DUBLIN--(BUSINESS WIRE)--The "Augmented Reality and Virtual Reality Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology, Component and End-User Industry" report has been added to ResearchAndMarkets.com's offering.
Market is expected to grow from US$ 27.96 billion in 2021 to US$ 252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021-2028.
Immersive Learning Experience with VR, AR, and Gamification Boosts Augmented Reality and Virtual Reality Market Growth
In the last few decades, the learning analytics landscape has dramatically expanded, especially for higher education. Students learn faster when they engage in the gamified version of lessons.
Gaming features help create a fun and productive learning experience for learners. Gamification is common in e-learning platforms meant for K-12 level students. According to an article published by EducationWorld in December 2019, STEPapp launched India's first-of-its-kind gamified learning edtech app to revolutionize K-12 education in the country.
Further, since the introduction of virtual reality and augmented reality into education, the sector has experienced tremendous transformation in learning. VR provides a built reality, and AR provides an image with an improved view. Thus, a surge in the integration of virtual reality, augmented reality, and gamification technologies into educational techniques would offer better academic results and create demand for AR and VR solutions contributing in augmented reality and virtual reality market growth.
Despite the negative impact of the COVID-19 pandemic-associated lockdowns and low cross-border trade, the augmented reality and virtual reality market has continued to grow with the increasing shift toward adopting AR and VR technologies, and businesses switching to remote working or hybrid working.
According to an article published by the INEWS, in 2020, the China Spring Cloud Auto Show was organized by combining AR technology, big data, Web 3D, panoramic content, and other technologies to present cutting-edge technologies and products from multiple perspectives.
Key Findings of Study:
Based on technology, the augmented reality and virtual reality market is bifurcated into augmented reality and virtual reality. In 2021, the augmented reality segment led the market with a larger share. The increasing demand for remote assistance and cooperation from businesses to help with workflow management and optimization is projected to drive the market for the augmented reality segment.
Based on component, the augmented reality and virtual reality market is segmented into semiconductor components, sensors, and others. The growing popularity of AR and VR-enabled gadgets has driven sensor makers to invest heavily in research and development for the introduction of newer sensors, which helps them stay ahead of the competition. For example, TDK Corporation announced the development of a complete portfolio of VR sensors in January 2019, paving the way for a new class of economical and accurate all-in-one VR solutions.
Based on end-user industry, the augmented reality and virtual reality market is segmented into entertainment, educational, industrial, medical, real estate & architecture, retail, aerospace & defense, and others. In 2021, the entertainment segment accounted for the largest share in augmented reality and virtual reality market. Since the introduction of AR and VR technology, the entertainment sector has been their area of application. In this sector, these technologies are used in the production of gaming, movies, sports, travel, and other platforms. A person can get a real-world experience 3D world and interact with it via virtual reality.
The augmented reality and virtual reality market, based on geography, is segmented primarily into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share in the global augmented reality and virtual reality market.
Key Market Dynamics
Market Drivers
- Growing Use of Virtual Reality to Offer Better Customer Experience in Online Retail
- Immersive Learning Experience with VR, AR, and Gamification
Market Restraints
- Security and Privacy Issues
Market Opportunities
- Investments in AR and VR Technologies
Future Trends
- Transformation of Travel Sector with AR & VR
Company Profiles
- Immersive Gaze
- Google LLC
- Eon Reality
- Vuzix Corporation
- Blippar Group Limited (Layar B V)
- Innovega Inc.
- Imulanis Solutions Private Limited
- Kanda Aps
- Yeppar
- Zugara, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/f2ijb
