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AR and VR Market to Hit USD 766 Billion by 2025 Registering a 73.7% CAGR - Report by Market Research Future (MRFR)

/EIN News/ -- New York, US, July 22, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global AR and VR Market information By Technology, By Component, By Device Type and Vertical - Forecast till 2027” the market to reach USD 766 billion by 2025 growing at a 73.7% CAGR.

Market Scope:
Augmented reality greatly extends the ways in which connected devices can assist with daily activities such as searching for information, shopping, and others, while virtual reality allows users to experience different outer world places while sitting in the comfort of their own homes. VR gaming creates a 3D environment for its users, enabling users to feel the physical presence in a game.

Augmented Reality and Virtual Reality Market, which were once limited to simple gamification, are now adopted by medical professionals worldwide for therapeutic interventions. VR/AR is also being used to treat a variety of conditions, including anxiety and stress, Parkinson's disease, and rehabilitation. Furthermore, advances in augmented and virtual reality technologies have played a main role in keeping industrial operations competitive and effective.

Dominant Key Players on AR and VR Market Covered Are:

  • Blippar
  • Google LLC
  • Samsung Group
  • EON Reality Inc
  • Hewlett-Packard Company
  • Augmented Pixels Inc.
  • DAQRI LLC
  • Terminal Eleven (SkyView)
  • Wikitude GmbH
  • awe.org Pty Ltd (buildar.com)
  • Zapper Limited
  • Virtalis Limited
  • Facebook Inc
  • Magic Leap Inc
  • HTC Corporation
  • Microsoft Corporation
  • PTC Inc
  • Sony Corporation
  • Visteon Corporation

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Market USP Exclusively Encompassed:
AR and VR Market Drivers
The demand for head-mounted displays (HMDs) in gaming and entertainment, the adoption of augmented and virtual reality for marketing strategies, and the demand for AR/VR in the retail and e-commerce industry are key factors that positively influence AR/VR market development. Moreover, increasing demand for augmented and virtual reality devices in the manufacturing and healthcare sectors, as well as increased investments and funding by key market players to build AR/VR solutions, are propelling the market growth.

Industrial automation (industry 4.0/5.0) is expected to encourage the use of AR/VR to enhance connectivity between self-monitoring devices, production machines, machine-to-machine communication (M2M), and the internet of things (IoT). The substantial demand for AR/VR from manufacturing industries is expected to provide market participants with a multitude of opportunities in the future.

Furthermore, strong demand from healthcare and automotive industries due to automation is expected to drive AR and VR market growth. Moreover, the need to create common spaces during the COVID 19-led self-isolation and social distancing steps will necessitate the use of AR/VR tools when collaborating for work or play.

Augmented reality and virtual reality have risen to popularity in recent years. Increasing use of these capabilities in corporate communications and historic accomplishment of games would foster the AR/VR market.

However, the high investment required for development and SoC integration of AR/VR is a major factor impeding the growth of the augmented and virtual reality markets. In addition, problems with security compliance and rising cyber-attacks as a result of a lack of security standards are significant factors challenging market dynamics. Furthermore, a lack of technical expertise, which results in data manipulation, spoofing, sniffing, cyber-attacks, and man-in-the-middle attacks, is expected to pose some challenges to market development.

Browse In-depth Market Research Report (94 Pages) on Augmented Reality and Virtual Reality:
https://www.marketresearchfuture.com/reports/augmented-reality-virtual-reality-market-6884

Market Segmentation:
The AR/VR market has been segmented into technology, component, device type, and vertical. 

By technology, the global AR/VR market has been segmented into augmented reality and virtual reality. 

By component, the global AR/VR market has been segmented into hardware, software, and solutions.

By device type, the global AR/VR market has been segmented into augmented reality devices and virtual reality devices. 

By vertical, the global AR/VR market has been segmented into consumer electronics, healthcare, retail, travel & tourism, media & entertainment, aerospace & defense, IT & telecommunication, automotive, BFSI, manufacturing, education, and real estate.

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Regional Analysis:
Region-wise, the global augmented reality and virtual reality market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. 

North America currently leads the global augmented reality and virtual reality industry and is expected to do so during the evaluation period. The presence of a number of key players, such as Google, Microsoft, and Facebook Inc, and the rising industrial sector drive the AR/VR market growth.

Furthermore, technical advances and the proliferation of connected devices would increase the size of the augmented reality market by 2025. The United States is the region's largest VR and AR market, with an estimated valuation of USD 307.91 billion by 2025 and a 78.3% CAGR during the forecast period.

To Buy:
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Industry News:
January 22, 2021 – Marxent, a global pioneer in 3D Commerce for the home vertical, announced the completion of Series C funding. The funds will be used to fuel strategic value creation opportunities like international expansion and new product development.

January 21, 2021 – NeXR Technologies SE stated a collaboration with H&Mbeyond to develop innovation for stationary retail like virtual fitting solutions and digital fitting rooms, which allow customers to try on individually exact fit looks digitally, instantly, and easily.

January 15, 2021 – NexTech AR Solutions Corp. (Canada), a major provider of virtual experience technologies (VTX) and augmented reality (AR) and services for 3D ads, education, eCommerce, conferences, and events, has announced the signing of a six-month renewal agreement with Poly, with the possibility of additional revenue after the six months.

January 05, 2021 – NexTech introduced Genie in a Bottle, groundbreaking human hologram AR marketing platform, and latest eCommerce stores for its TruLyfe brand of human supplements. The company also stated its service segment expansion into the Asia Pacific market after establishing a presence in Singapore.

COVID-19 Impact on the Global Augmented Reality and Virtual Reality Market:
The COVID 19 has accelerated digitization and given a much-needed boost to technology adoption around the world. The coronavirus-driven lockdowns compelled people to seek new solutions for daily needs ranging from food delivery to medical needs and education. The current coronavirus outbreak has served as a launching pad for the popularization of augmented and virtual reality (AR/VR).

These technologies are useful in a number of industries, including healthcare, education, tourism, retail, and others. After the lockdown restrictions are lifted, the behavioral changes brought on by the pandemic will continue much longer, if not forever. People will remain socially distant despite being virtually close due to AR/VR technology and extended reality. AR/VR platforms would help businesses to run and grow irrespective of the challenges posed by social distancing.

Furthermore, more and more people would work from remote locations and smartphones with improved internet connectivity, making it possible for the masses to work online. Innovative market players have aggressively begun searching for expanding virtual and augmented reality application areas. As a result, the augmented reality and virtual reality industries are projected to receive considerable momentum, enabling them to garner significant traction and investments.

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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