Product Code: 10282
Market Overview
In 2023, the AR and VR industry generated revenue of USD 47.6 billion, the market is estimated to experience a CAGR of 23.7% over the forecast period, to attain USD 210.4 billion by the end of the decade. Such is mainly driven by the expeditious acceptance of these technologies that the gaming, entertainment, education, tourism, retail, and healthcare sectors are gaining.
AR and VR smart glasses, HUDs, and HMDs are conveniently wearable, i.e. they enable the user to freely move around and perform all daily activities while keeping the tech with them. For instance, AR displays are unlimited concerning their place of use because they do not interfere with visible reality. Even mobile VR headsets can be of great help by restraining movements in VE.
Advances are being made in the designs of these gadgets and they can be paired with smartphones or tablet computers. It is now possible to find AR and VR applications in various industries, as companies continue to test the boundaries of the integration of these technologies.
Extended reality (XR) systems are very soon going to become easily accessible through various channels to the masses. In this trend, the expanding traction of smartphones and tablet computers among consumers is wide enough for these technologies to position themselves. Global smartphone sales in many countries are booming, and these gadgets are treated as a very promising hardware platform for the AR and VR industry.
Key Insights
During the projection period, AR technology is projected to grow at a CAGR of 23.9%, holding the largest industry share.
In 2023, the hardware category had a 70% share, propelled by decreased device costs and gaming industry demand.
HMDs dominated the AR device industry with more than 75% revenue share in 2023, projected to advance because of lightweight displays and technical improvements.
HMDs also leading in the VR devices market with a 70% share in 2023, particularly in the gaming and tourism industries.
Gesture-tracking devices to witness the fastest growth at a CAGR of 23.8% in the forecast period, expanding VR adoption in enterprises and education.
In 2023, the Hardware category had a 70% industry share because of lower prices, gaming industry demand, and availability.
The category is projected to produce higher revenue because of augmented demand for quality entertainment and emphasis on display enhancements and customization for enterprises.
HMDs led AR devices with 75% revenue share in 2023, driven by lightweight displays and technology advancements.
Demand for technology in tourism, automotive, gaming, and education fields is dramatically on the rise.
VR headsets made up the biggest part of VR devices in 2023 with around 75% you could expect gaming and tourism to keep them in the lead in the years going forward.
Virtual reality (VR) application to witness at 23.8% CAGR, flaring a sphere of usage in business and education.
In 2023, consumers dominated the AR devices industry with 24.1% revenue, projected to advance particularly.
The gaming category is the dominating and fastest-growing category in the VR devices industry.
Key companies such as Oculus VR, Samsung, Sony, HTC, FOVE, Nintendo, and Electronic Arts.
The APAC region is the fastest-growing industry at 24.2% CAGR, propelled by investments in commercial, defense, healthcare, and automotive industries.
