Augmented and Virtual Reality Market

Augmented and Virtual Reality Market Size, Share & Industry Growth Analysis Report by Enterprise (Small, Medium, Large), Technology ( AR and VR), Offering (Hardware, Software), Device Type (AR, VR Devices), Application (AR Application, VR Application) and Region - Global Forecast to 2028

Report Code: SE 2288 Oct, 2023, by marketsandmarkets.com

The Augmented Reality Market Size is expected to reach USD 71.2 billion by 2028 from 25.1 billion in 2023, at a CAGR of 23.2% during the 2023- 2028 period. The Virtual Reality Market size is expected to reach USD 29.6 billion by 2028 from 12.9 billion in 2023, at a CAGR of 18.0% during the 2023- 2028 period. Augmented Reality (AR) and Virtual Reality (VR) are immersive technologies that redefine the way we interact with the digital and physical worlds.

Augmented Reality (AR) enriches our real-world environment by overlaying digital content, such as 3D models, text, or animations, onto our view of the physical world. AR can be experienced through various devices, including smartphones, smart glasses, or heads-up displays. These digital elements are contextually integrated with the real world, enhancing our perception and providing information, entertainment, or utility. For example, AR can be used for navigation by superimposing directional arrows onto the streets seen through a smartphone camera, or it can bring print advertisements to life by animating images when viewed through an AR app.

On the other hand, Virtual Reality (VR) immerses users in entirely computer-generated environments, cutting them off from the real world. This is typically achieved through specialized VR headsets that feature high-resolution displays, motion tracking sensors, and often, hand controllers. When wearing a VR headset, users are transported to simulated worlds where they can interact with the surroundings, objects, and other users. VR is widely used in gaming, simulations, education, and training scenarios, as it offers an unparalleled level of immersion and presence, enabling users to feel as though they are physically present in the virtual environment.

Augmented & Virtual Reality Market

Augmented & Virtual Reality Market

Augmented and Virtual Reality (AR VR) Market Forecast to 2028

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Augmented Reality (AR) Market Dynamics

Driver: Increasing capital infusion in the augmented reality (AR) market

The Augmented Reality (AR) and Virtual Reality (VR) market is experiencing a notable surge in investment activity, with financial resources flowing into this sector at an accelerating pace. This phenomenon can be attributed to a combination of factors that are driving investor confidence in the potential of AR technology and its diverse applications. One of the primary catalysts for the rising investment in the AR market is the growing recognition of AR's transformative impact across various industries. From entertainment and gaming to healthcare and education, AR is reshaping how people interact with digital content and their surroundings. Investors are keenly aware of the potential for AR to enhance user experiences, improve business operations, and unlock new revenue streams. This optimism fuels a strong appetite for investment in AR-focused companies and startups.

Advancements in AR hardware and software are playing a pivotal role in attracting investment. As AR technology becomes more sophisticated, reliable, and accessible, its applications become broader and more compelling. Investors see the potential for AR to become an integral part of everyday life, ranging from consumer devices like smartphones and smart glasses to industrial tools that optimize workflows and enhance productivity.

The adoption of AR by industry leaders and trendsetters also contributes to the investment surge. As prominent companies integrate AR solutions into their business models, it sends a signal to investors that AR is not just a novelty but a strategic imperative. This validation encourages more investment, as stakeholders anticipate a growing market demand driven by both consumer enthusiasm and corporate adoption.

Additionally, the ongoing pursuit of innovation and the creation of novel AR applications play a role in attracting investors. Entrepreneurs and researchers are consistently pushing the boundaries of AR, finding new ways to merge digital and physical worlds. This pipeline of innovative ideas creates a sense of excitement among investors, who are eager to support ventures that can disrupt existing industries and shape the future of technology.

As the AR market continues to evolve, investors are positioning themselves to capitalize on its potential growth. The diverse range of industries that can benefit from AR, coupled with the technology's expanding capabilities, creates a compelling investment landscape. The increasing investment in the AR market not only supports the development of new technologies but also underscores the industry's broader impact on economies, societies, and the ways people interact with information and their environment.

Restraint: Privacy and security concerns related to AR

The rapid evolution of Augmented Reality (AR) technology has ushered in a wave of innovative applications and experiences, enriching how we interact with the digital and physical realms. However, amid this exciting progress, a critical concern that has emerged is the potential security and privacy issues associated with AR.

AR often involves the overlaying of digital information onto the real world, which can create new avenues for data collection and sharing. As digital elements become intertwined with our physical surroundings, there's an increased potential for capturing personal information, such as location data, images, and even behavioral patterns. This data can be used to create detailed profiles of individuals, raising questions about how this information is collected, stored, and potentially exploited.

One significant restraint arises from the inadvertent collection of sensitive information. AR devices and applications can unintentionally capture personal data, potentially infringing on user privacy. For instance, location-based AR experiences might inadvertently record users' real-world movements and locations without their explicit consent.

Opportunity: Crafting dynamic consumer experiences and immersive campaigns

The realm of advertising and marketing is undergoing a profound transformation through the innovative integration of Augmented Reality (AR). Brands are recognizing the immense potential of AR as a means to captivate audiences and establish a lasting connection. By harnessing AR technology, brands can transcend traditional advertising boundaries, creating campaigns that are not only engaging but also unforgettable. Interactive advertisements come to life as users interact with virtual elements overlaid with their real-world surroundings. Product demonstrations take on new dimensions as AR allows consumers to visualize products in their own spaces before purchase, demystifying the shopping experience. Personalization reaches unprecedented levels as AR tailors content to individual preferences and contexts, forging deeper emotional connections with consumers.

These AR-powered initiatives not only elevate brand awareness but also immerse consumers in the brand narrative, transforming them into active participants rather than passive observers. The adoption of AR in advertising heralds an era where consumer engagement becomes a multi-sensory, participatory journey, redefining how brands connect with their target audience in a technologically enriched world.

Innovative augmented reality presents an opportunity to create dynamic and immersive consumer experiences that engage and captivate audiences in ways that traditional marketing methods cannot. Marketing the product and improving the consumer experience with AR is a major opportunity trend for market growth.

Challenge: High demand for robust network infrastructure

The underpinning network infrastructure emerges as a pivotal factor determining the quality and viability of user experiences. With the rise of cloud-based AR applications, the demand for a robust and low-latency network connection becomes paramount. This infrastructure serves as the conduit that facilitates the real-time transmission of data, bridging the virtual and physical worlds seamlessly. However, the challenge lies in the inherent vulnerability of AR experiences to slow or unstable internet connections. The repercussions are stark: such conditions can inflict lag, interrupt interactions, and fragment the otherwise harmonious integration of digital content into the physical environment.

For AR applications that rely on cloud computing, the need for a steady and swift network connection is even more pronounced. Data-intensive processes, such as rendering complex 3D models or accessing real-time contextual information, require an efficient network backbone to maintain the illusion of immediate interaction. Slow data transfer rates or fluctuations in connectivity can disrupt the flow of information, leading to latency and a disjointed AR encounter.

To address this challenge, the collaboration between telecommunication companies, network providers, and AR developers becomes crucial. The establishment of advanced 5G networks, known for their low latency and high data transfer speeds, can substantially enhance AR experiences. Similarly, optimizing network stability through strategies like load balancing and improved coverage in densely populated areas can alleviate the disruptions caused by network fluctuations.

Virtual Reality (VR) Market Dynamics

Augmented & Virtual Reality Market by Ecosystem

Head-up displays of the AR market are expected to grow at the highest CAGR during the forecast period.

An Augmented Reality (AR) Head-Up Display (HUD) is a technology that projects digital information, graphics, or visual cues onto a transparent surface, typically a windshield or a specialized screen, in a way that allows users to view this augmented content without looking away from their primary field of view, which is typically the road in the context of automotive HUDs. In the automotive industry, AR HUDs are commonly used to provide drivers with important information like speed, navigation directions, and safety alerts, overlaying this information onto the windshield so that it appears as if it is floating in the driver's line of sight. AR HUDs aim to enhance situational awareness and reduce distractions, making them a valuable safety feature in modern vehicles. These displays use optical components and sometimes sensors to align and adjust the digital content with the real-world view, allowing users to access crucial data without taking their eyes off the road.

Gesture-tracking devices in the VR market are expected to grow at the highest CAGR during the forecast period.

Gesture-tracking devices are specialized hardware components or systems that enable users to interact with virtual environments using hand and body movements. These devices capture and interpret the gestures and motions made by the user and translate them into commands or interactions within a virtual reality (VR) or augmented reality (AR) setting. Common examples of VR gesture-tracking devices include hand controllers, gloves with built-in sensors, depth-sensing cameras, and wearable sensors. These devices allow users to manipulate objects, navigate virtual spaces, and engage with digital content in a more intuitive and immersive manner, as they can mimic natural human movements.

