Augmented Reality and Virtual Reality Market Size, Share, Trends Analysis and Growth Forecast 2024

The global AR and VR market is expected to witness immense growth at a CAGR of 56.8% during the forecast period with its market size reaching USD 112.8 billion by 2024.

The market is driven by the factors such as increasing responsiveness about this technology, rapid acceptance of AR and VR technology among various industry domains and the amalgamation of AR and VR to develop mixed reality that can be implemented for prospective applications.

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The market for AR and VR market is primarily driven by technological development, rapid growth in the adoption of tablet computers and smartphones, excessive concentration of major tech players in the AR and VR system worldwide.

North America accounted for the major share in the AR and VR industry in 2017, globally as the players in the region are continuously investing capital for the advancement of technology. Asia-Pacific is expected to witness the fastest growth during the forecast period.

The growth of this market is attributed towards increasing investment in defense and commercial domain in this region. The existence of a large number of display board industrialists along with technological enhancements are the key factors bolstering the growth of AR and VR market.

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The market structure for global AR and VR market is fragmented and some of the key players operating in the AR and VR market across the globe include Alphabet Inc., Oculus VR, LLC, Microsoft Corporation, Qualcomm Technologies Inc., Intel Corporation, Himax Technologies Inc., Samsung Electronics Co. Ltd., PTC Inc., and Sony Corporation.

Source: VynZ Research