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Augmented and Virtual Reality Industry
The entertainment and media industry will fuel the growth of the augmented and virtual reality market during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATE, October 19, 2022 /EINPresswire.com/ — The booming gaming industry and rapid penetration of the internet act as the key drivers of the AR and VR market. The increasing application of augmented reality and virtual reality in healthcare, retail, entertainment, media, manufacturing, aerospace, defense, and education will boost the growth of the AR VR market during the forecast period.
According to the report published by Allied Market Research, the global augmented and virtual reality market generated $27.6 billion in 2021, and is estimated to reach $856.2 billion by 2031, witnessing a CAGR of 41.1% from 2022 to 2031.
Access the full summary at: https://www.alliedmarketresearch.com/augmented-and-virtual-reality-market
The report offers detailed segmentation of the global augmented and virtual reality market based on organization size, application, industry vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps investors, market players, and new entrants in determining the sub-segments to be tapped into to achieve growth in the coming years.
Based on organization size, the large enterprises' segment accounted for the highest share in 2021, contributing to nearly two-thirds of the total share, and is expected to maintain its leadership status during the forecast period. However, the SMEs segment is expected to manifest the highest CAGR of 43.3% from 2022 to 2030.
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Based on application, the consumer segment held the largest share in 2021, accounting for more than half of the market, and is expected to maintain its dominance in terms of revenue by 2031. However, the enterprise segment is estimated to witness the largest CAGR of 42.4% during the forecast period.
On the basis of industry vertical, the gaming segment dominated the market in 2021, accounting for nearly one-fourth of the global augmented and virtual reality market, and is projected to maintain its leading position throughout the forecast period. However, the retail segment is estimated to showcase the highest CAGR of 44.4% during the forecast period.
Based on region, North America accounted for the highest share in 2021, contributing to nearly two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, the market across Asia-Pacific is projected to portray the fastest CAGR of 43.9% during the forecast period. The research also analyzes regions including Europe and LAMEA.
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Leading players of the global augmented and virtual reality industry analyzed in the research include Google Inc., Sony, Magic Leap, Inc., HTC, Microsoft Corporation, Osterhout Design Group, Facebook, DAQRI, Samsung Electronics Co., Ltd., and Wikitude.
Covid-19 Scenario:
• The Covid-19 pandemic favored the growth of the market due to a rise in the shift toward the adoption of AR and VR technologies since most businesses implemented the work-from-home culture.
• Digital transformation and industry 4.0 had boosted the demand for AR and VR market. Moreover, the players are collectively forced to deploy multiple new and agile approaches to improve the consumer experience.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.
David Correa
Allied Analytics LLP
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