In 2023, the North American region had the largest industry share at 50%, propelled by huge government investments and the existence of top tech companies like Google, Microsoft, and Apple.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by type
- 1.4.2. Market size breakdown, by offering
- 1.4.3. Market size breakdown, by device type
- 1.4.4. Market size breakdown, by application
- 1.4.5. Market size breakdown, by region
- 1.4.6. Market size breakdown, by country
- 1.5. Market Data Reporting Unit
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
- 5.2. Impact of COVID-19
- 5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes
Chapter 6. Global Market
- 6.1. Overview
- 6.2. Market Revenue, by Type (2017-2030)
- 6.3. Market Revenue, by Offering (2017-2030)
- 6.4. Market Revenue, by Device Type (2017-2030)
- 6.5. Market Revenue, by Application (2017-2030)
- 6.6. Market Revenue, by Region (2017-2030)
Chapter 7. North America Market
- 7.1. Overview
- 7.2. Market Revenue, by Type (2017-2030)
- 7.3. Market Revenue, by Offering (2017-2030)
- 7.4. Market Revenue, by Device Type (2017-2030)
- 7.5. Market Revenue, by Application (2017-2030)
- 7.6. Market Revenue, by Country (2017-2030)
Chapter 8. Europe Market
- 8.1. Overview
- 8.2. Market Revenue, by Type (2017-2030)
- 8.3. Market Revenue, by Offering (2017-2030)
- 8.4. Market Revenue, by Device Type (2017-2030)
- 8.5. Market Revenue, by Application (2017-2030)
- 8.6. Market Revenue, by Country (2017-2030)
Chapter 9. APAC Market
- 9.1. Overview
- 9.2. Market Revenue, by Type (2017-2030)
- 9.3. Market Revenue, by Offering (2017-2030)
- 9.4. Market Revenue, by Device Type (2017-2030)
- 9.5. Market Revenue, by Application (2017-2030)
- 9.6. Market Revenue, by Country (2017-2030)
Chapter 10. LATAM Market
- 10.1. Overview
- 10.2. Market Revenue, by Type (2017-2030)
- 10.3. Market Revenue, by Offering (2017-2030)
- 10.4. Market Revenue, by Device Type (2017-2030)
- 10.5. Market Revenue, by Application (2017-2030)
- 10.6. Market Revenue, by Country (2017-2030)
Chapter 11. MEA Market
- 11.1. Overview
- 11.2. Market Revenue, by Type (2017-2030)
- 11.3. Market Revenue, by Offering (2017-2030)
- 11.4. Market Revenue, by Device Type (2017-2030)
- 11.5. Market Revenue, by Application (2017-2030)
- 11.6. Market Revenue, by Country (2017-2030)
Chapter 12. U.S. Market
- 12.1. Overview
- 12.2. Market Revenue, by Type (2017-2030)
- 12.3. Market Revenue, by Offering (2017-2030)
- 12.4. Market Revenue, by Device Type (2017-2030)
- 12.5. Market Revenue, by Application (2017-2030)
Chapter 13. Canada Market
- 13.1. Overview
- 13.2. Market Revenue, by Type (2017-2030)
- 13.3. Market Revenue, by Offering (2017-2030)
- 13.4. Market Revenue, by Device Type (2017-2030)
- 13.5. Market Revenue, by Application (2017-2030)
Chapter 14. Germany Market
- 14.1. Overview
- 14.2. Market Revenue, by Type (2017-2030)
- 14.3. Market Revenue, by Offering (2017-2030)
- 14.4. Market Revenue, by Device Type (2017-2030)
- 14.5. Market Revenue, by Application (2017-2030)
Chapter 15. France Market
- 15.1. Overview
- 15.2. Market Revenue, by Type (2017-2030)
- 15.3. Market Revenue, by Offering (2017-2030)
- 15.4. Market Revenue, by Device Type (2017-2030)
- 15.5. Market Revenue, by Application (2017-2030)
Chapter 16. U.K. Market
- 16.1. Overview
- 16.2. Market Revenue, by Type (2017-2030)
- 16.3. Market Revenue, by Offering (2017-2030)
- 16.4. Market Revenue, by Device Type (2017-2030)
- 16.5. Market Revenue, by Application (2017-2030)
Chapter 17. Italy Market
- 17.1. Overview
- 17.2. Market Revenue, by Type (2017-2030)
- 17.3. Market Revenue, by Offering (2017-2030)
- 17.4. Market Revenue, by Device Type (2017-2030)
- 17.5. Market Revenue, by Application (2017-2030)
Chapter 18. Spain Market
- 18.1. Overview
