AR and VR Market Research Report: By Type, Offering, Device Type, Application - Global Industry Analysis and Growth Forecast to 2030

AR and VR Market Research Report: By Type, Offering, Device Type, Application - Global Industry Analysis and Growth Forecast to 2030

  • September 2020 •
  • 313 pages •
  • Report ID: 5987956 •
  • Format: PDF
AR and VR Market Research Report: By Type (AR, VR), Offering (Hardware, Software), Device Type (AR Devices, VR Devices), Application (Consumer, Commercial, Enterprise) - Global Industry Analysis and Growth Forecast to 2030

The global augmented reality (AR) and virtual reality (VR) market is projected to account for a revenue of $1,274.4 billion in 2030, rising from $37.0 billion in 2019, progressing at a robust CAGR of 42.9% during the forecast period (2020–2030). The rising penetration of smartphones and tablet computers, increasing technology adoption among enterprises, and surging focus of vendors on price reduction are the key factors leading to the growth of the market. Between AR and VR, the VR division accounted for the major share of the market in 2019.
The application of VR is rising in several industries, majorly gaming, and the prices of VR are declining, thereby leading to the increasing adoption of the technology. VR provided an immersive experience to consumers, which is why, companies in the gaming industry are incorporating these features into their services and products. The AR category is predicted to grow at a faster pace during the forecast period, owing to the various benefits offered by the technology.
On the basis of application, the AR and VR market is divided into enterprise, commercial, and consumer, out of which, the consumer division is predicted to hold the major share of the market in 2030. The rising awareness regarding AR and VR is the major reason for the growth of this division. The number of gamers across the globe is expected to rise in the coming years, which is projected to drive the demand for immersive and interactive gaming.
Geographically, the AR and VR market was dominated by North America during the historical period (2014–2019) and is predicted to hold the major share of the market during the forecast period as well. Within the region, the U.S. is leading the domain, owing to the presence of major companies in the country. In addition to this, the rising application of VR and AR in the healthcare and e-commerce sectors is also driving the growth of the regional domain.
The surging adoption of these technologies among enterprises is a key driving factor of the AR and VR market. The enterprise sector is one of the major targets for players in the domain. The potential of AR and VR technologies is huge in enterprises, as all key device manufacturers, solution providers, and app developers are targeting the sector. In addition to this, a lot of Fortune 500 businesses have started experimenting with VR and AR technologies, and few of them have already initiated pilot projects.
The surging penetration of tablet computers and smartphones is also a key driving factor of the AR and VR market. Smartphones are being considered the major hardware interface for VR and AR applications. Moreover, the number of smartphones is further predicted to reach 3.5 billion by 2020, which is a growth of 9.3% from 2019. Owing to this, AR and VR enterprises are focusing on these devices for expanded their footing in the industry.
In conclusion, the market is expanding due to the increasing adoption of AR and VR technologies in enterprises and rising penetration of smartphones.