Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- The augmented reality and virtual reality (ARVR) market is projected to witness stellar growth owing to the booming gaming industry, along with a rising need for head-mounted displays. The new MRFR report suggests a whopping 73.3% CAGR in the augmented reality and virtual reality (ARVR) market between 2018 and 2025. The AR and VR market is projected to gain traction mainly due to a massive wave of demand from multiple sectors. Healthcare, life & sciences, education, gaming, entertainment, e-commerce, and retail are fueling significant demand for AR & VR technology. The verticals of e-commerce and retail are expected to push the AR & VR market substantially due to rising competition among industry giants. E-companies such as Amazon, Myers, and Flipkart are using AR & VR technology to revolutionize the online shopping landscape by providing a virtual reality shopping experience. Also, a rapid rise in the demand for head-mounted displays is witnessed due to skyrocketing growth in the gaming industry. Head-mounted displays pose as perfect tools to significantly enhance the arcade, computer, as well as, mobile gaming experience.
Furthermore, with prompt developments witnessed by the 5G technology, integration of the same in the augmented and virtual reality technology is likely to push the market. Many organizations are adopting augmented reality and virtual reality technology to enhance the consumer experience of their products and services. For instance, Mariott Hotel’s Teleported is a device that allows users to experience numerous destinations using a combination of video, audio, and sensory stimuli. Such gadgets are used as a part of marketing strategies by several organizations to capture a larger market share by gaining a massive competitive advantage over their peers.
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Market Segmentation
The augmented reality and virtual reality (ARVR) market is segmented by Market Research Future (MRFR) based on product type and application. By product type, the AR & VR market is segmented into non-immersive systems, semi-immersive projection systems, and fully-immersive head mounted systems. The non-immersive systems segment is anticipated to lead at the forefront of the AR & VR market. The non-immersive systems segment is projected to reach a revenue mark of USD 228.42 billion in 2025, from merely a USD 3.41 billion valuation in 2018, registering an 82.4% CAGR.
Based on application, the augmented and virtual reality (ARVR) market is segmented into education & training, media, tourism, social media, and video games. The video games segment is expected to spearhead the AR & VR market by reaching a valuation of USD 217.26 billion by the end of 2025. Whereas, the education & training segment is projected to register a staggering CAGR of 76.4% during the assessment period.
U.S. Projected to Dominate ARVR Market with Stunning CAGR of 78.3%
The Market Research Future report segments the Augmented Reality And Virtual Reality (ARVR) Market into the U.S., China, Japan, South East Asia, Europe, and Central and South America. The U.S. is expected to lead the augmented reality and virtual reality (ARVR) market by garnering a revenue of approximately 307.91 billion by the end of 2025. The U.S. boasts a presence of many industry giants that witness heavy competition and in consequence result in profitable market growth. Moreover, technological supremacy and advanced infrastructure to support smooth integration of AR and VR have fueled market growth to a great extent. The U.S. is estimated to expand at the fastest rate, registering a phenomenal CAGR of 78.3%, owing to the presence of a significant number of early adopters and a big gaming community in the region.
China is currently posing as the second largest shareholder of the augmented reality and virtual reality (ARVR) market. However, with Europe accruing fast growth, China is likely to fall back to third place. Europe is estimated to garner a revenue of USD 170.04 billion, crossing China’s revenue mark of USD 168.58 billion by the end of the review period. China is witnessing new growth opportunities due to a developing industrial sector and a supportive infrastructure. While China is projected to record a 65% CAGR during the forecast period, Europe is expected to register a whopping 77.6% CAGR by 2025.
Prominent Players
The augmented reality and virtual reality market comprises many high-profile players that are pushing the market growth with a competitive spirit and hefty investments in the research and development of AR & VR technology.
The MRFR ARVR report has profiled some of the key market players including Google LLC (U.S.), Microsoft Corporation (U.S.), EON Reality Inc. (U.S.), Zapper Limited (U.S.), Augmented Pixels Inc. (U.S.), HP Inc. (U.S.), Samsung Group (South Korea), Wikitude GmbH (Austria), Terminal Eleven (SkyView), Awe.org Pty Ltd. (Australia), Blippar.com (U.K.), Virtalis Limited (U.K.), Facebook Inc. (U.S.), DAQRI LLC (U.S.), HTC Corporation (Taiwan), and Sony Corporation (Japan).
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Latest Industry News
April 2019: Facebook launched an innovation lab in Pakistan, in collaboration with the Ministry of Information Technology & Telecom and National Technology Fund (Ignite), on 3rd April, Wednesday. Along with providing infrastructural support to developers, entrepreneurs, and different community groups, the innovation lab is also meant to aid in the development of augmented reality and virtual reality-based products.
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