Gesture-tracking devices indeed play a crucial role in healthcare and gaming applications. In healthcare, they are used for rehabilitation and physical therapy by monitoring patients' movements and providing real-time feedback, improving the effectiveness of treatments. Additionally, gesture tracking enables touchless and precise control in medical simulations and surgical training. In gaming, gesture-tracking devices have revolutionized the industry by offering gamers a more immersive and interactive experience. Players can use their natural movements to control characters, objects, or actions within the game, making gaming more physically engaging and enjoyable. The intuitive nature of gesture controls has opened up new possibilities for gameplay, making it a central feature in many VR and AR gaming applications.

North America currently holds the highest market share of augmented (AR) and virtual reality (VR) markets and is expected to grow at the second-highest CAGR in the forecast period from 2023- 2028.

The North American AR and VR market is divided into three distinct countries: the United States, Canada, and Mexico. North America, renowned for its technological advancement and development, stands as the forefront market for cutting-edge display device technologies.

In 2022, North America took the lead as the largest market for AR, securing a significant market share. The widespread acceptance of AR devices among enterprise users to enhance productivity and accuracy played a pivotal role in fueling AR market growth in North America. Furthermore, the integration of AR technology into consumer electronics drives its expansion. Various sectors, including aerospace & defense, healthcare, consumer goods, and commercial industries, employ AR technology for diverse purposes, including education and training. Additionally, numerous global companies specializing in AR devices and solutions, such as PTC Inc., Magic Leap, Microsoft, and Google, have established their presence in the United States. These factors collectively position North America as the dominant player in the global AR market.

In 2022, North America also took the lead globally in terms of the size and revenue generated from VR applications. The VR market is anticipated to witness substantial growth in the coming years in this region. VR's extensive usage across various sectors, particularly in consumer electronics, propels the VR market's expansion. Sectors like aerospace & defense, healthcare, consumer goods, and commercial industries are increasingly adopting VR technologies for further advancements. The United States boasts numerous global players offering VR products and solutions, solidifying North America's prominence in the global VR market. While Asia Pacific is expected to have a slightly higher growth rate than North America for the VR market during the forecast period, North America is poised for robust growth in enterprise applications due to the enthusiastic adoption of new technologies by enterprises.

Notably, North America also leads in private equity investments, with over 95% of total investments in the AR & VR market concentrated in this region. Magic Leap (US) has emerged as a key beneficiary in this market, attracting substantial investments from companies like Google (US).

The increased utilization of AR & VR technologies for applications such as tourism, e-commerce, and training has played a significant role in driving the VR market within the North American region.

China is expected to grow at the highest CAGR in the Asia Pacific region for augmented and virtual reality (AR and VR).

China stands as one of the world's rapidly growing economies, with APAC taking the lead in the consumer electronics industry. The emergence of numerous startups within China has positioned the nation as a major player in the AR & VR market. Retail sales of goods exhibited consistent growth in 2019, a trend expected to persist throughout the forecast period. Landmark Entertainment Group's (US) VR and AR theme park in China offers a diverse range of attractions, including a digital art gallery, interactive museum, virtual zoo and aquarium, immersive movie theater, and themed experiences. With a substantial consumer base eager to explore emerging technologies, expos and conferences are anticipated to catalyze the growth of the AR & VR market in the country. Creative agencies and media firms are increasingly leveraging AR and VR technologies for branding and marketing campaigns, further propelling the market's expansion in China.

The nation is poised to lead APAC in the adoption of mobile-based AR and VR devices, driven by its vast mobile user base and high population density, with the widespread mobile internet population serving as a pivotal growth driver. Moreover, video and gaming content companies are anticipated to play a significant role in driving the AR & VR market in China. The country also maintains a strong position in patent activity within the AR & VR sector, exemplified by Samsung's patent filings with China's National Intellectual Property Administration (CNIPA) in January 2020, showcasing innovative designs for PC VR headsets.

In November 2023, China released the country’s first national-level policy document for the development of technologies related to the metaverse, including virtual reality (VR), augmented reality (AR), and mixed reality (MR). The Ministry of Industry and Information Technology (MIIT), in collaboration with four other government departments, unveiled the Virtual Reality and Industry Application Integration Development Action Plan (2022-2026) on November 2, 2022.

This action plan outlines a comprehensive range of policies aimed at advancing China's metaverse, defining essential objectives and tasks through the year 2026. While not explicitly naming the "metaverse," the Action Plan focuses on advancing the foundational technology that underpins the metaverse. This includes various sub-domains of VR, AR, and MR, along with critical hardware, supply chain development, and the establishment of governmental standards and regulations.

China is expected to be the fastest-growing market in the Asia Pacific region for the augmented reality market.

Augmented & Virtual Reality Market by Region

Augmented & Virtual Reality Market by Region

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Top AR and VR Companies -
Key Market Players

The major players in the Augmented Reality (AR) and Virtual Reality (VR) Companies with a significant global presence include Google (US), Microsoft (US), Sony Group Corporation (Japan), META (US), SAMSUNG (South Korea), HTC Corporation (Taiwan), Apple Inc. (US), PTC Inc. (US), Seiko Epson Corporation (Japan), Lenovo (China), Wikitude, a Qualcomm company (Austria), EON Reality (US), MAXST Co., Ltd. (South Korea), Magic Leap, Inc. (US),  Blippar Group Limited(UK),  Atheer, Inc (US), Vuzix (US), CyberGlove Systems Inc. (US), Leap Motions (Ultraleap) (US), Penumbra, Inc. (US), Nintendo (Japan), PSICO SMART APPS, S.L. (Spain), Xiaomi (China), Panasonic Corporation (Japan), Scope AR (US), Continental AG (Germany), Virtually Live (Switzerland),  SpaceVR Inc (US), Intel Corporation (US), 3D Cloud by Marxent (US), WayRay AG (Switzerland), Craftars (Romania),  Talespin Reality Labs, Inc. (US), BidOn Games Studio (Ukraine), appentus technologies (India), ByteDance (China), and DPVR (China).

AR and VR Market Report Scope

Report Metric

Details

Estimated Market Size

25.1 billion

Projected Market Size

71.2 billion

Growth Rate

23.2%

Market size available for years

2019–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD Million/Billion), Volume (Million Units)

Segments Covered

By Enterprise, by Technology, by Offering, by Device Type, by Application, by Region

Geographies covered

North America, Europe, Asia Pacific, and RoW

Companies covered

The major players in the augmented and virtual reality market are Google (US), Microsoft (US), Sony Group Corporation (Japan), META (US), SAMSUNG (South Korea), HTC Corporation (Taiwan), Apple Inc. (US), PTC Inc. (US), Seiko Epson Corporation (Japan), Lenovo (China), Wikitude, a Qualcomm company (Austria), EON Reality (US), MAXST Co., Ltd. (South Korea), Magic Leap, Inc. (US),  Blippar Group Limited(UK),  Atheer, Inc (US), Vuzix (US), CyberGlove Systems Inc. (US), Leap Motions (Ultraleap) (US), Penumbra, Inc. (US)

Augmented & Virtual Reality Market Highlights

The study segments the augmented and virtual reality market based on enterprise, technology, offering, device type, application, region.

Segment

Subsegment

By Enterprise

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

By Technology

  • Augmented Reality Technology
  • Virtual Reality Technology

By Offering

  • Hardware
    • Sensors
    • Semiconductor Components
    • Displays & Projectors
    • Position Tracker
    • Cameras
    • Others
  • Software

By Device Type

  • Augmented Reality Devices
    • Head-Mounted Displays
    • Head-Up Displays
  • Virtual Reality Devices
    • Head-Mounted Displays
    • Gesture Tracking Devices
    • Projectors & Display Walls

By Application

  • Augmented Reality Application
    • Consumer
    • Commercial
    • Enterprise
    • Healthcare
    • Aerospace & Defense
    • Energy
    • Automotive
    • Others
  • Virtual Reality Application
    • Consumer
    • Commercial
    • Enterprise
    • Healthcare
    • Aerospace & Defense
    • Others
  • Indoor Farms
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World

Recent Developments

  • In July 2023, Google and Taito are collaborating to create Space Invaders, an immersive AR game in which you may protect the Earth from your neighborhood. The game is driven by our ARCore and Geospatial APIs, which design entertaining levels in the real world with AR and on the screen solely with 3D using the player's immediate surroundings as well as adjacent buildings, landscapes, and other architectural aspects.
  • In June 2023, Apple introduced the Apple Vision Pro, an innovative spatial computer that effortlessly merges digital content with the real world, enabling users to remain engaged and connected with others. Vision Pro establishes an expansive platform for applications that extends beyond the limitations of a conventional screen, introducing a completely three-dimensional user interface driven by the most instinctive and natural inputs available — a user's gaze, gestures, and voice.
  • In June 2023, PTC and Rockwell Automation extended their collaboration, with a particular emphasis on encouraging manufacturing companies to embrace the Internet of Things (IoT) and augmented reality (AR) software. Rockwell Automation will persist in offering PTC's ThingWorx IoT software and Vuforia AR software to both current and prospective customers in the discrete and process manufacturing sectors.
  • In May 2023, Lenovo introduced the ThinkReality™ VRX, an all-in-one virtual reality (VR) headset designed specifically for business purposes. Exclusively targeted at enterprises, the Lenovo ThinkReality VRX is tailored to serve as the ideal VR solution for professionals across various fields. Whether it's enhancing employee training effectiveness, fostering virtual teamwork, or broadening the scope of 3D design and engineering tasks, XR technologies are increasing significance for businesses, empowering workers to achieve more.
  • In May 2023, Google released new ARCore Geospatial tools, such as Streetscape Geometry API, Geospatial Depth API, and Scene Semantics API, to assist users in creating innovative, world-scale immersive experiences.
  • In February 2023, These are virtual reality glasses that were released in 2023. They have the highest pixel density display among commercial OLED panels. PlayStation VR2 can be used with the PlayStation 5 console.

