Augmented Reality and Virtual Reality Market Expand at a Steady 2022-2030

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Description

The global augmented reality and virtual reality market size are expected to grow from USD 14.2 billion in 2020 to USD 90.2 billion by 2027, at a CAGR of 36.1% from 2021 to 2027. Augmented reality (AR) and virtual reality (VR) technologies are nascent, and both of them can potentially modify our perception of the world. Augmented reality has originated from the word called augment, which means to add or enhance something. Hence, the literal definition of augmented reality would be a technology that adds graphics, sounds, and touch feedback, into the user’s natural world to provide an enhanced experience. AR overlays digital information on top of a real-world environment. On the other hand, virtual reality requires a user to inhabit a completely virtual environment with the help of transposition through closed visors and goggles.

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The growth is primarily driven by an increasing number of people suffering from anxiety-related disorders. According to the Anxiety and Depression Association of America (ADAA), around 40 million people in the U.S. suffer from anxiety disorders and about 19 million from specific phobias. Various advantages of using VR have been observed in its application for acute and chronic pain management and rehabilitation. Apart from this, increasing investments in start-ups working on healthcare-related innovations is also propelling the growth of the overall market.

Doctors extensively explore the two technologies for different applications in the healthcare space, ranging from surgical simulation and diagnostic imaging to patient care and rehabilitation. From popular VR headsets such as the Oculus Rift or HTC Vive, or AR headsets such as Microsoft HoloLens or Magic Leap, AR and VR have significantly penetrated the healthcare space. In terms of adoption, the technologies are primarily being adopted in countries with private healthcare systems. However, the adoption trend is slowly drifting toward countries with publicly funded healthcare systems.

Global Augmented Reality and Virtual Reality Market Dynamics

Drivers: Ample investments in AR and VR market

The importance of AR and VR in the medical technology space has recently transcended integral domains such as medical training, surgical suites, and doctor’s offices, among others. Incorporating into medical imaging has also been one of the most recurring applications in recent years, primarily in use for the training of medical professionals to facilitate a better understanding of physiology and anatomy for assistance in surgeries. For example, exposure therapy allows patients to overcome their fears of surgery. These technological developments have been significantly instrumental in attracting ample investments from major players who are all looking for avenues to play a part in the market’s growth. Companies such as Hinduja Group invested a massive $100 million in Switzerland-based start-up company MindMaze to develop VR software and hardware.

Additionally, governments, as well, are playing their part in realizing the potential lying within this domain. For example, Innovate U.K. invested an amount of $269,367 in the national AR and VR advancement programs to encourage innovative outcomes. With increasing investments toward expanding the scope of digitalization in the healthcare industries, such investments will continue to be instrumental in propelling the growth of the entire AR and VR industry in healthcare.

Restraints: Increase of Risks and Threats Related to Data Breach

AR and VR market has disrupted the entire system of the existing market and has great potential to become the next big computer platform. While considering dangers related to AR, many people consider client diversity as the most evident risk. The danger of rupturing AR frameworks by hackers could also result in security issues such as advanced digital information and physical security dangers. AR specialists are well aware of these cyber risks. Emerging risks and threats to data integrity due to the increasing use of technology have hindered the reputation of the market to some extent. Health-related risks and chances of information security leaks and behavioral and privacy issues have acted as barriers to adopting the AR and VR headsets. A paper distributed in the April 2014 issue of Communications of the ACM raised the issue of a number of potential dangers related to cyber risk. With the advent of cell phones, organizations found the ability to follow users’ areas and developments and see the world through their cell phone cameras. One of the security challenges that the AR/VR organizations might confront is verifying the personal information gathered from their clients.

Opportunities: Hardware and App Development with Faster Processing

The AR and VR markets are at present witnessing a lot of innovative changes and technological advancements. To help these technological advancements, the hardware part of these devices should be stronger than the current business standards. The present hardware technologies in these AR and VR headsets are not ready to withstand the technology incorporated in these headsets, leading to image latency, thus providing inaccurate augmentation. Companies are trying to develop innovative hardware solutions such as central processing units, digital signal processors, and Graphics Processing Units (GPUs), among others, to drive technologies such as 3D mapping and depth sensing. Among the different hardware components, GPUs are one of the major components likely to drive the AR market.

GPUs can perform particular mathematical calculations such as matrix multiplications and handle large volumes of parallel computations. GPUs can also handle deep neural networks as they also depend on repeated matrix calculations in parallel.

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Scope of the Report

The study categorizes the augmented reality and virtual reality market based on components and applications at the regional and global levels.

By Component Outlook (Thousand Units, Revenue, 2017-2027, USD Million)

  • Solution
  • Services
  • Hardware

By Application Outlook (Thousand Units, Revenue, 2017-2027, USD Million)

  • Surgical Training
  • Rehabilitation
  • Pain Management

By Region Outlook (Thousand Units, Revenue, 2017-2027, USD Million)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The hardware segment is projected to account for the largest market share by component

Based on components, the augmented global reality and virtual reality market are solutions, services, and hardware. In 2020, the hardware segment contributed to 64.95% in the global market of augmented reality and virtual reality. Hardware is the leading segment in the global AR and VR in the healthcare market, primarily being driven by an increasing number of shipments of VR headsets and the growing popularity of VR in healthcare solution providers. AR hardware companies are mostly used for product manufacturing, are sensors, input devices, processors, handheld scanners, HUD, eyeglasses, display, and input devices used for integrated systems.

Google Glass is AR-based hardware integrated with components such as the battery, circuit board, touchpad, video camera, display, and sensor module. Google Glass offers an AR experience by using visual, audio, and location-based inputs to provide relevant information and display information in a smartphone.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global augmented reality, and virtual reality market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global augmented reality and virtual reality market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.

Japan has been one of the main countries regarding technological advancements in the Asia- Pacific region. As of 2018, Japan has gained a significant share of the overall industry in the Asia- Pacific AR and VR market. For example, training activities, such as the Human Augmentation Program by the University of Tokyo and Nuclear Decommissioning by Kyoto University, show the development of the AR market in Japan. Another driving element for this market in this country is the easy accessibility of funds. For example, in October 2017, Japan’s entertainment company, Akatsuki Inc., raised $50 million in funds for AR in the area, start-ups, and invested in technological advancements in this field.

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Key Market Players

The augmented reality and virtual reality market are mildly concentrated in nature with few numbers global players operating in the market such as DAQRI LLC., Psious, Mindmaze, Firsthand Technology, Atheer, Medical Realities, Augmedix, Echopixel, Osso VR, Surgical Theater, Orca Health, and CAE Healthcare.

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