AR and VR Market to surge $364.55 billion between 2022-2027, fueled by rising demand for immersive technology, reports Technavio

    NEW YORK, NY, December 18, 2023 /24-7PressRelease/ -- Explore the full potential of the Augmented Reality and Virtual Reality (AR/VR) Market with Technavio's latest report, predicting a rapid surge in growth. Projections indicate a substantial market size increase by USD 364.55 billion, boasting a remarkable CAGR of nearly 52.37% throughout the forecast period. Notably, the Asia-Pacific (APAC) region is anticipated to witness a robust 35% growth from 2022 to 2027. Secure your copy of the complete report now.

The global AR/VR market is experiencing exponential growth, driven by the escalating demand for AR and VR technology. Consumer and professional adoption of VR and AR over the past decade has been remarkable. This trend manifests in an increasing number of consumers actively seeking VR solutions or expressing interest in VR technology. Technological advancements are pivotal in meeting this demand, rendering AR and VR applications more user-friendly. Wearable technologies like Google's Project Glass and the evolution of Android AR applications are enhancing practicality, particularly in shopping experiences. Download our sample report for an in-depth exploration.

Technavio spotlights key trends in the Augmented Reality and Virtual Reality Market:

Surging investor funding in startup AR and VR companies propels market growth.
Diverse vendor attention stimulates augmented funding across enterprises, healthcare, and marketing sectors.
Emphasis on display medium manufacturers and AR application developers as focal points.
Noteworthy instances, such as Magic Leap Inc. securing substantial investments, drive innovation and market expansion for AR and VR.
Our report extensively covers market segmentation by application (consumer and enterprise), technology (AR and VR), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The forecast period predicts a significant surge in market share for the AR segment, driven by its extensive applications across various fields. Companies are actively producing AR hardware like headsets, smart glasses, and lenses. AR's rising popularity spans industries such as enterprise, retail, healthcare, media, entertainment, and education. AR is employed for streamlining processes, training, troubleshooting, advertising, marketing, and entertainment, contributing to the segment's growth.

Key players like Lenovo Group Ltd., Samsung Electronics Co. Ltd., and Alphabet Inc. are pivotal in the Augmented Reality and Virtual Reality Market. For detailed insights into these companies and their offerings, download our sample report.

Technavio's analysis foresees significant growth in the AR and VR market, driven by escalating demand, technological advancements, expanding application areas, and substantial investments. Effectively addressing security and privacy concerns will be imperative for sustained market expansion. To gain comprehensive understanding and detailed insights, download the sample report now.

Related Reports:

AR VR Smart Glasses Market: The augmented reality (AR) and virtual reality (VR) smart glasses market is estimated to grow at a CAGR of 13.8% between 2022 and 2027. The size of the market is forecast to increase by USD 7,297.59 million.

Virtual Reality (VR) Market: The Virtual Reality (VR) Market size is estimated to grow at a CAGR of 60.65% between 2022 and 2027. The size of the market is forecast to increase by USD 181,340.96 million.

Table of Contents:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by Technology
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

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