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 37)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE 
           1.3.1 MARKETS COVERED
                    FIGURE 1 AUGMENTED REALITY: MARKET SEGMENTATION
                    FIGURE 2 VIRTUAL REALITY: MARKET SEGMENTATION
           1.3.2 REGIONAL SCOPE
                    FIGURE 3 AUGMENTED REALITY AND VIRTUAL REALITY MARKET: REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 UNITS CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES 
           1.8.1 RECESSION IMPACT
 
2 RESEARCH METHODOLOGY (Page No. - 43)
    2.1 RESEARCH DATA 
           FIGURE 4 AUGMENTED REALITY MARKET: RESEARCH DESIGN
           FIGURE 5 VIRTUAL REALITY MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
                    2.1.1.2 Key secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Key participants in primary interviews
                    2.1.2.3 Breakdown of primary interviews
                    2.1.2.4 Key industry insights
           2.1.3 SECONDARY AND PRIMARY RESEARCH
    2.2 MARKET SIZE ESTIMATION 
           FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE): REVENUE GENERATED BY KEY EQUIPMENT MANUFACTURERS IN AUGMENTED REALITY AND VIRTUAL REALITY MARKET
           FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE): ILLUSTRATION OF REVENUE ESTIMATION OF KEY MANUFACTURERS IN AUGMENTED REALITY AND VIRTUAL REALITY MARKET
           FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 (DEMAND SIDE) —BOTTOM-UP ESTIMATION OF AUGMENTED REALITY MARKET BASED ON REGION
           FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 3 (DEMAND SIDE) —BOTTOM-UP ESTIMATION OF VIRTUAL REALITY MARKET BASED ON REGION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach to derive market size using bottom-up analysis
                               FIGURE 10 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to derive market size using top-down analysis
                               FIGURE 11 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 MARKET SHARE ESTIMATION 
    2.4 DATA TRIANGULATION 
           FIGURE 12 DATA TRIANGULATION
    2.5 RISK ASSESSMENT 
           TABLE 1 RISK FACTOR ANALYSIS
    2.6 RECESSION IMPACT 
    2.7 RESEARCH ASSUMPTIONS AND LIMITATIONS 
           2.7.1 ASSUMPTIONS
           2.7.2 LIMITATIONS
 
3 EXECUTIVE SUMMARY (Page No. - 58)
    3.1 IMPACT OF RECESSION 
           FIGURE 13 AUGMENTED REALITY MARKET: IMPACT OF RECESSION
           FIGURE 14 VIRTUAL REALITY MARKET: IMPACT OF RECESSION
           FIGURE 15 SOFTWARE OFFERINGS TO ACCOUNT FOR LARGER SHARE OF AUGMENTED REALITY MARKET IN 2028
           FIGURE 16 CONSUMER APPLICATIONS TO ACCOUNT FOR LARGEST SHARE OF AUGMENTED REALITY MARKET IN 2028
           FIGURE 17 HEAD-MOUNTED DISPLAYS TO ACCOUNT FOR LARGEST SHARE OF VIRTUAL REALITY MARKET IN 2028
           FIGURE 18 SEMI-IMMERSIVE AND FULLY IMMERSIVE TECHNOLOGIES TO DOMINATE VIRTUAL REALITY MARKET IN 2028
           FIGURE 19 AUGMENTED REALITY MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING THE FORECAST PERIOD
 
