- Virtual and augmented reality market is likely to reach the valuation of US$ 1.69 Trn by 2031, Growing use of VR technologies in shopping boosts opportunities enhances e-commerce experience for shoppers
- High awareness about virtual and augmented reality techniques among regional population makes North America a prominent market
ALBANY, N.Y., July 28, 2021 /PRNewswire/ -- Virtual and Augmented Reality Market: Overview
The concept of augmented reality can be referred to as the sophisticated version of the real physical world. While the technology is typically used in apps for smartphones and tablets, the main function of augmented reality is digital information delivery on audio/visual media. Virtual reality that allows generating a simulated environment, which offers user experiences utilizing several computing technologies, including a screen built-in with sensors and special goggles.
The virtual and augmented reality market is expected to expand at a CAGR of 38.9% during the forecast period of 2021 to 2031, according to Transparency Market Research.
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Virtual and Augmented Reality Market: Key Findings
- Rise in Virtual Shopping During COVID-19 Pandemic Boosts Expansion of Virtual and Augmented Reality Market
The recent COVID-19 pandemic has resulted in significant setbacks across varied worldwide businesses. However, this has driven people to incline toward virtual shopping of various products such as furniture. The technology allows buyers to browse different virtual catalogues as well as reviews of customers in a video format. Besides, major population is using the virtual shopping platforms for selecting their apparels. Such platforms are gaining impetus, as they offer consumers safety and convenience during the pandemic situation. At the same time, companies are also gaining the advantages of virtual shopping platforms, as these platforms can help companies in broadening their customer reach and gaining instant feedback from online product buyers.
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Prominent Players Aim to Offer Better User Experience
Several market players are increasingly aiming at offering superior user experience to customers. Furthermore, players are gaining promising business avenues across varied sectors, including entertainment, gaming, and education.
In order to stay relevant in the highly competitive virtual and augmented reality market landscape, companies are focusing on addressing issues related to AR app development. They are introducing robust business models as well as standards for AR app design and development to maintain their position in the market for virtual and augmented reality.
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Virtual and Augmented Reality Market: Growth Boosters
- Education is one of the key sectors that has experienced stupendous transformation, owing to the introduction of the virtual and augmented reality. VR is being efficiently utilized in the education sector to conduct classes, carry out experiments without the need of using lab equipment, etc. Thus, the concept of digitalized classrooms may offer lucrative opportunities in the virtual and augmented reality market in the near future.
- VR gaming sets are gaining immense traction, as VR headsets deliver real-life experience to the users. Moreover, the product is in high demand due to its ability to offer high level of comfort, balance, and adjustability as per the needs of the users. The demand graph of VR gaming sets is showing an upward trend during the ongoing COVID-19 pandemic. Thus, companies in the virtual and augmented reality market are increasing their focus on maintaining their stocks and making the product available to the customers.
Virtual and Augmented Reality Market: Well-established Participants
The report profiles key players working in the virtual and augmented reality market. This list includes following names:
- Barco N.V.
- Atheer, Inc.
- Curiscope
- Blippar.com Ltd.
- EON Reality, Inc.
- Dell Technologies Inc.
- Honeywell International, Inc.
- Google, LLC
- HTC Corporation
- HP Development Company, L.P.
- Manus Machinae B.V.
- Magic Leap, Inc.
- Nokia Corporation
- Microsoft Corporation
- Qualcomm Incorporated
- Oculus VR LLC
- Semcon
- Samsung Electronics Co., Ltd.
- Vuzix Corporation
- Sony Interactive Entertainment LLC
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