Market Snapshot:
The augmented reality and virtual reality are creating a huge capacity of simulation surroundings especially for military and paramilitary areas by concurrently embracing technologies such as AI and Industry 4.0. It benefits across functions (such as manufacturing, supply chain, logistics, and procurement) and providing an entrancing way for training and optimizing operations. The market is seeing strong potential because of the rising number of AR/VR start-ups. The major funding is done by the developed regions such as the United States, Europe, Israel, and Canada.
Highlights from Augmented Reality and Virtual Reality Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Players profiled in the report are Google (United States), Microsoft (United States), Oculus VR (United States), Sony (Japan), Seiko Epson (Japan), Lenovo (China), Wikitude Gmbh (Austria), Vuzix (United States), Daqri Llc (United States) and Magic Leap, Inc. (United States). Additionally, other players that are part of this comprehensive study are Vuzix (United States), Daqri Llc (United States), Magic Leap, Inc. (United States), Zugara, Inc. (United States), Blippar (United Kingdom), Snoopstar (Germany) and Upskill (United States).
Geographic Breakdown and Segment Analysis
The Global Augmented Reality and Virtual Reality market presents a comprehensive analysis of the Augmented Reality and Virtual Reality market and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Augmented Reality and Virtual Reality industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Augmented Reality and Virtual Reality market
Analyst at AMA have segmented the market study of Global Augmented Reality and Virtual Reality market by Type, Application and Region.
Influencing Trend:
High adoption in defense and public sector, as AR is used majorly for computer vision technology in the military sector. Along with that rising investment in research and development innovative. With the high adoption of AR/VR from defense and Aerospace industry for the production of new materials such as electronic, warfare solutions, and others.
Market Growth Drivers:
Rising demand from the manufacturing industry. As the manufacturing industry is currently looking at a shift in operations. As with the rising importance of mass customization from the manufacturers is driving the market of virtual and augmented reality solutions. There is almost 70 percent of manufacturing companies are investing in technology initiatives into their manufacturing process.
Challenges:
Display Latency and Limited Field of View, Overcoming Social Challenges to Increase Adoption Rate and Reconfiguration of Applications for Different Platforms
Restraints:
Rising Concern Related With Security and Privacy Issues, Extreme Convention of Augmented Reality Can Suffer Health-Related Problems and Lack of Software Maturity
Opportunities:
Increasing Collaborations In Between Telecom Players and AR Providers
Market Developments Activities:
In Mar 2020, Alibaba announced the acquisition of Infinity Augmented reality, an Israeli start-up. This provides company enhancement in various industries such as retail, gaming, medical and others.
In Jan 2020, MasterCard revealed new augmented reality applications that help cardholders to explore their MasterCard. This application delivers a photorealistic AR experience to transport users for the 360-degree virtual environment. This solution delivers multi-sensory experiences for their consumer while shopping, transit, and others.
The market is fragmented by leading players who are majorly focusing on products and technologies, which helps improvement in increasing efficiency and product life. There are strong growth opportunities is captured by tracking the continuous improvement and financial flexibility to invest in future strategies.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Augmented Reality and Virtual Reality Service Providers, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries