Global Augmented and Virtual Reality Market Report and Forecast 2024-2032

Global Augmented and Virtual Reality Market Outlook

The global augmented and virtual reality market size reached approximately USD 27.79 billion in 2023. The market is further projected to grow at a CAGR of 24.6% between 2024 and 2032, reaching a value of USD 201.13 billion by 2032.

Key Trends in the Market

Augmented reality is the technology that superimposes the computer-generated information on top of the real world. Virtual reality provides believable and real experiences in a virtual or synthetic manner. In virtual reality, the users are controlled by the system, whereas, in augmented reality the users control their presence in the real world.

• The augmented and virtual reality market growth is aided by the increased adoption by the healthcare sector due to the provision of enhanced patient experience, psychological treatment and relief, interactive patient information, and advanced risk assessment and diagnostics, among others.

• Rising utilisation by various e-commerce and online retail platforms to allow the customers to virtually try on products including jewellery, makeup, and clothes, among others is further boosting the market expansion. The provision of these technologies boosts consumer experience by allowing the customers to make an informed decision.

• The incorporation of augmented and virtual reality in manufacturing, aerospace and defence, and automotive sectors is increasing due to their ability to provide instructional training to defence personnels, mechanics, technicians, and pilots, among others by engaging them in a simulated environment.

Global Augmented and Virtual Reality Market Analysis

On the basis of technology, the market is bifurcated into augmented reality and virtual reality, with augmented reality sub-divided by type into market-based augmented reality and market-less augmented reality and virtual reality sub-divided by type into non-immersive systems and semi-immersive and fully immersive technology.

Based on device type, the market is categorised into augmented reality devices and virtual reality devices, with augmented reality devices sub-divided by type into head-mounted displays, head-up displays, and handheld devices and virtual reality devices sub-divided by type into head-mounted displays, gesture-tracking devices, and projector and display walls.

On the basis of enterprise size, the augmented and virtual reality market segmentation includes small and medium enterprises and large enterprises. Based on application, the market is classified into consumer and enterprises. On the basis of end use, the market is segregated into gaming, entertainment and sports, aerospace and defence, healthcare, education, manufacturing, retail, and automotive, among others. Based on region, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global augmented and virtual reality market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Google LLC 

• Microsoft Corporation 

• Apple Inc. 

• Meta Platforms, Inc. 

• Samsung Electronics Co., Ltd. 

• Lenovo Group Ltd.

• Seiko Epson Corporation

• HTC Corporation 

• Sony Corporation

• Magic Leap, Inc. 

• Other

Market Share by Technology

Virtual reality is expected to account for a significant augmented and virtual reality market share in the coming years. This growth can be attributed to the rising demand for virtual reality HMDs for industrial applications. The technology aids in reproduction of the architecture of the actual surroundings virtually, removing complexities in tasks. Additionally, utilisation of virtual reality in educational settings and classrooms aids educators in conducting motor and reasoning activities, supporting the market expansion.

Market Share by Region

The Asia Pacific is anticipated to witness significant growth over the forecast period owing to the expansion of the manufacturing, automotive, gaming, and retail sectors in the region. The prominent presence of low-cost hardware manufacturers and increased investments by the various key market players in the Asia Pacific are offering lucrative growth opportunities to the market. The increasing utilisation of virtual and augmented reality in factories due to the rising automation is boosting the augmented and virtual reality market demand.

Competitive Landscape

Google LLC, headquartered in California, United States, is a multinational company that is involved in augmented and virtual reality, artificial intelligence, online advertising, search engine technology, and quantum computing, among others.

Microsoft Corporation, founded in 1975 is a software development company that is based in Washington, United States. The company specialises in virtual and augmented reality, educational software, and artificial intelligence, among others.

Apple Inc. is known for manufacturing, designing, and marketing personal computers, wearables and accessories, and smartphones, among others. The company develops computers that feature innovative graphical user interface and is headquartered in California, United States.

Other augmented and virtual reality market key players include Meta Platforms, Inc., Samsung Electronics Co., Ltd., Lenovo Group Ltd., Seiko Epson Corporation, HTC Corporation, Sony Corporation, and Magic Leap, Inc., among others.

Key Highlights of the Report