Augmented Reality and Virtual Reality Market

Market Leader - Augmented Reality and Virtual Reality Market

The augmented reality (AR) market is projected to grow from USD 15.3 billion in 2020 to USD 77.0 billion by 2025; it is expected to grow at a CAGR of 38.1% from 2020 to 2025. The virtual reality (VR) market is projected to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2025; it is expected to grow at a CAGR of 27.9% from 2020 to 2025.

The increasing demand for AR devices and applications in healthcare, rising investments in AR market, and growing demand for AR in retail and e-commerce sectors due to COVID-19 are the key factors driving the AR market growth.

The availability of affordable VR devices, growing adoption of HMDs in different industries, advancement of technologies and growing digitization, penetration of HMDs in gaming and entertainment sectors after COVID-19, and high investments in VR market are the key factors driving the VR market growth.

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The major players in the AR and VR market are Google (US), Sony (Japan), Apple (US), Samsung Electronics (South Korea), Microsoft (US), HTC (Taiwan), Oculus (US), PTC (US), Seiko Epson (Japan), Lenovo (China), Wikitude (Austria), Magic Leap (US), Blippar (UK), Upskill (US), MAXST (South Korea), EON Reality (US), Vuzix (US), CyberGlove Systems (US), Atheer (US), Leap Motion (US), and Sixense Enterprises (US). Key strategies adopted by these players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and acquisitions.

For instance, in June 2019, Google unveiled new AR tool—Augmented Reality Try-On Tools—for beauty brands and YouTubers. In May 2019, Microsoft launched the second-gen HoloLens, the HoloLens 2. The HoloLens 2 complete set includes free trials of Unity Pro, Azure credits, and the Unity PiXYZ Plugin for CAD data. The company also announced the Unreal Engine 4 support for HoloLens 2, which will leverage customers with a more realistic experience. In June 2019, PTC acquired TWNKLS (Netherlands), a supplier of practical AR solutions for Industry 4.0, to accelerate the development of AR enterprise apps.

Google is a leader in the AR software market. The company focuses on combining AR with its existing product line; for instance, it introduced AR in Google Lens, Google search, and Google Maps. In May 2019, Google announced new addons in Google search, which deploys AR and Google Lens. The new features in Google search use a combination of AR, computer vision, and camera to superimpose information and content onto real space. Similarly, in the same year, the company unveiled a new AR tool—Augmented Reality Try-On Tools—for beauty brands and YouTubers. Such initiatives of Google are driving its growth in the AR market.

Sony has primarily focused on premium pricing strategy for all of its products in all the business segments. In contrast, the pricing of the VR PlayStation headset is set to USD 399, which is hundreds of dollars lesser than its counterparts. The late entry of Sony with less pricing in the VR market depicts its growth aspects in the VR market. The company would bank on the economies of scale to grow in the VR market to compete with the established headset makers in the VR market. The company currently leads the VR market space with the highest number of shipments with respect to its PlayStation VR headset.

Related Reports:

Augmented Reality and Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware & Software), Device Type (HMD, HUD, Gesture Tracking), Application (Enterprise, Consumer, Commercial, Healthcare), and Geography - Global Forecast to 2025

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Report Code
SE 2288
RI Published ON
11/17/2020
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