Westford, USA, June 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global AR/VR/MR Market will attain a value of USD 521.28 Billion by 2031, with a CAGR of 39.1% during the forecast period (2024-2031). These gadgets can be utilised with tablet PCs and cell phones and have strong computational capabilities. A great number of applications exist for AR and VR technology while businesses are finding out how to integrate them into numerous sectors. Regarding this, those operating in the sector are focusing better looks of the devices so that they become trendy, and their use extended to several occasions. It is as they are flexible and easy to use that these devices have gained more popularity than ever before.
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Browse in-depth TOC on the " AR/VR/MR Market "
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AR/VR/MR Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $42.46 Billion |
| Estimated Value by 2031 | $521.28 Billion |
| Growth Rate | Poised to grow at a CAGR of 39.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coveragee | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Device type, Technology, Enterprise, Application, End Use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Surge of AR/VR/MR in architecture and beyond |
| Key Market Opportunities | Crafting dynamic consumer experiences and immersive campaigns |
| Key Market Drivers | Smartphones at the forefront of AR and VR technology |
Offering Versatile Applications Across Industries in Software Offering to help Hold Dominant Share
Innovative software solutions in the AR/VR/MR space facilitate easy device integration, improve user experiences, and provide a wide range of industry-specific applications, which propel the market's global domination. By encouraging ongoing innovation and increased capabilities, this drives demand for ever more complex AR/VR/MR software hence strengthening the market’s growth and leading position.
Realistic Graphics and Interactive Gameplay in Gaming Vertical to Propel Growth
The global AR/VR/MR market has become largely dominated by gaming with its reality-based visual experiences interspersed with action sequences and quests that lure many followers in. This is achieved by continued technological advancements within the AR/VR/MR sector fuelled by significant investments that enhance game experiences thus steaming game quality, growth as well as respect for augmented, virtual or mixed reality games.
Rapid Expansion of Business and Consumer Segments Helps North America Maintain Dominance
The region of North America accounted for the largest portion of the global market. One of the main factors propelling the market in the region is the swift growth of the consumer and business sectors. Moreover, major companies that provide cutting edge technologies, including DAQRI, Facebook, Google, and others, are headquartered in North America. These businesses in the region are also investing in AR, VR, and simulation, which supports the expansion of the market.
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AR/VR/MR Market Insights:
Drivers:
- Increasing capital infusion in the augmented reality
- Smartphones at the forefront of AR and VR technology
- Integration with IoT and AI
Restraints:
- Excessive AR Usage having Negative Psychological Impact
- Privacy and security concerns related to AR
- Time-Consuming Integration
Prominent Players in AR/VR/MR Market
The following are the Top AR/VR/MR Companies
- Google (US)
- Microsoft (US)
- Sony Group Corporation (Japan)
- META (US)
- SAMSUNG (South Korea)
- HTC Corporation (Taiwan)
- Apple Inc. (US)
- Lenovo (China)
- Wikitude, a Qualcomm company (Austria)
- EON Reality (US)
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Key Questions Answered in Global AR/VR/MR Market Report
- What is SkyQuest's estimated 2031 market value for AR, VR, and MR globally?
- Which geographical region held the biggest share of the worldwide AR, VR, and MR market?
- Identify the two main market drivers that the study mentions for the AR/VR/MR market.
This report provides the following insights:
- Analysis of key drivers (Viewing virtual graphics, immersed in real-world contexts, notable surge in investment activity in the market and reshaping how people interact with digital content), restraints (Excessive use of smart devices, users experiencing severe post-traumatic stress disorder and impair user's ability to interact socially), opportunities (Profound transformation of advertising & marketing, captivate audiences & establish a lasting connection and personalization reaches unprecedented levels as AR tailors content), and challenges (Demand for a robust and low-latency network connection and quality & viability of user experiences in AR,VR&MR) influencing the growth of AR/VR/MR market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the AR/VR/MR market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the AR/VR/MR market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Augmented Reality in Retail Market
Mobile Augmented Reality Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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