United States Augmented and Virtual Reality Market Report and Forecast 2024-2032

United States Augmented and Virtual Reality Market Outlook

The United States augmented and virtual reality market size reached a value of approximately USD 10.46 billion in 2023. The market is further expected to grow at a CAGR of 27.60% between 2024 and 2032, reaching a value of around USD 93.84 billion by 2032.

Key Trends in the Market

Augmented reality (AR) is a system that combines real and virtual environments, enabling real-time interaction, and accurate 3D representation of real and virtual elements. On the other hand, virtual reality (VR) uses computer technology to build an entirely simulated environment that provides consumers a realistic experience.

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• Increasing investments by tech giants in augmented and virtual reality technologies and rising adoption of AR and VR solutions in schools and colleges are expected to support the United States augmented and virtual reality market growth in the coming years.

• Rising applications of augmented and virtual reality in the healthcare sector, along with advanced devices for patient care management and medical training, are key trends driving the market growth. Augmented and virtual reality are increasingly being used for chronic pain management and mental health treatment.

• The growing use of smartphones and tablet computers is significantly boosting the augmented and virtual reality market expansion in the United States. Major companies across sectors such as architecture, interior design, e-commerce, and retail are quickly adopting tablet-and mobile-based AR and VR technologies.

Market Analysis

Based on technology, the United States augmented and virtual reality market is divided into augmented reality and virtual reality. Augmented reality is sub-divided by type into marker-based augmented reality and marker-less augmented reality while virtual reality is sub-divided by type into non-immersive systems and semi-immersive and fully immersive technology. On the basis of device type, the market is categorised into augmented reality devices and virtual reality devices. Augmented reality devices are further divided by type into head-mounted displays, head-up displays, and handheld devices whereas virtual reality devices are sub-divided by type into head-mounted displays, gesture-tracking devices, and projector and display walls.

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The market, based on enterprise size, is bifurcated into small and medium enterprises, and large enterprises. By application, the market is categorised into consumer and enterprises. On the basis of industry vertical, the market is segmented into gaming, entertainment and sports, aerospace and defence, healthcare, education, manufacturing, retail, and automotive, among others. The regional markets for augmented and virtual reality in the United States are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.

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 United States augmented and virtual reality market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Google LLC

• Apple Inc.

• Meta Platforms, Inc.

• Microsoft Corporation

• HTC Corporation

• OpenArc

• iTechArt Group,Inc.

• Intel Corporation

• Magic Leap, Inc.

• Sony Corporation

• Others

Market Share by Industry Vertical

The gaming segment witnessed significant growth in the United States augmented and virtual reality market, by industry vertical, supported by the expansion of the gaming industry and increase in number of gamers. Game creators can create more intricate and intriguing game worlds with AR and VR, giving players a more varied and engaging experience. The usage of AR and VR technologies also makes it possible for players to play games more conveniently and in different settings, thus increasing the demand for AR and VR in gaming.

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Competitive Landscape

Google LLC, founded in 1998 and headquartered in California in the United States, is an American global technology corporation. The focus of the company is on internet-related goods and services, such as online advertising technologies, cloud computing, software, and hardware.

Apple Inc., established in 1976 and based in California in the United States is an American multinational technology company. Well-known for its range of smartphones, tablets, and laptop computers, Apple creates, develops, and markets consumer goods, computer software, and internet services.

Other market players include Meta Platforms, Inc., Microsoft Corporation, HTC Corporation, OpenArc, iTechArt Group, Inc., Intel Corporation, Magic Leap, Inc., and Sony Corporation, among others.

Key Highlights of the Report