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The augmented reality (AR) and virtual reality (VR) market report offers a comprehensive
analysis of Technology (AR and VR) and Geography (North AmericaAPAC, Europe,
MEA, and South America)
NEW YORK, July 27, 2022 /PRNewswire/ — The augmented reality (AR) and virtual reality (VR) market size is expected to grow by USD 162.71 billion, progressing a CAGR of 46% from 2020 to 2025, according to Technavio’s latest market report. Technavio categorizes the global AR and VR market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. The global application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the augmented reality (AR) and virtual reality (VR) market during the forecast period.
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Augmented Reality (AR) And Virtual Reality (VR) Market: Segmentation Analysis
Technavio report extensively covers augmented reality (AR) and virtual reality (VR) market segmented by technology (AR and VR) and geography (North AmericaAPAC, EuropeMEA, and South America).
- Revenue Generating Segment – The augmented reality (AR) and virtual reality (VR) market share growth by the AR segment will be significant for revenue generation. Factors such as new product (hardware and software) launches, growing adoption of AR in different application areas, and rising funding and investments in AR technology are attributed to the high growth rate of the AR segment. The extensive application of AR in various fields increases its demand. Moreover, several vendors manufacture hardware, such as headsets, smart glasses, and lenses for AR technology. The rise in popularity of AR technology is driving its use in various sectors such as enterprise, retail, healthcare, media and entertainment, and education.
- Regional Analysis – 34% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for augmented reality and virtual reality in APAC. Market growth in this region will be faster than the growth of the market in other regions. Factors such as the presence of key vendors; the growing gaming industry in Asiaespecially in Japan, Chinaand India; and rising investments …
Full story available on Benzinga.com
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