Augmented Reality and Virtual Reality Market Was Estimated to Grow to $140.1 Billion by 2026

Augmented Reality and Virtual Reality Market

(I-SoftwareNews.Com, September 28, 2021 ) The Augmented Reality and Virtual Reality Market was estimated to grow to $140.1 billion by 2026, growing at a CAGR of 38.4% from 2021 to 2026. The market is driven by the increasing popularity of Augmented & Virtual Reality Devices due to better user engagement with a high recall rate. The commerce industry saw a huge change when e-commerce concept gained mass adoption. Prominent companies such as Walmart, Blockbuster suffered when people began purchasing products online, and players such as Amazon, eBay and Netflix gathered the majority of market share. Owing to such demand, augmented reality market and virtual reality market are gaining traction. AR and VR tools inhibits the confinement of human physical possibilities and relishes one’s quest for all sorts of endeavors. Augmented reality market and virtual reality market growth is not only fueled by entertainment content but also expands to healthcare, aviation, and defense sectors in particular. The rising dependence on Head Mounted Displays and Gesture Tracking devices for virtual reality games applications is set to drive the market growth.

AR and VR Market Segment Analysis - By Device Type

In Device Type Segment, Video Walls stood as the fastest growing subset with an estimated CAGR of 35% during the forecast period. MAR (Mobile Augmented Reality) is expected to account for more than 52% of AR Application Market by 2026. Microsoft is now selling development versions of its mixed-reality visor called the HoloLens and Magic leap which is a new start up based in Florida has also come up with smart glasses technology, a pair of transparent glasses, which are capable of sending the user into a mixed reality world. Augmented reality in combination with virtual reality is going to be a next big thing in APAC tourism industry. Country like China is investing a huge amount of money in their tourist industry by developing various novel technologies to stand out and attract tourists. Mixed reality in the form of head mounted displays is used in industrial & construction applications, predominantly for quality control in production and holographic non-destructive testing, which is a form of fracture testing.

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AR and VR Market Segment Analysis - By End Use Industry

Engineers can use AR headsets for on job improvisation centered to the fact that the human mind processes technical information more efficiently presented in a 3D format faster than having to translate it from a 2D perspective. VR is becoming an integral backbone of numerous drill programs for future accident and emergency doctors, aiding for better preparation of practitioners for surgery using VR systems, before having to commence actual patients. A classic business application example of AR headsets can be derived from the manufacturing process of Boeing, 78-7 Freighter. Google Glass is being employed by aircraft engineers during wire assembly process to visualize the information right before their eyes, with video and voice instructions, for efficient and faster operations. Amazon, uses AR technology to allow customers to project versions of furniture and electronics into their households to help analyze physicality. Aerospace and military training is well optimized with the application of augmented and virtual reality devices to create real-life situations for trainees and also to keep a detailed tracked of their performance. AR and VR device’s convergence with IoT can transform the situations to be more genuine and apt for effective learning.

AR and VR Market Segment Analysis - By Geography

Being one of the most advanced settlement in terms of cutting-edge technology being implied in all its industrial operations, North America is reckoned to be dominating the global augmented reality market and virtual reality market demand. This region, housing some of the pioneering players such as Google Inc., Microsoft Corporation, and Facebook, is responsible for a substantial 34% of the global demand as of 2020. Such dominance can be attributed to its existing healthcare, aerospace, defense, and retail management sector already equipped with sound technologies compatible for the adoption of augmented and virtual reality gears such as smart glasses and virtual retinal display.

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AR and VR Market Drivers

Rising Investment from Market Leaders

The market for AR and VR is rising due to increased investment from market leading players. Facebook integrating augmented reality ads into its application: Facebook will be providing users an augmented reality experience via advertisements in the application. Users of the application may view fashion goods such as eye glasses and shoes, and try them on virtually.

IKEA introduced an AR app named Place, which enables Apple users to set IKEA furniture in their apartments and preview an interior before buying products. Thanks to this solution potential customers can choose furniture easier.. eBay collaborated with local firm to open virtual stores in Australia. eBay was one of the first movers in the market, when the industry began developing applications for this technology. Amazon is also offering VR experiences in select cities. Amazon is trialling VR with a view to boost their Prime Day sales. Another e-commerce giant, eBay did the same in 2016 in Australia. We can expect these big players raise the awareness of the technology through such events before potential app launches thus driving market awareness and thereby the market.

Rising Focus on Improving Customer Experience

Augmented Reality & Virtual Reality is a perfect mix of technologies to engage a customer. A memorable happy experience often leads to a satisfied customer. AR/VR technologies are likely to give an enriching experience to the customer which increases the chances of customer satisfaction significantly. As this technology is meant to make it easy and memorable for customers and it is likely to have an upper hand in leading to satisfied customers for companies as well. Customer engagement and Interactivity is not only required after onboarding the customer but is important to aware and attract as well. These AR/VR technologies can extensively be used as marketing tools to spread awareness about a product. This enhanced customer experience offered through AR and VR solutions will drive market growth.

AR and VR Market Challenges

Lack of Awareness of AR Content

The biggest challenge with AR is the lack of awareness of AR content from consumers. AR and VR content can come in many forms, and this could be a cause for confusion. There’s still not much clarity over whether consumers are aware these tools are available to them, or if they realize they’re engaging with AR or VR when they use them. In a recent research study conducted by GWI in the UK and U.S., we found that over 90% of consumers in these markets are aware of VR, with around 65% saying they’re aware of AR. Awareness of AR hovers between the 70-75% mark among the 16-44 age group, but drops dramatically among 45-54s (56%) and 55-64s (44%). By gender, males (71%) display a notably higher level of awareness of AR compared to women (59%). This has resulted in limited focus on the AR market especially for applications outside gaming.

AR and VR Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the AR and VR market in Commerce. Key Companies operating in the market include Amazon, Ikea, Facebook, Sephora, BMW, Harley Davidson, Sotheby and various other companies.

Acquisitions/Technology Launches/Partnerships

In April 2021, Inpixon announced the acquisition of a suite of augmented reality (AR), computer vision, localization, navigation, mapping, and 3D reconstruction technologies, including patents, trademarks, software and related intellectual property from Visualix.

In April 2021, Facebook announced it has acquired Downpour Interactive, the studio behind the hit multiplayer military simulator Onward.

Key Takeaways

One of the major driver is the rise in adoption of smartphones. Hence, Mixed Reality devices incorporated/enabled with smartphones offering plug and play features would cause a paradigm shift to the mixed reality devices market. For instance, Lenovo has developed a new smartphone “Phab 2 Pro” enabled with Google Tango which offers mixed-reality features to an extent.

Both Augmented Reality and Virtual Reality technically elaborates the scope of E-Commerce and took the interaction to a whole new level altogether.

As per IndustryARC research, more than 60% of online shoppers prefer to purchase items that offer Augmented Reality on websites in one way or the other. It’s inarguable fact that both Augmented Reality and Virtual Reality has increased user interaction for many companies and helped them to upsurge their user base.

Related Reports:

A. Augmented & Virtual Reality Content & Application Market

https://www.industryarc.com/Report/17013/augmented-virtual-reality-content-application-market.html

B. 3D Gesture Recognition Technology Market

https://www.industryarc.com/Report/19061/3d-gesture-recognition-technology-market

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Augmented Reality and Virtual Reality Market Was Estimated to Grow to $140.1 Billion by 2026