4 PREMIUM INSIGHTS (Page No. - 64)
    4.1 ATTRACTIVE OPPORTUNITIES IN AUGMENTED REALITY MARKET 
           FIGURE 20 GROWING DEMAND FOR AUGMENTED REALITY IN HEALTHCARE AND ENTERPRISE APPLICATIONS TO DRIVE MARKET
    4.2 ATTRACTIVE OPPORTUNITIES IN VIRTUAL REALITY MARKET 
           FIGURE 21 INCREASING USE OF VIRTUAL REALITY IN CONSUMER APPLICATIONS TO DRIVE MARKET
    4.3 AUGMENTED REALITY MARKET, BY DEVICE TYPE 
           FIGURE 22 HEAD-MOUNTED DISPLAYS TO CAPTURE LARGER SHARE OF AUGMENTED REALITY MARKET IN 2028
    4.4 AUGMENTED REALITY MARKET, BY HARDWARE COMPONENT 
           FIGURE 23 DISPLAY & PROJECTORS TO WITNESS HIGHER CAGR IN AUGMENTED REALITY MARKET, BY HARDWARE COMPONENT IN 2028
    4.5 AUGMENTED REALITY MARKET, BY REGION 
           FIGURE 24 CHINA TO RECORD HIGHEST CAGR IN AUGMENTED REALITY MARKET FROM 2023 TO 2028
    4.6 VIRTUAL REALITY MARKET, BY OFFERING 
           FIGURE 25 SOFTWARE OFFERINGS TO ACCOUNT FOR LARGER SHARE OF VIRTUAL REALITY MARKET IN 2028
    4.7 VIRTUAL REALITY MARKET, BY APPLICATION 
           FIGURE 26 CONSUMER APPLICATIONS TO ACCOUNT FOR LARGEST SHARE OF VIRTUAL REALITY MARKET IN 2028
    4.8 VIRTUAL REALITY MARKET, BY HARDWARE COMPONENT 
           FIGURE 27 DISPLAY & PROJECTORS TO ACCOUNT FOR LARGEST VIRTUAL REALITY MARKET SHARE, BY HARDWARE COMPONENT IN 2028
    4.9 VIRTUAL REALITY MARKET, BY REGION 
           FIGURE 28 CHINA TO EXHIBIT HIGHEST CAGR IN VIRTUAL REALITY MARKET DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 69)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS: AUGMENTED REALITY MARKET 
           FIGURE 29 AUGMENTED REALITY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Increased use of AR devices in healthcare applications
                    5.2.1.2 High adoption of AR technology in retail and e-commerce applications
                    5.2.1.3 Amplifying capital investments to maximize AR technology potential
                    5.2.1.4 Remarkable adoption of AR technology in gaming and entertainment
                    5.2.1.5 Expanding AR developer ecosystem
                               FIGURE 30 AUGMENTED REALITY MARKET DRIVERS: IMPACT ANALYSIS
           5.2.2 RESTRAINTS
                    5.2.2.1 Privacy and security concerns related to AR
                    5.2.2.2 Social isolation implications of excessive AR engagement
                               FIGURE 31 AUGMENTED REALITY MARKET RESTRAINTS: IMPACT ANALYSIS
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing use of AR technology in architecture
                    5.2.3.2 Significant use of AR technology by travel and tourism companies to enhance customer engagement
                    5.2.3.3 Growing utilization of AR technology in advertising industry to create/improve brand awareness
                               FIGURE 32 AUGMENTED REALITY MARKET OPPORTUNITIES: IMPACT ANALYSIS
           5.2.4 CHALLENGES
                    5.2.4.1 Latency in display and restricted field of vision
                    5.2.4.2 Delivering AR solutions coherent with diverse platforms having unique attributes
                               FIGURE 33 AUGMENTED REALITY MARKET CHALLENGES: IMPACT ANALYSIS
    5.3 MARKET DYNAMICS: VIRTUAL REALITY MARKET 
           FIGURE 34 VIRTUAL REALITY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.3.1 DRIVERS
                    5.3.1.1 Increased investments in virtual reality market
                    5.3.1.2 Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors
                    5.3.1.3 Availability of budget-friendly virtual reality equipment
                    5.3.1.4 Significant adoption of HMDs across various sectors
                    5.3.1.5 Growing trend of remote working
                    5.3.1.6 Emergence of virtual classrooms offering immersive and engaging learning experiences
                               FIGURE 35 VIRTUAL REALITY MARKET DRIVERS: IMPACT ANALYSIS
           5.3.2 RESTRAINTS
                    5.3.2.1 Latency issues and high energy consumption
                    5.3.2.2 Trade restrictions between US and China
                               FIGURE 36 VIRTUAL REALITY MARKET RESTRAINTS: IMPACT ANALYSIS
           5.3.3 OPPORTUNITIES
                    5.3.3.1 Emerging applications of VR in telemedicine
                               FIGURE 37 VIRTUAL REALITY MARKET OPPORTUNITIES: IMPACT ANALYSIS
           5.3.4 CHALLENGES
                    5.3.4.1 Creating VR systems with user-friendly interface
                    5.3.4.2 Addressing technological hurdles to enable users to fully connect to virtual environment
                               FIGURE 38 VIRTUAL REALITY MARKET CHALLENGES: IMPACT ANALYSIS
    5.4 SUPPLY CHAIN ANALYSIS 
           FIGURE 39 SUPPLY CHAIN ANALYSIS: AUGMENTED REALITY AND VIRTUAL REALITY MARKET
           5.4.1 R&D ENGINEERS
           5.4.2 PRODUCT MANUFACTURERS
           5.4.3 SYSTEM INTEGRATORS
           5.4.4 MARKETING AND SALES TEAMS
           5.4.5 END-USER INDUSTRIES
    5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 40 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
    5.6 ECOSYSTEM MAPPING 
           TABLE 2 AUGMENTED REALITY AND VIRTUAL REALITY MARKET: ECOSYSTEM MAPPING
           FIGURE 41 KEY PLAYERS IN AUGMENTED REALITY AND VIRTUAL REALITY MARKET
    5.7 TECHNOLOGY ANALYSIS 
           5.7.1 AR SMART GLASSES
           5.7.2 AR-POWERED DISPLAYS
           5.7.3 VR-BASED MICRODISPLAYS
           5.7.4 MOBILE AR
           5.7.5 AR/VR-BASED MONITORS
           5.7.6 NEAR-EYE DISPLAYS
           5.7.7 WEBAR
           5.7.8 METAVERSE
    5.8 PORTER’S FIVE FORCES ANALYSIS 
           FIGURE 42 AUGMENTED REALITY AND VIRTUAL REALITY MARKET: PORTER’S FIVE FORCES ANALYSIS
           TABLE 3 PORTER’S FIVE FORCES ANALYSIS WITH THEIR IMPACT
           5.8.1 INTENSITY OF COMPETITIVE RIVALRY
           5.8.2 THREAT OF NEW ENTRANTS
           5.8.3 THREAT OF SUBSTITUTES
           5.8.4 BARGAINING POWER OF BUYERS
           5.8.5 BARGAINING POWER OF SUPPLIERS
    5.9 PRICING ANALYSIS 
           5.9.1 AVERAGE SELLING PRICE OF HARDWARE COMPONENTS OFFERED BY KEY PLAYERS
                    TABLE 4 AVERAGE SELLING PRICE TREND OF TOP THREE KEY PLAYERS (USD), 2023
           5.9.2 AVERAGE SELLING PRICE TREND, BY DEVICE TYPE, 2019–2028
    5.10 CASE STUDY ANALYSIS 
           5.10.1 IMPROVING TEACHING AND LEARNING EXPERIENCE BY IMPLEMENTING VR TECHNOLOGIES
                    TABLE 5 LENOVO’S VIRTUAL REALITY CLASSROOM SOLUTION REVOLUTIONIZES HIGHER EDUCATION
           5.10.2 TRANSFORMING TRAVEL EXPERIENCES WITH AR AND VR TECHNOLOGIES
                    TABLE 6 META AND BMW'S COLLABORATIVE VISION AIMS TO ELEVATE IN-CAR EXPERIENCES BY SEAMLESSLY INTEGRATING AUGMENTED REALITY AND VIRTUAL REALITY
           5.10.3 TRANSFORMING EDUCATION WITH XR FOUNDATIONS FOR EDUCATORS
                    TABLE 7 VERIZON AND XR TERRA COLLABORATION TO PROVIDE INNOVATIVE LEARNING EXPERIENCE TO EDUCATORS
    5.11 PATENT ANALYSIS 
           5.11.1 DOCUMENT TYPE
                    TABLE 8 PATENTS FILED AND GRANTED
                    FIGURE 43 PATENTS APPLIED AND ISSUED FROM 2013 TO 2022
           5.11.2 PUBLICATION TREND
                    FIGURE 44 NUMBER OF PATENTS PUBLISHED EACH YEAR FROM 2013 TO 2022
           5.11.3 JURISDICTION ANALYSIS
                    FIGURE 45 JURISDICTION ANALYSIS, 2013–2022
           5.11.4 TOP PATENT OWNERS
                    FIGURE 46 TOP 10 PATENT OWNERS FROM 2013 TO 2022
                    TABLE 9 TOP 20 PATENT OWNERS IN LAST 10 YEARS
    5.12 TRADE DATA ANALYSIS 
           FIGURE 47 COUNTRY-WISE EXPORT DATA FOR PRODUCTS CLASSIFIED UNDER HS CODE 9004, 2018–2022
           TABLE 10 EXPORT SCENARIO FOR HS CODE 9004-COMPLIANT PRODUCTS, BY COUNTRY, 2018–2022 (USD THOUSAND)
           FIGURE 48 COUNTRY-WISE IMPORT DATA FOR PRODUCTS CLASSIFIED UNDER HS CODE 9004, 2018–2022
           TABLE 11 IMPORT SCENARIO FOR HS CODE 9004-COMPLIANT PRODUCTS, BY COUNTRY, 2018–2022 (USD THOUSAND)
    5.13 REGULATORY LANDSCAPE 
           5.13.1 STANDARD AND REGULATIONS RELATED TO AUGMENTED REALITY AND VIRTUAL REALITY MARKET
                    TABLE 12 AUGMENTED REALITY AND VIRTUAL REALITY MARKET: REGULATORY FRAMEWORK
    5.14 REGIONAL REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 
           TABLE 13 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           TABLE 14 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           TABLE 15 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           TABLE 16 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.15 KEY CONFERENCES AND EVENTS, 2023–2024 
    5.16 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.16.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 49 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP-THREE APPLICATIONS
                    TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR APPLICATIONS (%)
           5.16.2 KEY BUYING CRITERIA
                    TABLE 18 KEY BUYING CRITERIA FOR APPLICATIONS
 
6 AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY ENTERPRISE (Page No. - 111)
    6.1 INTRODUCTION 
    6.2 SMALL ENTERPRISES 
    6.3 MEDIUM-SIZED ENTERPRISES 
    6.4 LARGE ENTERPRISES 
 
7 AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY TECHNOLOGY (Page No. - 114)
    7.1 INTRODUCTION 
    7.2 AUGMENTED REALITY TECHNOLOGY 
           TABLE 19 COMPARISON BETWEEN MARKER-BASED AND MARKERLESS AUGMENTED REALITY
           7.2.1 MARKER-BASED AUGMENTED REALITY
                    7.2.1.1 Passive marker
                               7.2.1.1.1 High preference for passive markers to drive market
                    7.2.1.2 Active marker
                               7.2.1.2.1 Increased use of LED-powered active markers in object tracking applications to support market growth
           7.2.2 MARKERLESS AUGMENTED REALITY
                    7.2.2.1 Model-based tracking
                               7.2.2.1.1 Advancements in model-based tracking through camera movements and light dynamics to drive market
                    7.2.2.2 Image processing-based tracking
                               7.2.2.2.1 Expanding landscape of image processing-based tracking with optical scanners and cameras to drive market
           7.2.3 ANCHOR-BASED AUGMENTED REALITY
                    7.2.3.1 Rising adoption of anchor-based augmented reality to overlay virtual images in real world to boost segmental growth
    7.3 VIRTUAL REALITY TECHNOLOGY 
           FIGURE 50 SEMI IMMERSIVE- AND FULLY IMMERSIVE TECHNOLOGIES TO LEAD VIRTUAL REALITY MARKET IN 2028
           TABLE 20 VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
           TABLE 21 VIRTUAL REALITY MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
           7.3.1 NON-IMMERSIVE TECHNOLOGY
                    7.3.1.1 Growing use of non-immersive technology in developing virtual reality software to drive market
           7.3.2 SEMI-IMMERSIVE AND FULLY IMMERSIVE TECHNOLOGY
                    7.3.2.1 High level of immersion offered by fully immersive technology to boost demand
 