- 18.2. Market Revenue, by Type (2017-2030)
- 18.3. Market Revenue, by Offering (2017-2030)
- 18.4. Market Revenue, by Device Type (2017-2030)
- 18.5. Market Revenue, by Application (2017-2030)
Chapter 19. Japan Market
- 19.1. Overview
- 19.2. Market Revenue, by Type (2017-2030)
- 19.3. Market Revenue, by Offering (2017-2030)
- 19.4. Market Revenue, by Device Type (2017-2030)
- 19.5. Market Revenue, by Application (2017-2030)
Chapter 20. China Market
- 20.1. Overview
- 20.2. Market Revenue, by Type (2017-2030)
- 20.3. Market Revenue, by Offering (2017-2030)
- 20.4. Market Revenue, by Device Type (2017-2030)
- 20.5. Market Revenue, by Application (2017-2030)
Chapter 21. India Market
- 21.1. Overview
- 21.2. Market Revenue, by Type (2017-2030)
- 21.3. Market Revenue, by Offering (2017-2030)
- 21.4. Market Revenue, by Device Type (2017-2030)
- 21.5. Market Revenue, by Application (2017-2030)
Chapter 22. Australia Market
- 22.1. Overview
- 22.2. Market Revenue, by Type (2017-2030)
- 22.3. Market Revenue, by Offering (2017-2030)
- 22.4. Market Revenue, by Device Type (2017-2030)
- 22.5. Market Revenue, by Application (2017-2030)
Chapter 23. South Korea Market
- 23.1. Overview
- 23.2. Market Revenue, by Type (2017-2030)
- 23.3. Market Revenue, by Offering (2017-2030)
- 23.4. Market Revenue, by Device Type (2017-2030)
- 23.5. Market Revenue, by Application (2017-2030)
Chapter 24. Brazil Market
- 24.1. Overview
- 24.2. Market Revenue, by Type (2017-2030)
- 24.3. Market Revenue, by Offering (2017-2030)
- 24.4. Market Revenue, by Device Type (2017-2030)
- 24.5. Market Revenue, by Application (2017-2030)
Chapter 25. Mexico Market
- 25.1. Overview
- 25.2. Market Revenue, by Type (2017-2030)
- 25.3. Market Revenue, by Offering (2017-2030)
- 25.4. Market Revenue, by Device Type (2017-2030)
- 25.5. Market Revenue, by Application (2017-2030)
Chapter 26. Saudi Arabia Market
- 26.1. Overview
- 26.2. Market Revenue, by Type (2017-2030)
- 26.3. Market Revenue, by Offering (2017-2030)
- 26.4. Market Revenue, by Device Type (2017-2030)
- 26.5. Market Revenue, by Application (2017-2030)
Chapter 27. South Africa Market
- 27.1. Overview
- 27.2. Market Revenue, by Type (2017-2030)
- 27.3. Market Revenue, by Offering (2017-2030)
- 27.4. Market Revenue, by Device Type (2017-2030)
- 27.5. Market Revenue, by Application (2017-2030)
Chapter 28. U.A.E. Market
- 28.1. Overview
- 28.2. Market Revenue, by Type (2017-2030)
- 28.3. Market Revenue, by Offering (2017-2030)
- 28.4. Market Revenue, by Device Type (2017-2030)
- 28.5. Market Revenue, by Application (2017-2030)
Chapter 29. Competitive Landscape
- 29.1. List of Market Players and their Offerings
- 29.2. Competitive Benchmarking of Key Players
- 29.3. Product Benchmarking of Key Players
- 29.4. Recent Strategic Developments
Chapter 30. Company Profiles
- 30.1. Meta Platforms Inc.
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
- 30.2. Apple Inc.
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
- 30.3. Alphabet Inc.
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
- 30.4. PTC Inc.
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
- 30.5. HTC Corporation
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
- 30.6. Lenovo Group Limited
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
- 30.7. FOVE Co. Ltd.
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
- 30.8. Adobe Inc.
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
- 30.9. Microsoft Corporation
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
- 30.10. Sony Group Corporation
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
- 30.11. Seiko Epson Corporation
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
Chapter 31. Appendix
- 31.1. Abbreviations
- 31.2. Sources and References
- 31.3. Related Reports