Global AR & VR Headset Market- Description
Games have become much more interactive as players can now immerse themselves in their characters completely.
The developers have been using AR, and VR technologies in order to create realistic images along with sound and other sensory capabilities so as to provide a virtual setting that stimulates the user's physical experience.
The AR lets gamers play in a multi-dimensional space that can be controlled by their body movement. VR also lets one to experience imaginary settings closer to the real world.
Global AR & VR Headset Market- Overview
The Global AR & VR Headset Market is valued at USD 29.38 billion in 2022 and is projected to reach a value of USD 451.21 billion in 2030 expanding at a CAGR of 40.7% over the forecast period of 2022-2030.
The growth of the mobile gaming industry and the rising internet connectivity act as the key drivers of the global AR and VR market over the forecast period.
Additionally, the rising use of consumer electronic devices is projected to fuel the of the global augmented and virtual reality market growth. AR and VR are also boosting deeper engagement between digital content and its viewers.
Because of covid 19, the digital connections have taken precedence in personal, professional, and entertainment arenas over the forecast period.
Global AR & VR Headset Market- Key Market Trends
Proliferation of smartphones has boosted the market growth over the forecast period
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the proliferation of smartphones. Also, the increase in popularity of gaming, cost-efficient benefits of AR and virtual reality-based solutions, and surge in adoption of AR and VR technologies by the enterprises have boosted the market growth over the forecast period.
Increase in smartphone penetration has boosted the market growth
Another major factor that has fuelled the market growth over the forecast period is the increasing smartphone penetration. The increasing adoption of smartphones and technological advancements have allowed its users to view virtual images immersed in real contexts. Additionally, they are also able to connect with these images and objects to interact with them by simply using the camera on their smartphone devices and thus, are the major factors boosting the growth of the AR and VR market over the forecast period.
Global AR & VR Headset Market- Segmental analysis of the Market
Based on Organization Size
Large Enterprises
Small- & Medium-sized Enterprises
The large enterprises segment has dominated the market growth over the forecast period. This is because of the rise in applications of augmented and virtual reality in automotive, manufacturing, construction, extractive industry, aircraft, healthcare, education, law enforcement, and real estate industries.
Based on Application
Consumer
Enterprise
The enterprise segment has dominated the market growth over the forecast period. this is because of the increase in number of enterprises apart from gaming and other consumer entertainment subsectors are adopting and testing AR and VR technologies in an extensive range of work-related applications.
Based on Industry Vertical
Gaming
Entertainment & Media
Aerospace & Defense
Healthcare
Education
Manufacturing
Retail
Others
The gaming segment has dominated the market growth over the forecast period.
Global AR & VR Headset Market- Geographical analysis of the Market
The Global AR & VR Headset Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of North America is a home to major players that includes, Google, Facebook, DAQRI, and others, which offer advanced solutions. Moreover, enterprises in this region have invested on AR & VR along with simulation.
Global AR & VR Headset Market- Competitive Landscape
Some of the major players operating in the marker are Alphabet (Google Inc.), DAQRI, Facebook, HTC, Magic Leap, Inc, Microsoft Corporation, OSTERHOUT DESIGN GROUP, Samsung Electronics Co., Ltd, Sony, Wikitude.
Report Scope
Global AR & VR Headset Market: Historical Period- 2018-2021
Global AR & VR Headset Market: Industry and forecast Period- 2022-2030
Global AR & VR Headset Market 2022- USD 29.38 billion
Global AR & VR Headset Market 2030- USD 451.21 billion
Global AR & VR Headset Market CAGR- 40.7%
Major segments covered
Organization Size, (Large Enterprises and Small & Medium Sized Enterprises)
Application, (Consumer and Enterprise)
Industry Vertical (Gaming, Entertainment & Media, Aerospace & Defence, Healthcare, Education, Manufacturing, Retail, and Others)
Key Countries and Regions covered
North America (US, Canada, and Mexico)
Europe (UK, Germany, France, Italy, Netherlands, and Rest of Europe)
Asia Pacific (China, Japan, South Korea, and Rest of APAC)
Middle east and Africa
Top companies profiled- Alphabet (Google Inc.), DAQRI, Facebook, HTC, Magic Leap, Inc, Microsoft Corporation, OSTERHOUT DESIGN GROUP, Samsung Electronics Co., Ltd, Sony, Wikitude.