8 AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY OFFERING (Page No. - 121)
    8.1 INTRODUCTION 
           FIGURE 51 AUGMENTED REALITY MARKET FOR HARDWARE TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
           TABLE 22 AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
           TABLE 23 AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
           FIGURE 52 VIRTUAL REALITY MARKET FOR SOFTWARE TO REGISTER HIGHER MARKET SHARE
           TABLE 24 VIRTUAL REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
           TABLE 25 VIRTUAL REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
    8.2 HARDWARE 
           FIGURE 53 DISPLAY & PROJECTORS TO HOLD LARGEST SHARE OF AUGMENTED REALITY MARKET IN 2028
           TABLE 26 AUGMENTED REALITY MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
           TABLE 27 AUGMENTED REALITY MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
           FIGURE 54 DISPLAYS & PROJECTORS TO WITNESS HIGHEST CAGR IN VIRTUAL REALITY MARKET FROM 2023 TO 2028
           TABLE 28 VIRTUAL REALITY MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
           TABLE 29 VIRTUAL REALITY MARKET, COMPONENT, 2023–2028 (USD MILLION)
           8.2.1 SENSORS
                    8.2.1.1 Increased use of sensors to detect and capture motions, velocity, magnetic fields, and presence of objects to drive market
                               8.2.1.1.1 Accelerometers
                               8.2.1.1.2 Gyroscopes
                               8.2.1.1.3 Magnetometers
                               8.2.1.1.4 Proximity sensors
           8.2.2 SEMICONDUCTOR COMPONENTS
                    8.2.2.1 Significant role of controllers in smartphones and tablets to increase demand for augmented reality and virtual reality devices
                               8.2.2.1.1 Controllers and processors
                               8.2.2.1.2 Integrated circuits
           8.2.3 DISPLAYS & PROJECTORS
                    8.2.3.1 Displays & projectors to witness fastest growth rate during forecast period
           8.2.4 POSITION TRACKERS
                    8.2.4.1 Precise and stable object placement offered by position trackers to boost demand
           8.2.5 CAMERAS
                    8.2.5.1 Cameras to exhibit second-highest growth rate during forecast period
           8.2.6 OTHERS
    8.3 SOFTWARE 
           8.3.1 SDKS TO PLAY CRUCIAL ROLE IN AUGMENTED REALITY AND VIRTUAL REALITY SOFTWARE MARKET
                    8.3.1.1 Software development kits
                    8.3.1.2 Cloud-based services
                               FIGURE 55 CONSUMER APPLICATIONS TO CAPTURE LARGEST SHARE OF AUGMENTED REALITY MARKET FOR SOFTWARE IN 2028
                               TABLE 30 SOFTWARE: AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 31 SOFTWARE: AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                               FIGURE 56 CONSUMER APPLICATIONS TO CAPTURE LARGEST SHARE OF VIRTUAL REALITY MARKET FOR SOFTWARE IN 2028
                               TABLE 32 SOFTWARE: VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 33 SOFTWARE: VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
           8.3.2 AR SOFTWARE MARKET, BY FUNCTION
                    8.3.2.1 Surging adoption of AR software solutions in workflow optimization and remote collaboration applications to fuel segmental growth
                               8.3.2.1.1 Remote collaboration
                               8.3.2.1.2 Workflow optimization
                               8.3.2.1.3 Documentation
                               8.3.2.1.4 Visualization
                               8.3.2.1.5 3D modeling
                               8.3.2.1.6 Navigation
 
9 AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY DEVICE TYPE (Page No. - 137)
    9.1 INTRODUCTION 
    9.2 AUGMENTED REALITY DEVICES 
           FIGURE 57 AUGMENTED REALITY MARKET FOR HEAD- MOUNTED DISPLAY TO HAVE LARGER SHARE
           TABLE 34 AUGMENTED REALITY MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION)
           TABLE 35 AUGMENTED REALITY MARKET, BY DEVICE TYPE, 2023–2028 (USD MILLION)
           TABLE 36 AUGMENTED REALITY MARKET, BY DEVICE TYPE, 2019–2022 (MILLION UNITS)
           TABLE 37 AUGMENTED REALITY MARKET, BY DEVICE TYPE, 2023–2028 (MILLION UNITS)
           9.2.1 HEAD-MOUNTED DISPLAYS
                    TABLE 38 HEAD-MOUNTED DISPLAYS: AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 39 HEAD-MOUNTED DISPLAYS: AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 40 HEAD-MOUNTED DISPLAYS: AUGMENTED REALITY MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
                    TABLE 41 HEAD-MOUNTED DISPLAYS: AUGMENTED REALITY MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
                    9.2.1.1 Augmented reality smart glasses
                               9.2.1.1.1 Evolving landscape of augmented reality smart glasses to drive market
                    9.2.1.2 Smart helmets
                               9.2.1.2.1 Enhanced safety and real-time information provided by smart helmets to boost demand
           9.2.2 HEAD-UP DISPLAYS
                    9.2.2.1 Need to improve aviation and automotive navigation to drive market
                               TABLE 42 HEAD-UP DISPLAYS: AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 43 HEAD-UP DISPLAYS: AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 44 HEAD-UP DISPLAYS: AUGMENTED REALITY MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
                               TABLE 45 HEAD-UP DISPLAYS: AUGMENTED REALITY MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
    9.3 VIRTUAL REALITY DEVICES 
           FIGURE 58 VIRTUAL REALITY MARKET FOR GESTURE-TRACKING DEVICES TO GROW AT HIGHEST CAGR BETWEEN 2023 AND 2028
           TABLE 46 VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION)
           TABLE 47 VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2023–2028 (USD MILLION)
           TABLE 48 VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2019–2022 (MILLION UNITS)
           TABLE 49 VIRTUAL REALITY MARKET, BY DEVICE TYPE, 2023–2028 (MILLION UNITS)
           9.3.1 HEAD-MOUNTED DISPLAYS
                    9.3.1.1 Increasing adoption of head-mounted display-based devices in gaming and entertainment applications to drive market
                               TABLE 50 VIRTUAL REALITY HEAD-MOUNTED DISPLAYS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 51 HEAD-MOUNTED DISPLAYS: VIRTUAL REALITY, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 52 HEAD-MOUNTED DISPLAYS: VIRTUAL REALITY MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
                               TABLE 53 HEAD-MOUNTED DISPLAYS: VIRTUAL REALITY MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
           9.3.2 GESTURE-TRACKING DEVICES
                    9.3.2.1 Rising use of gesture-tracking devices in gaming sector to fuel market growth
                               9.3.2.1.1 Data gloves
                               9.3.2.1.2 Others
                                            TABLE 54 GESTURE-TRACKING DEVICES: VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                                            TABLE 55 GESTURE-TRACKING DEVICES: VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                                            TABLE 56 GESTURE-TRACKING DEVICES: VIRTUAL REALITY MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
                                            TABLE 57 GESTURE-TRACKING DEVICES: VIRTUAL REALITY MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
           9.3.3 PROJECTORS & DISPLAY WALLS
                    9.3.3.1 Users' requirement to interact with virtual environments and large-scale visualizations to boost demand
                               TABLE 58 PROJECTORS & DISPLAY WALLS: VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 59 PROJECTORS & DISPLAY WALLS: VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 60 PROJECTORS & DISPLAY WALLS: VIRTUAL REALITY MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
                               TABLE 61 PROJECTORS & DISPLAY WALLS: VIRTUAL REALITY MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
 
