Augmented and Virtual Reality Companies

The augmented reality (AR) and virtual reality (VR) market is estimated to reach USD 138.60 billion by 2032 from USD 40.62 billion in 2025, at a CAGR of 19.2% from 2025 to 2032.

Accelerating the use of AR and VR in the gaming and entertainment sector is a key factor that contributes to the market growth of AR and VR technologies. Moreover, surging integration of AR and VR in healthcare applications is expected to provide growth opportunities for market players offering AR and VR technologies.

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The major players in the AR and VR market with a significant global presence include Meta (US), Sony Group Corporation (Japan), Apple Inc. (US), ByteDance (China), and DPVR (China). These companies have employed a range of strategies to enhance their market positions in AR and VR, including product launches, partnerships, collaborations, contracts, joint investments, strategic supplier relationships, and expansions. Both organic and inorganic strategies have enabled these market players to expand globally by delivering innovative and advanced AR and VR products.

Meta (US) has developed a range of innovative AR and VR products, including the Meta Quest 3, Meta Quest 2, Meta Quest Pro, and Ray-Ban Meta smart glasses. These products are designed for use in various applications across consumer, commercial, healthcare, and enterprise settings. The company emphasizes both organic and inorganic growth strategies, with a focus on product launches and strategic partnerships.

In April 2024, Meta and EssilorLuxottica formed a partnership to develop a new line of second-generation smart glasses, enhancing the existing Ray-Ban Meta smart glasses collection. This collaboration includes Meta’s updates aimed at increasing the functionality of the glasses and solidifying their market position.

Meta (US) has innovated several AR and VR products, including Meta Quest 3, Meta Quest 2, Meta Quest Pro, and Ray-Ban Meta smart glasses, which cater to various applications such as consumer, commercial, healthcare, and enterprise. The company focuses on both organic and inorganic growth strategies, including product launches and strategic partnerships. For instance, in April 2024, Meta and EssilorLuxottica formed a partnership to develop second-generation smart glasses, expanding the existing Ray-Ban Meta smart glasses collection. Other new additions include Meta AI updates that will enhance the glasses’ functionality.

Apple, Inc. (US) offers AR hardware and software that caters to applications such as consumer, commercial, enterprise, and aerospace & defense. The company focuses on organic growth strategies, including product launches. For instance, in June 2024, Apple Inc. launched Vision OS 2, which provided new spatial computing experiences to Vision Pro. Through this, users can turn their photos into spatial images. It can also deliver gestures for navigating visionOS and many more ways to take advantage of spatial computing.

Market Ranking

The AR and VR market is consolidated, with a few large technology companies holding a dominant share of the market. Meta leads through its strong VR hardware portfolio and extensive content ecosystem, particularly in gaming and social experiences, while Apple has intensified its consolidation with the entry of Vision Pro into premium spatial computing. Microsoft maintains a strong position in enterprise and defense applications with HoloLens, supported by its broader cloud and software ecosystem. Google and Snap further strengthen market concentration through mobile and social AR platforms, while smaller players largely operate in niche applications such as industrial training, healthcare, and simulation.

Related Reports:

Augmented and Virtual Reality Market by Enterprise, Technology (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device Type (HMDs, HUDs, Gesture Tracking Devices), Application, and Region -Global Forecast to 2032

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