The augmented reality market was valued at USD 4.21 Billion in 2017 and is expected to reach USD 60.55 Billion by 2023, growing at a CAGR of 40.29% during the forecast period. The virtual reality market was valued at USD 5.12 Billion in 2017 and is expected to reach USD 34.08 Billion by 2023, growing at a CAGR of 33.95% during the forecast period. The base year considered for this study is 2017, and the forecast period considered is between 2018 and 2023.
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According to the new research report on "Augmented Reality and Virtual Reality Market by Offering (Hardware & Software), Device Type (HMD, HUD, Handheld Device, Gesture Tracking), Application (Enterprise, Consumer, Commercial, Healthcare, Automotive), and Geography - Global Forecast to 2023", the augmented reality (AR) and virtual reality (VR) market, the AR market is expected to grow from USD 11.14 Billion in 2018 to USD 60.55 Billion by 2023, at a CAGR of 40.29% between 2018 and 2023, whereas the VR market is expected to grow from USD 7.90 Billion in 2018 to USD 34.08 Billion by 2023, at a CAGR of 33.95% between 2018 and 2023. The increasing demand for AR devices in healthcare, growing demand for AR in retail and e-commerce, and rising investment in the augmented reality market are the major drivers for the augmented reality market.
The high penetration of head-mounted displays in gaming and entertainment, huge investments in the VR market, advancement of technology and digitization, and availability of affordable VR devices are the major drivers of the VR market.
Browse 129 tables and 58 figures spread through 295 pages and in-depth TOC on "Augmented Reality and Virtual Reality Market - Global Forecast to 2023"
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Head-up displays to witness high growth in the AR market during the forecast period
Head-up displays (HUDs) for the augmentation of images are presently used in automotive, and aerospace & defense sectors for training purposes; the AR market for HUDs is still in the developing phase and is likely to commercialize in the near future. The AR HUDs are likely to be used mainly for navigation in airplanes and automotive.
The information such as the roadmap and the speed along with the other necessary details in the line of sight would be displayed at the windscreens and would help the driver to drive safely. The use of head-up displays for applications such as automotive, and aerospace & defense would help the market to grow at a higher rate.
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Consumer application to lead the augmented reality and virtual reality market
The consumer application has been studied on the basis of gaming, sports, and entertainment sections. The augmented reality market has witnessed a high growth and leads the market owing to its use in apps.
The AR gaming apps have seen widespread adoption in the last 2 years and are expected to be the major drivers for the growth of the augmented reality market. However, the consumer application leads the VR market due to the high demand for HMDs in gaming and entertainment.
APAC expected to hold a major share of the augmented reality and virtual reality market during the forecast period
APAC comprises China, Japan, India, South Korea, and Rest of APAC. Being an emerging economy, APAC is witnessing major changes in the adoption of new technologies and advancements.
Owing to a large number of display panel manufacturers in the region, APAC witnesses an increasing adoption of latest technologies. The rising investments in commercial and defense applications and its security applications would also boost the growth of the AR and VR market in this region.
Also, the growing healthcare and automotive market in Japan would drive the growth of AR technology.
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Major players in the augmented reality and virtual reality market are Sony (Japan), Oculus (US), Samsung (South Korea), Google (US), PTC (US), HTC (Taiwan), Microsoft (US), Wikitude (Austria), DAQRI (US), Zugara, (US), Blippar (UK), Osterhout Design Group (US), Magic Leap (US), Upskill (US), Continental (Germany), Visteon (US), Eon Reality (US), and Vuzix (US).
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