10 AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY APPLICATION (Page No. - 152)
     10.1 INTRODUCTION 
     10.2 APPLICATIONS OF AUGMENTED REALITY 
             FIGURE 59 CONSUMER APPLICATIONS TO HOLD LARGEST SHARE OF AUGMENTED REALITY MARKET IN 2028
             TABLE 62 AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 63 AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             10.2.1 CONSUMER
                        10.2.1.1 Increase use of AR and VR technologies in consumer applications to drive market
                                     TABLE 64 CONSUMER: AUGMENTED REALITY MARKET, BY OFFERING 2019–2022 (USD MILLION)
                                     TABLE 65 CONSUMER: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 66 CONSUMER: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 67 CONSUMER: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                        10.2.1.2 Gaming
                        10.2.1.3 Sports & entertainment
                                     10.2.1.3.1 Entertainment applications
                                                    10.2.1.3.1.1 Museums (archaeology)
                                                    10.2.1.3.1.2 Theme parks
                                                    10.2.1.3.1.3 Art galleries and exhibitions
                                                                     TABLE 68 USE CASES OF AUGMENTED REALITY IN CONSUMER APPLICATIONS
             10.2.2 COMMERCIAL
                        TABLE 69 COMMERCIAL: AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 70 COMMERCIAL: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 71 COMMERCIAL: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                        TABLE 72 COMMERCIAL: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                        10.2.2.1 Retail & e-commerce
                                     10.2.2.1.1 Jewelry
                                                    10.2.2.1.1.1 Immersive jewelry buying experience using AR technology to drive market
                                     10.2.2.1.2 Beauty and cosmetics
                                                    10.2.2.1.2.1 Transformation of beauty and cosmetics industry with AR to support market growth
                                     10.2.2.1.3 Apparel fitting
                                                    10.2.2.1.3.1 Virtual fitting rooms to shape future of retail
                                     10.2.2.1.4 Grocery shopping
                                                    10.2.2.1.4.1 Rising use of AR technology to promote new products and increase sales to fuel segmental growth
                                     10.2.2.1.5 Footwear
                                                    10.2.2.1.5.1 Rising focus of footwear manufacturers on offering dynamic and engaging experience to customers to foster market growth
                                     10.2.2.1.6 Furniture & lighting design
                                                    10.2.2.1.6.1 Growing demand for sustainable and environmentally responsible designs to drive market
                        10.2.2.2 Travel & tourism
                                     10.2.2.2.1 Initiatives by travel companies to plan immersive and enjoyable journeys for travelers to boost demand for AR technology
                        10.2.2.3 E-learning
                                     10.2.2.3.1 Increasing focus of educational institutions to provide learners with interactive and real-world experiences to create need for AR
                                                    TABLE 73 USE CASES OF AUGMENTED REALITY IN COMMERCIAL APPLICATIONS
             10.2.3 ENTERPRISE (MANUFACTURING)
                        10.2.3.1 Potential of AR to significantly enhance productivity and improve operational efficiency to boost its demand in enterprise applications
                                     TABLE 74 ENTERPRISE: AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 75 ENTERPRISE: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 76 ENTERPRISE: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 77 ENTERPRISE: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                                     TABLE 78 USE CASES OF AUGMENTED REALITY IN ENTERPRISE APPLICATIONS
             10.2.4 HEALTHCARE
                        TABLE 79 HEALTHCARE: AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 80 HEALTHCARE: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 81 HEALTHCARE: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                        TABLE 82 HEALTHCARE: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                        10.2.4.1 Surgery
                                     10.2.4.1.1 Growing adoption of AR in surgery to enhance precision and reduce errors to boost demand
                        10.2.4.2 Fitness management
                                     10.2.4.2.1 Increasing use of AR to enhance workout experiences and improve overall health and well-being to drive market
                        10.2.4.3 Patient care management
                                     10.2.4.3.1 Rising focus of healthcare professionals on improving healthcare delivery and patient outcomes to support market growth
                        10.2.4.4 Pharmacy management
                                     10.2.4.4.1 Need for real-time information on stock levels, expiration dates, and order history to boost demand for AR
                        10.2.4.5 Medical training and education
                                     10.2.4.5.1 Need to train healthcare professionals to provide quality care to create requirement for AR technology
                        10.2.4.6 Others
                                     TABLE 83 USE CASES OF AUGMENTED REALITY IN HEALTHCARE APPLICATIONS
             10.2.5 AEROSPACE & DEFENSE
                        10.2.5.1 Increasing adoption of AR for quick aircraft identification of defects, damage, or wear to drive market
                                     TABLE 84 AEROSPACE & DEFENSE: AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 85 AEROSPACE & DEFENSE: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 86 AEROSPACE & DEFENSE: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 87 AEROSPACE & DEFENSE: AUGMENTED REALITY, BY REGION, 2023–2028 (USD MILLION)
                                     TABLE 88 USE CASES OF AUGMENTED REALITY IN AEROSPACE & DEFENSE APPLICATIONS
             10.2.6 ENERGY
                        10.2.6.1 Rising focus on avoiding accidents and ensuring compliance with safety regulations to boost demand for AR in energy sector
                                     TABLE 89 ENERGY: AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 90 ENERGY: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 91 ENERGY: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 92 ENERGY: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                                     TABLE 93 USE CASES OF AUGMENTED REALITY IN ENERGY APPLICATIONS
             10.2.7 AUTOMOTIVE
                        10.2.7.1 High emphasis of automobile companies on developing smarter and more user-friendly vehicles to fuel demand for AR
                                     TABLE 94 AUTOMOTIVE: AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 95 AUTOMOTIVE: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 96 AUTOMOTIVE: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 97 AUTOMOTIVE: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                                     TABLE 98 USE CASES OF AUGMENTED REALITY IN AUTOMOTIVE APPLICATIONS
             10.2.8 OTHER APPLICATIONS
                        TABLE 99 OTHER APPLICATIONS: AUGMENTED REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 100 OTHER APPLICATIONS: AUGMENTED REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 101 OTHER APPLICATIONS: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                        TABLE 102 OTHER APPLICATIONS: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                        10.2.8.1 Agriculture
                        10.2.8.2 Construction
                        10.2.8.3 Transportation & logistics
                        10.2.8.4 Public safety
                        10.2.8.5 Telecom/IT data centers
                                     TABLE 103 USE CASES OF AUGMENTED REALITY IN OTHER APPLICATIONS
     10.3 VIRTUAL REALITY APPLICATIONS 
             FIGURE 60 VIRTUAL REALITY MARKET FOR HEALTHCARE APPLICATIONS TO GROW AT HIGHEST CAGR BETWEEN 2023 AND 2028
             TABLE 104 VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 105 VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             10.3.1 CONSUMER
                        10.3.1.1 Entertainment, education, travel, and healthcare sectors to contribute to market growth
                                     TABLE 106 CONSUMER: VIRTUAL REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 107 CONSUMER: VIRTUAL REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 108 CONSUMER: VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 109 CONSUMER: VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                                     10.3.1.1.1 Gaming & entertainment
                                     10.3.1.1.2 Sports
                        10.3.1.2 Use cases of virtual reality in consumer applications
             10.3.2 COMMERCIAL
                        10.3.2.1 Retail and e-commerce sectors to witness high adoption of virtual reality technology for commercial applications
                                     TABLE 110 COMMERCIAL: VIRTUAL REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 111 COMMERCIAL: VIRTUAL REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 112 COMMERCIAL: VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 113 COMMERCIAL: VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                                     10.3.2.1.1 Retail & e-commerce
                                     10.3.2.1.2 Education & training
                                     10.3.2.1.3 Travel & tourism
                                     10.3.2.1.4 Advertising
                        10.3.2.2 Use cases of virtual reality in commercial applications
             10.3.3 ENTERPRISE (MANUFACTURING)
                        10.3.3.1 Gowing utilization of virtual reality in training and simulation applications to stimulate segmental growth
                                     TABLE 114 ENTERPRISE: VIRTUAL REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 115 ENTERPRISE: VIRTUAL REALITY MARKET, BY OFFERING,2023–2028 (USD MILLION)
                                     TABLE 116 ENTERPRISE: VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 117 ENTERPRISE: VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                        10.3.3.2 Use cases of virtual reality in enterprise (manufacturing) applications
             10.3.4 HEALTHCARE
                        10.3.4.1 Increasing adoption of virtual reality to enhance surgical planning, training, and skill development to accelerate market growth
                                     TABLE 118 HEALTHCARE: VIRTUAL REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 119 HEALTHCARE: VIRTUAL REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 120 HEALTHCARE: VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 121 HEALTHCARE: VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                                     10.3.4.1.1 Surgery
                                     10.3.4.1.2 Patient care management
                                     10.3.4.1.3 Fitness management
                                     10.3.4.1.4 Pharmacy management
                                     10.3.4.1.5 Medical training and education
                        10.3.4.2 Use cases of virtual reality in healthcare applications
             10.3.5 AEROSPACE & DEFENSE
                        10.3.5.1 Increasing use of VR in cockpit design and testing and virtual combat training to support market growth
                                     TABLE 122 AEROSPACE & DEFENSE: VIRTUAL REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                                     TABLE 123 AEROSPACE & DEFENSE: VIRTUAL REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                     TABLE 124 AEROSPACE & DEFENSE: VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                                     TABLE 125 AEROSPACE & DEFENSE: VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                        10.3.5.2 Use cases of virtual reality in aerospace & defense applications
             10.3.6 OTHER APPLICATIONS
                        TABLE 126 OTHER APPLICATIONS: VIRTUAL REALITY MARKET, BY OFFERING, 2019–2022 (USD MILLION)
                        TABLE 127 OTHER APPLICATIONS: VIRTUAL REALITY MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                        TABLE 128 OTHER APPLICATIONS: VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
                        TABLE 129 OTHER APPLICATIONS: VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
                        10.3.6.1 Automotive
                        10.3.6.2 Real estate (architecture and building design)
                        10.3.6.3 Geospatial mining
                        10.3.6.4 Use cases of virtual reality in other applications
 
