Augmented Reality and Virtual Reality Market Leading With CAGR of 36.9% by 2028. – The Insight Partners
Augmented reality (AR) is a technology that creates a virtual experience by combining the digital and physical worlds. Apps for mobile or desktop integrate digital aspects with the actual world using AR technology. For example, score overlays for televised sports games can be displayed using AR technology and the pop-out of 3D images, text messages, and emails. AR uses computer vision, mapping, and depth sensing to offer the user relevant material. This feature allows cameras to collect, send, and process data to display digital material relevant to the viewer’s current gaze. Virtual reality (VR) is a computer-generated simulation of fictional reality. It can be seen in 3D movies and video games. The use of computers and sensory gear such as headsets and gloves aids in constructing realistic simulations and an immersive experience for spectators. In addition to gaming and entertainment, virtual reality can be used for training, education, and science.
Google LLC, EON Reality, Immersive Gaze, Blippar Group Limited (Layar B V), and Vuzix Corporation – Prominent Market Participants in Augmented Reality and Virtual Reality Market
Augmented and virtual reality (AR and VR) technologies have attracted the attention of new and established businesses, prompting entrepreneurs and marketers to consider investing in AR and VR app development. In the future, the AR and VR technological developments will force every businessperson to seek advice from specialists and enter this industry to gain a larger market share.
North America is leading the augmented reality and virtual reality market in terms of share. The presence of major market players in the US is one of the prominent factors contributing to the growth of the augmented reality and virtual reality market in North America. According to Finances Online, Facebook was the market leader in headset shipments in the second quarter of 2020, accounting for more than 38% of all shipments. With 21.9%, Sony came in second place and Pico came in third with 9.2%. Immersive technologies are becoming more popular in the region as more money is invested in their development. The US government is keen on increasing the adoption of immersive technologies, bolstering the region’s market dominance in AR and VR. In 2019, the US Defense Advanced Research Projects Agency expressed interest in IMT Atlantique and assigned the business a contract to build similar contactless lenses for the US military.
Google LLC, EON Reality, Immersive Gaze, Blippar Group Limited (Layar B V), and Vuzix Corporation are the five key market players operating in the global augmented reality and virtual reality market. The augmented reality and virtual reality market are highly fragmented and competitive due to many small-scale and medium-scale manufacturers in both developed and developing economies. The top 5 market players focus on various organic and inorganic growth strategies to survive in the augmented reality and virtual reality market, such as the innovation of new technologies to offer enhanced product portfolios to the customers, mergers and acquisitions, and expansion strategies.
Most of the market initiatives were observed in Europe and North America, which have a high potential for augmented reality and virtual reality providers. Few of the important market initiatives and product developments from the industry are mentioned below:
|2021||Vuzix Corporation has signed a distribution agreement with Barcotec GmbH (“Barcotec”), a European supplier of innovative hardware, a device management cloud, and a complete service package to regional and international companies, institutions, and has received and shipped an initial order for Vuzix Smart Glasses from them.||Europe|
|2021||Vuzix Corporation has announced that it has reached an agreement with Verizon to use Verizon’s 5G and edge computing technology to create a first-of-its-kind augmented reality experience for sports and gaming.||North America|
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