Dublin, Ireland -- (SBWIRE) -- 03/19/2021 -- Augmented Reality (AR) and Virtual Reality (VR) Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The global augmented reality and virtual reality market is predicted to witness an upsurge in demand over the forecast period due to the rising penetration of smartphones and connected devices in numerous applications and technological development of the gaming sector. As per augmented and virtual reality market report, the strong demand for augmented reality and virtual reality in the e-commerce and retail sectors will further surge the growth of the augmented and virtual reality market size. The growing demand for augmented reality devices in healthcare for patient care management & medical training and education, and in e-commerce/retail as there is an upsurge in the trend of online shopping is driving the growth of the market. The growth in penetration of head-mount displays in the entertainment and gaming industry, easy availability of affordable virtual reality devices, and rapid digitalization are fuelling the growth of the market. According to the augmented and virtual reality market analysis, the increasing investment and funding in virtual and augmented reality by tech companies for the development of virtual and augmented reality solutions is further anticipated to stimulate the growth of the market. The emerging trends of smart manufacturing, growing penetration of head mount in gaming, healthcare, and agriculture application, strong demand for augmented reality in architecture, and the rising usage of virtual reality in aerospace & defense for training and simulation purpose and incorporation of Artificial Intelligence (AI) & Machine Learning (ML) are certain factors that are projected to drive the growth of the augmented reality and virtual reality market in the coming years. According to the augmented and virtual reality market forecast, the factors hindering the growth of the market include limited storage of augmented reality devices, processing power, restricted user interface, and health concern owing to low resolution and security concerns will hinder the growth of the market.

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Augmented Reality (AR) and Virtual Reality (VR) Market's leading Manufacturers:

- Google LLC
- Microsoft Corporation
- Oculus VR
- Samsung Electronics
- Sony Corporation
- HTC Corporation
- Magic Leap, Inc.
- Wikitude GmbH
- PTC Inc.
- DAQRI
- Apple Inc.

Device Type Segment Drivers

Based on device type, the head-up display is predicted to grow at a higher CAGR over the forecast period due to the increasing application of head mount display in the automotive and aerospace & defense industries for training purposes. Head-up displays are translucent displays that represent information close to the drivers' outside view. It enhances the level of driving safely, monitors the vehicle speed and performance & navigating to the destination. The intuitive display improves features, and dynamic real-time data to the driver are further boosting the market growth during the forecast period.

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Offering Segment Drivers

Based on the offering, the hardware is predicted to dominate the market due to the growing use of virtual reality and augmented reality devices for aerospace & defense, training and development in education, and gaming & entertainment.

Augmented Reality (AR) and Virtual Reality (VR) Market Segmentation:

Segmentation by Offering:

- Hardware

o Sensors
? Accelerometer
? Gyroscope
? Magnetometer
? Proximity Sensor
o Semiconductor Component
? Controller and Processor
? Integrated Circuits
o Displays and Projectors
o Position Trackers
o Cameras
o Others

- Software

o AR Software
? AR Remote Collaboration
? Workflow Optimization
? Documentation
? Visualization
? 3D Modeling
? Navigation
o VR Content Creation

Segmentation by Device Type:

- Augmented Reality Devices

o Head-Mounted Display
? AR Smart Glasses
? Smart Helmets
o Head-Up Display
o Handheld Device

- Virtual Reality Devices

o Head-Mounted Display
o Gesture-Tracking Device
? Data Gloves
? Others
o Projector & Display Wall

Segmentation by Application:

- Augmented Reality Applications
o Consumer
? Gaming
? Sports & Entertainment

- Entertainment Applications
- Museums (Archaeology)
- Theme Parks
- Art Gallery & Exhibitions

o Commercial
? Tourism & Sightseeing
? E-Learning
? Retail & E-Commerce
- Jewelry
- Beauty & Cosmetics
- Apparel Fitting
- Furniture & Lighting Design
- Grocery Shopping
- Footwear

o Enterprise
o Healthcare
o Aerospace & Defense
o Energy
o Automotive
o Others

- Virtual Reality Applications

o Consumer
? Gaming and Entertainment
- Sports
o Commercial
? Retail
? Education and Training
? Travel and Tourism
? Advertising
o Enterprise
o Healthcare
? Surgery
? Patient Care Management
? Fitness Management
? Pharmacy Management
? Medical Training and Education
o Aerospace & Defense
o Others
? Automotive
? Real Estate
? Geospatial Mining

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

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