11 AUGMENTED REALITY AND VIRTUAL REALITY MARKET, BY REGION (Page No. - 195)
     11.1 INTRODUCTION 
             FIGURE 61 ASIA PACIFIC TO RECORD HIGHEST CAGR IN AUGMENTED REALITY MARKET DURING 2023–2028
             TABLE 130 AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 131 AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
             TABLE 132 VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 133 VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.2 NORTH AMERICA 
             FIGURE 63 NORTH AMERICA: AUGMENTED REALITY MARKET SNAPSHOT
             TABLE 134 NORTH AMERICA: AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 135 NORTH AMERICA: AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 136 NORTH AMERICA: AUGMENTED REALITY MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 137 NORTH AMERICA: AUGMENTED REALITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             FIGURE 64 NORTH AMERICA: VIRTUAL REALITY MARKET SNAPSHOT
             TABLE 138 NORTH AMERICA: VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 139 NORTH AMERICA: VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 140 NORTH AMERICA: VIRTUAL REALITY MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 141 NORTH AMERICA: VIRTUAL REALITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             11.2.1 US
                        11.2.1.1 Presence of leading tech giants to contribute to market growth
             11.2.2 CANADA
                        11.2.2.1 Thriving tech industry to propel market
             11.2.3 MEXICO
                        11.2.3.1 Advancing commercial & consumer sectors to stimulate market expansion
             11.2.4 RECESSION IMPACT ON AUGMENTED REALITY AND VIRTUAL REALITY MARKET IN NORTH AMERICA
     11.3 EUROPE 
             FIGURE 65 EUROPE: AUGMENTED REALITY MARKET SNAPSHOT
             TABLE 142 EUROPE: AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 143 EUROPE: AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 144 EUROPE: AUGMENTED REALITY MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 145 EUROPE: AUGMENTED REALITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             FIGURE 66 EUROPE: VIRTUAL REALITY MARKET SNAPSHOT
             TABLE 146 EUROPE: VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 147 EUROPE: VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 148 EUROPE: VIRTUAL REALITY MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 149 EUROPE: VIRTUAL REALITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             11.3.1 GERMANY
                        11.3.1.1 Widespread adoption of emerging technologies in manufacturing sector to drive market
             11.3.2 FRANCE
                        11.3.2.1 High adoption of augmented reality and virtual reality in retail to boost market
             11.3.3 UK
                        11.3.3.1 Rapid adoption of digital technologies to boost demand for AR and VR technologies
             11.3.4 REST OF EUROPE
             11.3.5 RECESSION IMPACT ON AUGMENTED REALITY AND VIRTUAL REALITY MARKET IN EUROPE
     11.4 ASIA PACIFIC 
             FIGURE 67 ASIA PACIFIC: AUGMENTED REALITY MARKET SNAPSHOT
             TABLE 150 ASIA PACIFIC: AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 151 ASIA PACIFIC: AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 152 ASIA PACIFIC: AUGMENTED REALITY MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 153 ASIA PACIFIC: AUGMENTED REALITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             FIGURE 68 ASIA PACIFIC: VIRTUAL REALITY MARKET SNAPSHOT
             TABLE 154 ASIA PACIFIC: VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 155 ASIA PACIFIC: VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 156 ASIA PACIFIC: VIRTUAL REALITY MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 157 ASIA PACIFIC: VIRTUAL REALITY MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             11.4.1 CHINA
                        11.4.1.1 Substantial presence of domestic manufacturers producing augmented reality and virtual reality devices to propel market expansion
             11.4.2 INDIA
                        11.4.2.1 Heightened awareness of cutting-edge technology to be pivotal in driving market expansion
             11.4.3 JAPAN
                        11.4.3.1 Rapid expansion of the healthcare sector to drive market
             11.4.4 SOUTH KOREA
                        11.4.4.1 Digital transformation within industrial sector to stimulate market growth
             11.4.5 REST OF ASIA PACIFIC
             11.4.6 RECESSION IMPACT ON AUGMENTED REALITY AND VIRTUAL REALITY MARKET IN ASIA PACIFIC
     11.5 REST OF THE WORLD (ROW) 
             FIGURE 69 ROW: AUGMENTED REALITY MARKET, BY REGION
             TABLE 158 ROW: AUGMENTED REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 159 ROW: AUGMENTED REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 160 ROW: AUGMENTED REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 161 ROW: AUGMENTED REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
             FIGURE 70 ROW: VIRTUAL REALITY MARKET, BY REGION
             TABLE 162 ROW: VIRTUAL REALITY MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 163 ROW: VIRTUAL REALITY MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             TABLE 164 ROW: VIRTUAL REALITY MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 165 ROW: VIRTUAL REALITY MARKET, BY REGION, 2023–2028 (USD MILLION)
             11.5.1 MIDDLE EAST & AFRICA
                        11.5.1.1 Middle East & Africa to provide lucrative opportunities for AR and VR technology providers
             11.5.2 SOUTH AMERICA
                        11.5.2.1 Expanding consumer market in South America to poise potential growth in region
             11.5.3 RECESSION IMPACT ON AUGMENTED REALITY AND VIRTUAL REALITY MARKET IN ROW REGION
 
12 COMPETITIVE LANDSCAPE (Page No. - 230)
     12.1 OVERVIEW 
             FIGURE 71 KEY STRATEGIES UNDERTAKEN BY LEADING PLAYERS IN AUGMENTED REALITY AND VIRTUAL REALITY MARKET FROM 2021 TO 2023
     12.2 MARKET SHARE AND RANKING ANALYSIS 
             TABLE 166 AUGMENTED REALITY AND VIRTUAL REALITY MARKET: DEGREE OF COMPETITION
             FIGURE 72 MARKET SHARE OF TOP FIVE PLAYERS OFFERING AUGMENTED REALITY AND VIRTUAL REALITY TECHNOLOGIES
     12.3 FIVE-YEAR COMPANY REVENUE ANALYSIS 
             FIGURE 73 FIVE-YEAR REVENUE ANALYSIS OF KEY COMPANIES
     12.4 COMPANY EVALUATION MATRIX, 2022 
             FIGURE 74 AUGMENTED REALITY & VIRTUAL REALITY MARKET (GLOBAL): COMPANY EVALUATION MATRIX, 2022
             12.4.1 STARS
             12.4.2 EMERGING LEADERS
             12.4.3 PERVASIVE PLAYERS
             12.4.4 PARTICIPANTS
             12.4.5 COMPANY FOOTPRINT
                        TABLE 167 COMPANY FOOTPRINT
                        TABLE 168 APPLICATION FOOTPRINT
                        TABLE 169 REGION FOOTPRINT
     12.5 STARTUP/SME EVALUATION MATRIX, 2022 
             FIGURE 75 AUGMENTED REALITY & VIRTUAL REALITY (GLOBAL): STARTUP/SME EVALUATION MATRIX, 2022
             12.5.1 PROGRESSIVE COMPANIES
             12.5.2 RESPONSIVE COMPANIES
             12.5.3 DYNAMIC COMPANIES
             12.5.4 STARTING BLOCKS
             12.5.5 COMPETITIVE BENCHMARKING
                        TABLE 170 AUGMENTED REALITY AND VIRTUAL REALITY MARKET: DETAILED LIST OF KEY STARTUPS/SMES
                        TABLE 171 AUGMENTED REALITY AND VIRTUAL REALITY MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUP/SMES
     12.6 COMPETITIVE SCENARIO 
             12.6.1 PRODUCT LAUNCHES, 2022–2023
             12.6.2 DEALS, 2022–2023
                        TABLE 172 DEALS, 2022–2023
 
13 COMPANY PROFILES (Page No. - 249)
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*  
     13.1 INTRODUCTION 
     13.2 KEY PLAYERS 
             13.2.1 GOOGLE
                        TABLE 173 GOOGLE: COMPANY OVERVIEW
                        FIGURE 76 GOOGLE: COMPANY SNAPSHOT
                        TABLE 174 GOOGLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 175 GOOGLE: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 176 GOOGLE: DEALS
             13.2.2 MICROSOFT
                        TABLE 177 MICROSOFT: COMPANY OVERVIEW
                        FIGURE 77 MICROSOFT: COMPANY SNAPSHOT
                        TABLE 178 MICROSOFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 179 MICROSOFT: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 180 MICROSOFT: DEALS
             13.2.3 SONY GROUP CORPORATION
                        TABLE 181 SONY GROUP CORPORATION: COMPANY OVERVIEW
                        FIGURE 78 SONY GROUP CORPORATION: COMPANY SNAPSHOT
                        TABLE 182 SONY GROUP CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 183 SONY GROUP CORPORATION: PRODUCT LAUNCHES/DEVELOPMENT
                        TABLE 184 SONY GROUP CORPORATION: DEALS
             13.2.4 META
                        TABLE 185 META: COMPANY OVERVIEW
                        FIGURE 79 META: COMPANY SNAPSHOT
                        TABLE 186 META: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 187 META: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 188 META: DEALS
             13.2.5 SAMSUNG
                        TABLE 189 SAMSUNG: COMPANY OVERVIEW
                        FIGURE 80 SAMSUNG: COMPANY SNAPSHOT
                        TABLE 190 SAMSUNG: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 191 SAMSUNG: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 192 SAMSUNG: DEALS
             13.2.6 HTC CORPORATION
                        TABLE 193 HTC CORPORATION: COMPANY OVERVIEW
                        FIGURE 81 HTC CORPORATION: COMPANY SNAPSHOT
                        TABLE 194 HTC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 195 HTC CORPORATION: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 196 HTC CORPORATION: DEALS
             13.2.7 APPLE INC.
                        TABLE 197 APPLE INC.: COMPANY OVERVIEW
                        FIGURE 82 APPLE INC.: COMPANY SNAPSHOT
                        TABLE 198 APPLE INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 199 APPLE INC.: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 200 APPLE INC.: DEALS
             13.2.8 PTC INC.
                        TABLE 201 PTC INC.: COMPANY OVERVIEW
                        FIGURE 83 PTC INC.: COMPANY SNAPSHOT
                        TABLE 202 PTC INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 203 PTC INC.: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 204 PTC INC.: DEALS
             13.2.9 SEIKO EPSON CORPORATION
                        TABLE 205 SEIKO EPSON CORPORATION: COMPANY OVERVIEW
                        FIGURE 84 SEIKO EPSON CORPORATION: COMPANY SNAPSHOT
                        TABLE 206 SEIKO EPSON CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 207 SEIKO EPSON CORPORATION: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 208 SEIKO EPSON CORPORATION: DEALS
             13.2.10 LENOVO
                        TABLE 209 LENOVO: COMPANY OVERVIEW
                        FIGURE 85 LENOVO: COMPANY SNAPSHOT
                        TABLE 210 LENOVO: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                        TABLE 211 LENOVO: PRODUCT LAUNCHES/DEVELOPMENTS
                        TABLE 212 LENOVO: DEALS
     13.3 OTHER PLAYERS 
             13.3.1 WIKITUDE, A QUALCOMM COMPANY
             13.3.2 EON REALITY
             13.3.3 MAXST CO., LTD.
             13.3.4 MAGIC LEAP, INC.
             13.3.5 BLIPPAR GROUP LIMITED
             13.3.6 ATHEER, INC
             13.3.7 VUZIX
             13.3.8 CYBERGLOVE SYSTEMS INC.
             13.3.9 LEAP MOTIONS (ULTRALEAP)
             13.3.10 PENUMBRA, INC.
             13.3.11 NINTENDO
             13.3.12 PSICO SMART APPS, S.L.
             13.3.13 XIAOMI
             13.3.14 PANASONIC CORPORATION
             13.3.15 SCOPE AR
             13.3.16 CONTINENTAL AG
             13.3.17 VIRTUALLY LIVE
             13.3.18 SPACEVR INC
             13.3.19 INTEL CORPORATION
             13.3.20 3D CLOUD BY MARXENT
             13.3.21 WAYRAY AG
             13.3.22 CRAFTARS
             13.3.23 TALESPIN REALITY LABS, INC.
             13.3.24 BIDON GAMES STUDIO
             13.3.25 APPENTUS TECHNOLOGIES
             13.3.26 BYTEDANCE
             13.3.27 DPVR
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.  
 
