Augmented Reality and Virtual Reality Market to Grow 69% of Massive CAGR and is expected to Influence USD 139343.56 Billion by Forecast 2029 – GlobeNewswire

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NEW YORK, Aug. 25, 2022 (GLOBE NEWSWIRE) — A Qualitative Research Study accomplished by Data Bridge Market research’s database of 350 pages, titled as “Global Augmented Reality and Virtual Reality Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. The credible Global Augmented Reality and Virtual Reality Market report offer actionable market insights with which businesses can make out sustainable and lucrative strategies. Not to mention, the report analyses the general market conditions such as product price, profit, capacity, production, supply, demand, and market growth rate which supports businesses on deciding upon several strategies. Porter’s Five Forces analysis has been performed while formulating this market document along with many other standard steps of researching, analyzing, and collecting data. Additionally, key players, major collaborations, mergers, acquisitions, trending innovation,s and business policies are also re-evaluated in the Augmented Reality and Virtual Reality Market report. It becomes easy to figure out brand awareness and insight about the brand and product among potential customers.
Data Bridge Market Research analyses that the augmented reality and virtual reality market was valued at USD 2,094.08 billion in 2021 and is expected to reach the value of USD 139343.56 billion by 2029, at a CAGR of 69.00% during the forecast period.
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Forecast Period – 2022 to 2029
Base Year – 2021
Historic Years – 2020 (Customizable to 2014 – 2019)
Industry Scenario:-
The augmented reality and virtual reality market dramatically expands the ways connected devices can help with everyday activities such as searching for information, shopping, and others, while virtual reality allows users to experience various outer world places from the comfort of their own homes. VR gaming creates a 3D environment for its users, allowing them to experience a game’s physical presence.
Virtual Reality technology provides almost real and/or believable experiences in a synthetic or virtual environment, whereas Augmented Reality enhances the real world by superimposing computer-generated information on top of it.
The industrial automation industry is expected to encourage augmented reality and virtual reality market to improve communication between self-monitoring devices, production machines, machine-to-machine communication (M2M), and the internet of things (IoT). The significant demand for AR/VR from manufacturing industries is expected to provide market participants with ample opportunities in the future.
Some of the major players operating in the Augmented Reality and Virtual Reality market are
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Recent Development
Key Questions Answered with this Study
Key Drivers
Growing demand for head-mounted displays (HMDs) in gaming and entertainment, adoption of augmented reality and virtual reality market for marketing strategies, and increasing demand for AR/VR in the retail and e-commerce industry are key factors positively impacting the AR/VR market growth. Furthermore, rising demand for augmented and virtual reality devices in the manufacturing and healthcare sectors and increased investments and funding by key market players to develop AR/VR solutions are propelling market growth.
In the healthcare industry, augmented reality plays a critical role. AR can be used to show a surgeon a virtual view of a patient’s body parts. This can assist the surgeon in performing minimally invasive surgeries. Augmented reality modelling and 3D visualisation are expected to benefit the healthcare sector. The use of augmented reality (AR) for improving fitness, teaching complex subjects to medical students, training doctors, managing pharmacies, and caring for and supporting patients after they leave the hospital is propelling the augmented reality and virtual reality market in this sector forward.
The high investment required for AR/VR development and SoC integration is a major factor impeding the growth of the augmented and virtual reality markets. In addition, issues with security compliance and rising cyber-attacks as a result of a lack of security standards are major factors challenging market dynamics. Furthermore, a lack of technical expertise, which results in data manipulation, spoofing, sniffing, cyber-attacks, and man-in-the-middle attacks, is expected to pose some challenges to market growth.
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Industry Segmentation:-
By Technology
By Offering
By Software
By Device type
By Vertical
Augmented Reality and Virtual Reality Market Regional Analysis/Insights
The augmented reality and virtual reality market is analysed and market size insights and trends are provided by country, technology, offering, device type, and vertical. as referenced above.
The countries covered in the augmented reality and virtual reality market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
North America dominates the augmented and virtual reality market due to demand from the gaming, entertainment & media, aerospace & defence, retail, and manufacturing industries. Furthermore, major players such as Google, Facebook, DAQRI, and others provide cutting-edge solutions in North America. Furthermore, businesses in this region have invested in augmented reality, virtual reality, and simulation. Asia-Pacific is expected to grow at the fastest rate during the forecast period. The adoption of AR and VR in this region has been fuelled by the introduction of 4G technology and high-speed communication and an increase in the number of smartphone users.
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Pipeline Analysis
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers And Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
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