DUBLIN, Dec. 7, 2020 /PRNewswire/ -- The "AR and VR Market Research Report: By Type (AR, VR), Offering (Hardware, Software), Device Type (AR Devices, VR Devices), Application (Consumer, Commercial, Enterprise) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global augmented reality (AR) and virtual reality (VR) market is projected to account for a revenue of $1,274.4 billion in 2030, rising from $37.0 billion in 2019, progressing at a robust CAGR of 42.9% during the forecast period (2020-2030).

The rising penetration of smartphones and tablet computers, increasing technology adoption among enterprises, and surging focus of vendors on price reduction are the key factors leading to the growth of the market. Between AR and VR, the VR division accounted for the major share of the market in 2019.

The application of VR is rising in several industries, majorly gaming, and the prices of VR are declining, thereby leading to the increasing adoption of the technology. VR provided an immersive experience to consumers, which is why, companies in the gaming industry are incorporating these features into their services and products. The AR category is predicted to grow at a faster pace during the forecast period, owing to the various benefits offered by the technology.

On the basis of application, the AR and VR market is divided into enterprise, commercial, and consumer, out of which, the consumer division is predicted to hold the major share of the market in 2030. The rising awareness regarding AR and VR is the major reason for the growth of this division. The number of gamers across the globe is expected to rise in the coming years, which is projected to drive the demand for immersive and interactive gaming.

Geographically, the AR and VR market was dominated by North America during the historical period (2014-2019) and is predicted to hold the major share of the market during the forecast period as well. Within the region, the U.S. is leading the domain, owing to the presence of major companies in the country. In addition to this, the rising application of VR and AR in the healthcare and e-commerce sectors is also driving the growth of the regional domain.

The surging adoption of these technologies among enterprises is a key driving factor of the AR and VR market. The enterprise sector is one of the major targets for players in the domain. The potential of AR and VR technologies is huge in enterprises, as all key device manufacturers, solution providers, and app developers are targeting the sector. In addition to this, a lot of Fortune 500 businesses have started experimenting with VR and AR technologies, and few of them have already initiated pilot projects.

The surging penetration of tablet computers and smartphones is also a key driving factor of the AR and VR market. Smartphones are being considered the major hardware interface for VR and AR applications. Moreover, the number of smartphones is further predicted to reach 3.5 billion by 2020, which is a growth of 9.3% from 2019. Owing to this, AR and VR enterprises are focusing on these devices for expanded their footing in the industry.

In conclusion, the market is expanding due to the increasing adoption of AR and VR technologies in enterprises and rising penetration of smartphones.

Key Topics Covered:

Chapter 1. Research Background1.1 Research Objectives1.2 Market Definition1.3 Research Scope1.4 Key Stakeholders

Chapter 2. Research Methodology2.1 Secondary Research2.2 Primary Research2.3 Market Size Estimation2.4 Data Triangulation2.5 Currency Conversion Rates2.6 Assumptions for the Study

Chapter 3. Executive Summary3.1 Voice of Industry Experts/KOLs

Chapter 4. Introduction4.1 Definition of Market Segments4.1.1 By Type4.1.1.1 AR4.1.1.1.1 Marker-based AR4.1.1.1.1.1 Passive marker4.1.1.1.1.2 Active marker4.1.1.1.2 Marker-less AR4.1.1.1.2.1 Model-based tracking4.1.1.1.2.2 Image-based processing4.1.1.2 VR4.1.1.2.1 Non-immersive4.1.1.2.2 Semi- and fully immersive4.1.2 By Offering4.1.2.1 Hardware4.1.2.1.1 Sensors4.1.2.1.2 Cameras4.1.2.1.3 Position trackers4.1.2.1.4 Displays and projectors4.1.2.1.5 Semiconductor components4.1.2.1.6 Others4.1.2.2 Software4.1.2.2.1 SDKs4.1.2.2.2 Cloud-based services4.1.2.2.3 AR software functions4.1.2.2.4 VR content creation4.1.3 By Device Type4.1.3.1 AR devices4.1.3.1.1 HMDs4.1.3.1.2 HUDs4.1.3.1.3 Handheld devices4.1.3.2 VR Devices4.1.3.2.1 HMDs4.1.3.2.2 Gesture-tracking devices4.1.3.2.3 Projector and display walls4.1.4 By Application4.1.4.1 Consumer4.1.4.1.1 Gaming4.1.4.1.2 Sports and entertainment4.1.4.2 Commercial4.1.4.2.1 Offline education and e-learning4.1.4.2.2 In-store retail and e-commerce4.1.4.2.3 Tourism4.1.4.3 Enterprise4.1.4.3.1 Healthcare4.1.4.3.2 Automotive4.1.4.3.3 Aerospace and defense4.1.4.3.4 Others4.2 Value Chain Analysis4.2.1 Component Suppliers4.2.2 Technology Suppliers4.2.3 Device Suppliers4.3 Market Dynamics4.3.1 Trends4.3.1.1 Growing focus of businesses on the aesthetics of AR and VR devices4.3.1.2 Increasing investments by tech corporations and venture capitalists4.3.1.3 Rising popularity of virtual playground applications4.3.2 Drivers4.3.2.1 Increasing penetration of smartphones and tablet computers4.3.2.2 Soaring demand for AR and VR in offline retail and e-commerce4.3.2.3 Rising technology adoption among enterprises4.3.2.4 Growing focus of vendors on price reduction4.3.2.5 Impact analysis of drivers on market forecast4.3.3 Restraints4.3.3.1 Potential health risks4.3.3.2 Technical imperfections4.3.3.3 Impact analysis of restraints on market forecast4.3.4 Opportunities4.3.4.1 Rising demand for gesture and haptic control4.3.4.2 Advancements in technology4.3.4.3 Integration of AR and VR to create MR4.4 Impact of COVID-19 on AR and VR Market4.5 Porter's Five Forces Analysis

Chapter 5. Global Market Size and Forecast5.1 By Type5.1.1 AR Market, by Technology5.1.1.1 Marker-based AR market, by type5.1.1.2 Marker-less AR market, by type5.1.2 VR Market, by Technology5.2 By Offering5.2.1 Hardware Market, by Type5.2.2 Software Market, by Type5.3 By Device Type5.3.1 AR Devices Market, by Type5.3.2 VR Devices Market, by Type5.4 By Application5.4.1 Consumer Application Market, by Type5.4.2 Commercial Application Market, by Type5.4.3 Enterprise Application Market, by Type5.5 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Major Markets for AR and VR11.1 U.S. AR and VR Market11.2 U.K. AR and VR Market11.3 Germany AR and VR Market11.4 China AR and VR Market11.5 Japan AR and VR Market11.6 India AR and VR Market

Chapter 12. Competitive Landscape12.1 List of Players and Their Offerings12.2 Market Share Analysis of Key Players12.2.1 Global Market Share Analysis12.3 Product Benchmarking of Key Players12.4 Competitive Benchmarking of Key Players12.5 Strategic Developments in the Market12.5.1 Mergers and Acquisitions12.5.2 Product Launches12.5.3 Partnerships12.5.4 Geographic Expansions12.5.5 Client Wins12.5.6 Other Developments

Chapter 13. Company Profiles13.1 Business Overview13.2 Product and Service Offerings13.3 Key Financial Summary

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Global Augmented Reality and Virtual Reality Market Report 2020-2030: Rising Demand for Gesture and Haptic Control & Integration of AR and VR to...