The Augmented Reality and Virtual Reality Market is expected to reach USD 71.2 billion by 2028 from USD 25.1 billion in 2023, at a CAGR of 23.2 % during the 2023-2028 period according to a new report by MarketsandMarkets™.

Augmented Reality (AR) and Virtual Reality (VR) are immersive technologies that redefine the way we interact with the digital and physical worlds. Whereas virtual reality market is expected to reach USD 29.6 billion by 2028 from 12.9 billion in 2023, at a CAGR of 18.0% during the 2023- 2028 period.

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Small enterprises pioneering augmented and virtual reality innovations across industries.

Small enterprises operating in the Augmented Reality (AR) and Virtual Reality (VR) space are dynamic and innovative companies that specialize in various facets of AR and VR technology. These smaller businesses play a crucial role in shaping the future of AR and VR by contributing to their development, deployment, and applications across a wide range of industries. Often characterized by agility and creativity, these enterprises focus on specific niches within the AR and VR ecosystem, such as content creation, software development, hardware manufacturing, consulting, and services.

Semi- and fully immersive technologies to dominate the virtual reality market during the forecast period.

Many companies in the industry are directing their efforts toward the creation of immersive video games designed to captivate users. The utilization of VR headsets facilitates user engagement within the virtual realm. The growing desire for both semi-immersive and fully immersive VR devices is primarily driven by advancements in computing and electronic networking systems. Additionally, innovations like fully immersive VR technology, featuring Head-Mounted Display Systems (HMDS) that deliver a 360° field of view and high-resolution experiences, are anticipated to fuel the expansion of this market. Semi-immersive technology offers a moderate level of immersion in a digital environment. Users typically interact with these systems using some form of interface, such as a computer screen, projection, or a smaller-scale immersive device like a head-mounted display (HMD) or CAVE (Cave Automatic Virtual Environment). While users may feel partially immersed in the digital world, they remain aware of their physical surroundings and may not experience a complete sense of presence. Semi-immersive technology is often used in applications like gaming, simulation training, and virtual walkthroughs.

Display & projectors hold the largest size of the augmented reality market during the forecast period.

Displays and projectors are pivotal components in Augmented Reality (AR) and Virtual Reality (VR) systems, shaping how users perceive and interact with digital content. In AR, head-up displays (HUDs) or waveguide-based systems seamlessly overlay digital information onto the user's real-world view, often through transparent or semi-transparent screens, enabling context-aware interactions. Optical combiners merge real and virtual elements by reflecting or refracting light. In VR, head-mounted displays (HMDs) are employed, enveloping users in immersive digital environments through high-resolution OLED or AMOLED screens situated near their eyes, fostering a profound sense of presence. These displays are often stereoscopic, offering 3D visuals for depth perception. Projectors are less common but are used in some AR setups, casting digital information onto surfaces in the user's field of view, enabling shared experiences or larger-scale interactions. Together, displays and projectors serve as the windows into the digital realms of AR and VR, enhancing the way users interact with and perceive the virtual and augmented elements.

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Virtual reality market for healthcare applications to register the highest CAGR between 2023 and 2028.

The medical sector stands as a prominent pillar in the VR market, encompassing a significant share of its applications. VR technology plays a pivotal role in medical training and education, proving instrumental in instructing medical students and nurturing new practitioners. Beyond education, VR also finds application in the realm of treating phobias and conducting surgical procedures. Several companies, including Mindmaze VR (Switzerland), Polhemus (US), Simbionix (US), Virtual Heroes (US) (a division of Applied Research Associates), and Virtually Better (US), are actively engaged in the development of VR applications tailored for healthcare.
One remarkable manifestation of VR's influence in healthcare is human simulation software that generates lifelike 3D interactive representations of the human body.

North America has the largest market share in the augmented and virtual reality market.

Currently North America has the largest market share for the augmented and virtual reality market.
The North American market for Augmented Reality (AR) and Virtual Reality (VR) is segmented into three countries: the United States, Canada, and Mexico. North America, well-known for its technological advancements and innovations, stands at the forefront of markets for cutting-edge display device technologies.

Key Players

The report profiles major players in the augmented and virtual reality companies with a significant global presence include Google (US), Microsoft (US), Sony Group Corporation (Japan), META (US), SAMSUNG (South Korea), HTC Corporation (Taiwan), Apple Inc. (US), PTC Inc. (US), Seiko Epson Corporation (Japan), Lenovo (China), Wikitude, a Qualcomm company (Austria), EON Reality (US), MAXST Co., Ltd. (South Korea), Magic Leap, Inc. (US), Blippar Group Limited(UK), Atheer, Inc (US), Vuzix (US), CyberGlove Systems Inc. (US), Leap Motions (Ultraleap) (US), Penumbra, Inc. (US), Nintendo (Japan), PSICO SMART APPS, S.L. (Spain), Xiaomi (China), Panasonic Corporation (Japan).