14 APPENDIX (Page No. - 321)
     14.1 INSIGHTS FROM INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE 
     14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.4 CUSTOMIZATION OPTIONS 
     14.5 RELATED REPORTS 
     14.6 AUTHOR DETAILS 
 

 

The research report includes four major activities, estimating the size of the AR & VR market. Secondary research has been done to gather important information about the market and peer markets. To validate the findings, assumptions, and sizing with the primary research with industry experts across the value chain is the next step. Both bottom-up and top-down approaches have been used to estimate the market size. After this, the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments

Secondary Research

Revenues of companies offering AR & VR across the world have been obtained based on the secondary data made available through paid and unpaid sources. They have also been derived by analyzing the product portfolios of key companies and rated according to the performance and quality of their products.

In the secondary research process, various sources have been referred to for identifying and collecting information for this study on the AR & VR market. Secondary sources considered for this research study include government sources, corporate filings (such as annual reports, investor presentations, and financial statements), and trade, business, and professional associations. Secondary data has been collected and analyzed to determine the overall market size, further validated through primary research.

Secondary research has been mainly used to obtain key information about the supply chain of the AR & VR industry to identify the key players based on their products and the prevailing industry trends in the AR & VR market based on components, end users, and regions. It also includes information about the key developments undertaken from both market- and technology-oriented perspectives.

Primary Research

In the primary research process, various primary sources have been interviewed to obtain qualitative and quantitative information related to the market across four main regions— North America, Europe, Asia Pacific, and Row (Rest of the World). Primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology directors, and a few other related key executives from major companies and organizations operating in the AR & VR market or related markets.

After the completion of market engineering, primary research has been conducted to gather information and verify and validate critical numbers obtained from other sources. Primary research has also been conducted to identify various market segments; industry trends; key players; competitive landscape; and key market dynamics, such as drivers, restraints, opportunities, and challenges, along with the key strategies market players adopt. Most of the primary interviews have been conducted with the supply side of the market. This primary data has been collected through questionnaires, emails, and telephonic interviews.

Augmented & Virtual Reality Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the market engineering process, both the top-down and bottom-up approaches have been used, along with several data triangulation methods, to perform market estimation and forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analyses have been performed on the market engineering process to list key information/insights.

Key market players have been identified through secondary research, and their market shares have been determined through primary and secondary research. This involves studying their annual and financial reports and interviews with industry experts (such as CEOs, VPs, directors, and marketing executives) for key insights—both quantitative and qualitative.

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All possible parameters that may affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed input and analysis from MarketsandMarkets and presented in the report.

Market Size Estimation Methodology-Bottom-up Approach

A bottom-up approach has been employed to arrive at the overall size of the AR & VR market from the calculations based on the revenues of the key players and their shares in the market. Key players in the AR & VR market have been studied. The market size estimations have been carried out considering the market size of their AR & VR offerings.

Augmented & Virtual Reality Market Size, and Bottom-up Approach

In the top-down approach, the overall market size has been used to estimate the size of individual markets through percentage splits from secondary and primary research.
The most appropriate parent market size has been used to implement the top-down approach for the calculation of specific market segments.

The revenue shares used earlier in the bottom-up approach were verified by identifying and estimating the market share for each company. The overall parent market size and individual market sizes have been determined and confirmed in this study through the data triangulation process and data validation through the primaries.

Augmented & Virtual Reality Market Size, and Top-Down Approach

Data Triangulation

After arriving at the overall market size from the market size estimation process explained above, the total market has been then split into several segments and sub-segments. Data triangulation has been employed to complete the market engineering process and arrive at the exact statistics for all segments and sub-segments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Market Definition

Augmented reality (AR) enhances the real-world environment by overlaying digital information, such as images, text, or 3D objects, onto it. This digital augmentation can be experienced through various devices like smartphones, tablets, AR glasses, or heads-up displays. AR technology superimposes computer-generated elements onto the user's view of the physical world, creating an interactive and enhanced experience. A classic example of AR is the Pokémon GO game, where digital creatures are displayed in the real world using a smartphone's camera.

Virtual reality (VR), on the other hand, immerses users in a completely computer-generated environment, effectively replacing the real world with a simulated one. Users typically wear VR headsets that cover their field of vision and may include motion-tracking sensors. These headsets create a sense of presence in a virtual environment, allowing users to interact with and navigate through this digital space as if it were real. VR is commonly used for gaming, training simulations, virtual tours, and immersive storytelling experiences.

This report provides insights into the market for AR and VR hardware devices and AR apps, platforms, and solutions that are a part of AR software. VR software comprises VR content creation, SDKs, and cloud-based services. The hardware market for AR has been assessed for products such as head-mounted displays (HMDs) and head-up displays (HUDs). The software market for AR includes AR apps, platforms, SDKs, and software solution offerings. The regional market is further segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

Key Stakeholders

  • Raw material and manufacturing equipment suppliers
  • Semiconductor foundries
  • Original equipment manufacturers (OEMs)
  • AR and VR device manufacturers
  • Original design manufacturers (ODMs) and OEM technology solution providers
  • Research organizations
  • Technology standard organizations, forums, alliances, and associations
  • Technology investors
  • Governments, financial institutions, and investment communities
  • Analysts and strategic business planners

The main objectives of this study are as follows:

  • To define, describe, and forecast the augmented reality (AR) and virtual reality (VR) market, in terms of value, based on component, technology, offering, device type, application, and region
  • To define, describe, and forecast the AR and VR market, in terms of volume, based on device type
  • To forecast the market size for various segments with regard to four main regions—North America, Europe, Asia Pacific, and Rest of the World (RoW)
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
  • To forecast the shipments of AR & VR by technology from 2023 to 2028.
  • To provide a detailed overview of the AR & VR value chain
  • To strategically profile the key players and comprehensively analyze their market ranking in terms of revenue and core competencies
  • To analyze the opportunities in the market for stakeholders by identifying high-growth segments in the AR and VR market
  • To strategically profile key players, comprehensively analyze their core competencies2, and describe the competitive landscape of the market
  • To provide detailed analysis of the ecosystem/ market map, technology analysis, pricing analysis, revenue shift, Porter’s five forces model, key stakeholders and buying criteria, case study analysis, trade analysis, patent analysis, key conferences and events and tariffs and regulations related to the AR & VR market.
  • To analyze the micro markets with regard to industry trends, prospects, and contribution to the overall market
  • To map competitive intelligence based on company profiles, strategies adopted by key players, and game-changing developments, such as product launches, partnerships, collaborations, and acquisitions undertaken in the AR & VR market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

  • Country-wise Information for Asia Pacific
  • Detailed analysis and profiling of additional market players (up to five)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Oct, 2023
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