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Augmented Reality and Virtual Reality Market by Technology Type, Device Type, Offering, Application, Enterprise And Geography - Global Forecast to 2027

Augmented Reality and Virtual Reality Market by Technology Type, Device Type, Offering, Application, Enterprise And Geography - Global Forecast to 2027

  • June 2022
  • 378 pages
  • ID: 5353246
  • Format: PDF
  • MarketsandMarkets

Summary

Table of Contents

Augmented reality’s widening demands in healthcare sector is paving a way for its growth in the market.The augmented reality can be put to use for surgeries, patient care, fitness and pharmacy management.

Alog with its use in all of these aspects, augmented reality can also be used for medical training for students/budding surgeons.The augmented reality provides an immersive, 3D AR modelled visualization of the patient’s internal organs to the surgeon so that the surgery can be performed with minimalistic invasion and with precsision.

The AR modelled 3D visualization also helps medical teaching staff to provide an immersive learning experience to the students/budding surgeons.
Augmented reality facilitates surgeonsto visualize joints, muscles, and internal organs without making incisions into the pateint’s body and make further decision about incsisions post diagnosing the body through augmented reality technologies.This leads to increase in the accuracy of diagnosis as well as surgeries.

The real-time data availability of patients facilitate the growth and use of augmented reality technology even more, creating its remarkable importance in the healthcare sector. AR, due to its accuracy, precision and convenience to the surgeons, also proves to be a time saving technology.
AR could be used to enhance the workflow of the surgeons in the operating room.Also, the doctors can dial in an expert for telephonic support.

For example, in 2016, David Nott, a British doctor, remotely directed life-saving operations in Aleppo (Syria) using Skype.Case Western Reserve University (US) and Cleveland Clinic (US) have entered a joint venture to bring 3D content into the real world for medical education via AR using Microsoft HoloLens.

Touch Surgery (UK) has created more than 200 training programs for surgical procedures to be completed on a mobile phone or tablet. This will help the surgeons plan the patient’s virtual surgery and cure patients in a better way.

Rising investments in AR market
Investments in the AR market have witnessed huge growth over the past few years. Companies such as Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group are investing heavily in the AR market. Also, several research institutes are carrying out research in the AR application market for various products and applications. Some research institutes are being funded by private firms and venture capitalists, while governments are funding some. Industries such as consumer, aerospace & defense, healthcare, enterprise, retail, and marketing embrace the benefits of AR.
For instance, Boeing Company has announced a new setup named HorizonX. The company would be investing in some companies to start with, including Upskill, a major company in enterprise software for industrial AR devices, and Zunum Aero.
VR

Penetration of Virtual reality technologin architecture and construction
Virtual reality has come into picture for architecture and construction field. . The architecture and construction field has had a technological evolution with the emergence of VirtulaReality and 3D technologies. The use of VRhas helps to analyse and study the alternatives of the designs more conveniently by achieving a fully immersive experience for users and has taken the workexperience for the architects as well as for the clients to the next level. This smooth transition of conventional design approovals by the clients to a complete immersive virtual 3D experience by a walk in experience into the design helps the client to make changes and approve the designs only after a complete satisfaction regarding the design.VRcan also be used in order to identify the location of raw materials and equipments during the construction stage. VR can also be used for supervision of work from far away places. So, with the growing demand for infrastructure, the increasing use f VR in it will lead to the growth in the virtual reality market.

High investments in VR market
VR technology has been fetching huge investments from investors and tech giants.The VR game start-up Decentraland raised funding to create a virtual world using blockchain technology.

The sum was raised through initial coin offerings (ICO). Similarly, Varjo, a Finnish company, raised funding in A round.

In July 2017, Leap Motion received a funding as Series C funding led by clients advised by J.P. Morgan Asset Management. This will help the company to expand its presence, especially in Asia.

In December 2016, High Fidelity raised funding, led by IDG Capital and Brayer Capital. High Fidelity allows users to host, build, and join interconnected virtual worlds for a persistent Metaverse.
In October 2016, Baobab Studios raised B funding led by Horizons Ventures and Evolution Media Partners, Twentieth Century Fox, Youku Global Media Fund, China’s Shanghai Media Group, and LDV Partners.The company looks forward to adding richer content in storytelling using VR.

The increased investments in the VR market will drive the market.

Asia Pacific region to grow at a fastest rate in the forecast period
With the increasing number of start-ups and the boom for technological advancements in Asia Pacific region, the growth rate will be fastest in this region.The increasing population as well as the maximum population contribution of the world population in this region makes it possible and viable to reach out these AR technologies for a wider range of people.

The increasing technology companies in the region, focusing on training, virtual trials of apparels, jewellery, make-up, virtual furniture shopping, HUDs in low end vehicles, virtual map assistance, gesture tracking devices and smart glasses will lead to the growth of this market in the given forecast period of 2022 to 2027.

Breakdown ofprofiles of primary participants:
• By Company: Tier 1 =15%, Tier 2 =50%, and Tier 3 =35%
• By Designation: C-level Executives = 45%, Directors= 25%, and Others (sales, marketing, and product managers, as well as members of various organizations) =30%
• By Region: North America = 45%, Asia Pacific=12%, Europe=35%, and South America=3% and Middle East and Africe = 5%.

Major players profiled in this report:
TheAR and VR market is dominated by a few established players such as Google (US), Microsoft (US), Sony Corporation (Japan), Samsung Electronics (South Korea), HTC (Taiwan), Apple Inc., (US), PTC Inc., (US), Seiko Epson (Japan), Oculus VR (by Facebook (US)), Lenovo (China).

Research coverage
This report offers detailed insights into theAR and VRmarket based on offering (hardware and software),technology (markerless and marker-based for AR technologies and non-immersive, semi- immersive ndfully immersive technologies for VR), device type (head-mounted displays (smart glasses, smart helmets), head-up display, projectors and displays, gesture tracking devices), enterprise (small enterprise, medium enterprise, large enterprise), application (consumer, commercial, enterprise, aerospace and defence, healthcare, automotive, others)and region (North America, Europe, Asia Pacific), and Rest of the World (RoW) which includes theMiddle East, Africa, and South America.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the AR and VRmarket. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the AR and VR market and provides them information on key market drivers, restraints, challenges, and opportunities.

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