Virtual and Augmented Reality Market is estimated to be USD 1573.0 Billion by 2034 with a CAGR of 39.9% over the forecast period (2024-2034)

Augmented Reality (AR) creates a real-world scene and enable people to try on items like jewellery, makeup, clothing. This experience leads to positive response and increase in sales. Virtual Reality (VR) is developed for entertainment and gaming purposes. Example of (VR) are car-racing which enable the user the sensation of driving and speed skills. Mixed Reality (MR) is the use of Augmented Reality (AR) and Virtual Reality (VR), it includes education, design, entertainment, healthcare, military training, human in the loop operation of robots. Augmented reality (AR), Virtual reality (VR) and Mixed reality (MR) are included in the Immersive Technologies. AR-capable mobile devices and individual headsets are the digital tools in Immersive Technologies. Augmented reality (AR) augments a real world scene and about 25% virtual. AR doesn’t require headset device, they are in contact with real world. Virtual reality (VR) creates immersive virtual environment and about 75% virtual. Virtual and Augmented Reality Market Size was valued at USD 74.0 Billion in 2024 and is expected to reach USD 1573.0 Billion by 2034, growing at a CAGR of 39.9%.

Immersive Technologies help the student to explore real world and learn new information more effectively which help them in developing skills like teamwork, communication, critical thinking and problem solving. Virtual reality users are completely in fiction world and requires headset device. Mixed reality (MR) is also known as immersive media which allows digital content to enrich, interact, and integrate with real-world environment by users. Advanced immersive technology has provided the necessary link between digital world & real world. In healthcare AR and VR technology has played an important role as it help in assisting doctors with the ability for treating & diagnosing conditions by using real time access to patient data & information. Increase in use of Immersive Technologies like AR and VR in education, healthcare is expected to give rise in target market growth.

The report “Virtual and Augmented Reality Market, By Component (Hardware and Software), By Technology (Virtual Reality Technology, Augmented Reality Technology), By Organization Size (Small Enterprises, Medium Enterprises, and Large Enterprises), By Application (Healthcare, E-Commerce & Retail, Education, Aerospace & Defense, Gaming & Entertainment, Automotive, Manufacturing, and Others), By Region - Trends, Analysis and Forecast till 2034”

Key Highlights:

• In August, 2022, Samsung has launched an Immersive Technology experience called ‘In Tune With You’, at Heathrow’s T5, by retail technology agency which will allows the passengers to relax, reconnect and recharge. The space which is cited in InMotion flagship store has aimed for creating place for passengers to step out virtually outside the airport to have mood boosting experience. Passengers can able to have a fun and experience on immersive and versatile screen of Galaxy Z in digital form.
• In August 2022, Sony India launched new award winning BRAVIA XR MASTER Series A95K OLED TV with XR Cognitive Processor which helps in delivering the best immersive viewing experience, 3D audio, 4K quality by XR Processor.
• In April 2022, Threekit has launched new Immersive Technology Shopping Suite, which will enable the next generation Augmented Reality shopping experience for apparel, furniture, and luxury. This offering includes, advanced AR (Augmented Reality) and Virtual Try-On features which provides online shoppers with unparalleled consumer experience.
• In November 2022, MediaTek has launched first SoC for VR to power Sony PlayStation VR2. MediaTek has launched series of new processors used for various devices like chrome-books, smart TVs, etc. The new chip will be powering Sony PlayStation VR2 which will be upcoming.

Analyst View:

Rising adoption of AR and VR, increased healthcare applications of AR has become the major factor in target market growth. Rise in opportunities in medical field, has allowed students to choose healthcare education. Augmented, Virtual and Mixed reality play an important role in preclinical and nursing students. Augmented Reality has enhanced the overall digital experience for its users by offering perfect combination of physical & virtual components. Advanced immersive technology has provided the necessary link between digital world & real world. In healthcare AR and VR technology has played an important role as it help in assisting doctors with the ability for treating & diagnosing conditions by using real time access to patient data & information. AR and VR technology provides an immediate access to wealth of knowledge with faster diagnosis and treatment in patient. VR creates real world around us and are used in medical, industries, military, weather forecasting, security, traffic accident awareness and in anti-terrorism. However, wide applications in healthcare sector is expected to boost the demand for target market growth.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Virtual and Augmented Reality Market Size, Share, By Component (Hardware and Software), By Technology (Virtual Reality Technology, Augmented Reality Technology), By Organization Size (Small Enterprises, Medium Enterprises, and Large Enterprises), By Application (Healthcare, E-Commerce & Retail, Education, Aerospace & Defense, Gaming & Entertainment, Automotive, Manufacturing, and Others), By Region - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Virtual and Augmented Reality Market Size was valued at USD 74.0 Billion in 2024 and is expected to reach USD 1573.0 Billion by 2034, growing at a CAGR of 39.9%. The Virtual and Augmented Reality Market is segmented based on Component, Technology, Organization Size, Application, and Region.

• Based on Component, Virtual and Augmented Reality Market is segmented into Hardware and Software.
• Based on Technology, Virtual and Augmented Reality Market is segmented into Virtual Reality Technology, Augmented Reality Technology.
• Based on Organization Size, Virtual and Augmented Reality Market is segmented into Small Enterprises, Medium Enterprises, and Large Enterprises.
• Based on Application, Virtual and Augmented Reality Market is segmented into Healthcare, E-Commerce & Retail, Education, Aerospace & Defense, Gaming & Entertainment, Automotive, Manufacturing, and others.
• By Region, the Virtual and Augmented Reality Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Virtual and Augmented Reality Market:

The prominent players operating in the Virtual and Augmented Reality Market includes, Apple Inc., Samsung Electronics Co. Ltd., Qualcomm Technologies Inc., The NineHertz, EON Reality Inc., Google Inc., Microsoft Corporation, Laster Technologies, Facebook Inc., Vuzix Corporation, and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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