing demand drives the development of innovative AR/VR content and tools as businesses strive to meet the evolving potentials of their clients. Lenovo declared in May 2023, that its new ‘ThinkReality’ VRX all-in-one VR headset is now available for buying in selected markets across the globe.
The latest advancements in technology for augmented reality and virtual reality have led to advances in the expansion of headsets in augmented and virtual reality technology. For instance, in August 2023, Sony Semiconductor Solutions released a large-size, high-definition 1.3-type 4K OLED micro-display that reproduces realistic spaces enhancing the experiential value of AR/VR head-mounted displays. AR headsets can used in industry maintenance, medical care, and navigation, whereas VR headsets can used in gaming,
metaverse, and various business uses across the globe. Moreover, in May 2023, Himax Technologies Inc. unveiled a color-sequential front-litCoS for advanced AR glasses.
Sony Semiconductor Solutions Corporation, Samsung Electronics Co., Ltd., Meta, HTC Corporation, Apple Inc., PTC Inc., Seiko Epson Corporation, Lenovo., Qualcomm Technologies, Inc., EON Reality Corporate Group, MAXST Co., Ltd. Are some key players in the market.
The latest advancements in technology for augmented reality and virtual reality have led to advances in the expansion of headsets in augmented and virtual reality technology. For instance, in August 2023, Sony Semiconductor Solutions released a large-size, high-definition 1.3-type 4K OLED micro-display that reproduces realistic spaces enhancing the experiential value of AR/VR head-mounted displays. AR headsets can used in industry maintenance, medical care, and navigation, whereas VR headsets can used in gaming,
metaverse, and various business uses across the globe. Moreover, in May 2023, Himax Technologies Inc. unveiled a color-sequential front-litCoS for advanced AR glasses.
Sony Semiconductor Solutions Corporation, Samsung Electronics Co., Ltd., Meta, HTC Corporation, Apple Inc., PTC Inc., Seiko Epson Corporation, Lenovo., Qualcomm Technologies, Inc., EON Reality Corporate Group, MAXST Co., Ltd. Are some key players in the market.
Searching for a Country or Region Specific Report?
Unlock industry complexities with reports crafted for selected countries and regions at Reduced Cost
North America Dominates the AR/VR Market due to its Integration in Cutting-Edge Display Device Technology
North America is known for its technological advancements and development stands first for the cutting-edge display device technologies. The extensive adaptation of AR tools among enterprise users to upgrade efficiency and accuracy played an essential role in driving AR/VR market growth in the North American region. In countries like the United States, Canada, and Mexico the integration of AR technology into consumer electronics fuels the market expansion. However, in sectors like consumer goods, commercial industries, healthcare, and aerospace and defense services AR technology is employed. Major players like Google, Meta, and DAQRI offer innovative technologies to drive the AR/VR market in North America.
The Asia-Pacific is expected to experience a huge increase in the augmented reality and virtual reality market fuelled by several factors. With a large customer base and a booming tech ecosystem, the APAC region presents immense potential for the expansion and innovation of AR and VR solutions in various industries. The development of various start-ups within China has positioned the country as a foremost player in the augmented and virtual reality market. With a huge customer base eager to explore novel technologies, expos, and conferences are anticipated to be the main reason for the growth of the augmented and virtual reality market in China.
The Asia-Pacific is expected to experience a huge increase in the augmented reality and virtual reality market fuelled by several factors. With a large customer base and a booming tech ecosystem, the APAC region presents immense potential for the expansion and innovation of AR and VR solutions in various industries. The development of various start-ups within China has positioned the country as a foremost player in the augmented and virtual reality market. With a huge customer base eager to explore novel technologies, expos, and conferences are anticipated to be the main reason for the growth of the augmented and virtual reality market in China.
The report provides a detailed overview of the augmented reality and virtual reality market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, the Middle East, and Africa. The country-specific assessment for the augmented reality and virtual reality market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the augmented reality and virtual reality market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the augmented reality and virtual reality market. Some key countries and regions included in the augmented reality and virtual reality market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Sweden, Norway, Denmark, Finland, Ireland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Turkey, Egypt, Morocco, Israel, Kenya, Rest of MEA |
Augmented Reality and Virtual Reality Market Research Report Covers In-depth Analysis on:
- Augmented reality and virtual reality market detailed segments and segment-wise market breakdown
- Augmented reality and virtual reality market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in augmented reality and virtual reality industry)
- Current, historical, and forthcoming 10 years market valuation in terms of augmented reality and virtual reality market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Augmented reality and virtual reality market demand analysis
- Augmented reality and virtual reality market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the augmented reality and virtual reality market
- Regulatory landscape by key regions and key countries
- Augmented reality and virtual reality market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on augmented reality and virtual reality market forecast by countries
- Mergers and acquisitions in the augmented reality and virtual reality market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key drivers for the growth of the AR and VR market?
The demand for immersive experiences, advancements in hardware and software technologies, and increasing applications in sectors like gaming, healthcare, and education are driving the AR and VR market.
What challenges are faced in the adoption of AR and VR technologies?
High hardware costs, the need for specialized content, and the complexity of integrating AR and VR into existing systems are some of the challenges hindering widespread adoption.
What are the major trends in the augmented reality and virtual reality market?
Trends include the rise of mobile AR applications, the integration of AI for more interactive experiences, and the growth of AR in e-commerce, allowing virtual try-ons and product visualizations.
