The global AR/VR/MR market was valued at USD 15,300 Million in 2020, and it is expected to reach a value of USD 93,000 Million by 2027, at a CAGR of 40.10% over the forecast period (2020 - 2027).
Virtual Reality (VR) and Augmentated reality (AR) are the two most commonly known technologies that have completely captured the globe. An incredible fusion of the two technologies has resulted in mixed reality (MR). It is a seamless combination of AR and VR that brings the best of both worlds together. The global AR/VR/MR market is being driven by increased penetration of the mobile gaming sector and along with an increase in internet accessibility across the globe.
Top Players Company Profiles :
- Google Inc. (US)
- Microsoft Corp. (US)
- Sony Corp. (Japan)
- Oculus VR (US)
- Samsung Electronics Co. Ltd. (South Korea)
- Seiko Epson
- Lenovo (US)
- Magic Leap Inc. (US)
- Vuzix (US)
- Apple Inc. (US)
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Global AR/VR/MR Market Segmental Analysis
The global AR/VR/MR market is segmented on the basis of offering and industry vertical. Based on the offering, the global market is segmented as: hardware and software. Based on industry vertical, the market is segmented as: Gaming, Entertainment & Media, Aerospace & Defense, Healthcare, Education, Manufacturing, Retail, and Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Offering
In 2021, the software segment accounted for more than 50% share in the global market. This is attributed to the rising trend of VR content creation and AR gaming. The widespread adoption of AR and VR would be aided by mass consumerization. The revenue growth of the AR & VR software market has been hampered by delays in the launch of new AR & VR gear, as well as a reduction in AR & VR device sales. However, the growing desire to maintain social distance in order to prevent the virus from spreading is predicted to drive up the adoption of AR and VR technologies, as well as give opportunities for AR and VR software suppliers.
Analysis by Industry Vertical
In 2021, the gaming segment accounted for more than 20% share in the global market. This is attributed to the rising craze for AR gaming among consumers. The outbreak of COVID-19 also positively influenced the growth of the market. City shutdowns, lockdowns, halts in the manufacturing processes, along with the disruption of the supply chain have severely impacted the growth of the market. Amid COVID-19 people were mandated to stay at home in order to maintain social distancing norms; which encouraged the adoption of these devices and software for their spare time. Hence, this created significant growth opportunities for the market growth.
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