Industry Background:
Virtual reality (VR)and augmented reality (AR)hold tremendous promise for the future of gaming,marketing,e-commerce,education,and other sectors.Augmented and virtual reality technologies can be used for collaborative seminars, meetings, public lectures, flight training, military training, training for nurses & medical professionals, and the self-learning process. Furthermore, to introduce enhanced products or solutions, key players are anticipated to emphasize product innovation through continuous investment in product development, which further results in the advancement of AR/VR technology.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Google (United States), Microsoft (United States), META (United States), SAMSUNG (South Korea), HTC Corporation (Taiwan), Apple Inc. (United States), PTC Inc. (United States), Seiko Epson Corporation (Japan), Lenovo (China), Wikitude, a Qualcomm company (Austria), EON Reality (United States), MAXST Co. Ltd. (South Korea) and Magic Leap, Inc. (United States) |
According to AMA, the market for Augmented and Virtual Reality- is expected to register a CAGR of 6.6% during the forecast period to 2030. This growth is primarily driven by Increased Demand for Augmented Reality in E-commerce and Retail Stores and Growing Demand for Augmented Reality Software in Consumer Electronics.
Globally, a noticeable market trend is evident Increasing Demand for Applications in Medical Sectors as well as the Automotive Sector Major Players, such as Google (United States), Microsoft (United States), META (United States), SAMSUNG (South Korea), HTC Corporation (Taiwan), Apple Inc. (United States), PTC Inc. (United States), Seiko Epson Corporation (Japan), Lenovo (China), Wikitude, a Qualcomm company (Austria), EON Reality (United States), MAXST Co. Ltd. (South Korea) and Magic Leap, Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The market is software witnessing a rise in competitiveness among the companies. In terms of market share, these major players currently dominate the market. However, with increasing innovations in technology, many of the companies are increasing their market presence by securing new contracts and by tapping new markets.
Key Developments in the Market:
In November 2022, Unity merged with iron Source to become the industry's leading end-to-end platform for mobile app creators. Through an innovative combination, Unity can support developers throughout the entire development lifecycle as they build, run, and grow immersive real-time games and 3D experiences into successful businesses. The depth and breadth of the company's tools and services are unmatched in the industry. The combined company is expected to generate high profitability and positive free cash flow.
In April 2019, Shutterstock recently entered the AR market. The ‘view room’ mode has been introduced by them to enhance the customer experience. The app will help to select any image featured on the Shutterstock platform and view it in a real-world location., and In May 2018, augmented reality software are soon hit the U.S Market for Car repair service, The Porsche introduced ‘Tech live Look’ through their exclusive dealer in North America. This technology will help to reduce the time by almost 40percent.
Influencing Trend:
Increasing Demand for Applications in Medical Sectors as well as the Automotive Sector
Market Growth Drivers:
Increased Demand for Augmented Reality in E-commerce and Retail Stores and Growing Demand for Augmented Reality Software in Consumer Electronics
Challenges:
Limited Processing Power and Inadequate Storage
Restraints:
Lack of Interaction with Physical Products
Opportunities:
Rising Demand for AR and VR in Architecture, Opportunities in Enterprise Application and High Growth of Travel & Tourism Industry
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Augmented and Virtual Reality- Market
- Analysis about New Entrants in Augmented and Virtual Reality- Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Augmented and Virtual Reality- Study Sheds Light on
The Augmented and Virtual Reality- Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Augmented and Virtual Reality- industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Augmented and Virtual Reality- industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.