The global augmented, virtual and mixed reality optics and display market is expected to be worth around US$ 29 billion by 2030.
The AR/VR/MR optics and display market encircles the entire sector of optics and display technologies which are utilized in spatial reality products. Within VR devices, the prime optics are Fresnel lenses. The way the experience of a consumer is made engaging is defined by their first hand experience and after it has become an unforgettable experience, it provides a high possibility that they will stick to use the device to continue their elite experience.
Unlike the other industries the augmented reality and virtual reality market had seen a faster growth during the pandemic which proved to be a challenge for the other developing technologies. The pandemic has provided a much needed push to the adoption of this technology across the globe. The strict lockdowns across the globe made people look for new solutions in order to meet their daily needs. There was an extensive use of online platforms for purchasing of groceries and getting the food delivered at the doorstep. Online platforms were helpful in providing the medical requirements and serving the products needed for the educational purposes. Pandemic has been the major factor for the development of many new technologies. The health care sector the education sectors the tourism sector and the retail sector has used these technologies for their business. There has been a major behavioral change after the pandemic that instigated the market.
VR has showcased a significant impact in the form of a training facility, it proves to be an enhancer of telepresence and provides a method for design or visualization and is not considered to be described as the future of gaming. The pandemic has shifted the main focus on this socially interactive hands-free technological system. It is foreseen that this focus will remain fixed for a significant period of time. There will be a requirement for this advanced technology in numerous new events, which before this did not need hands-free, or remote functioning. The utilization of this advanced technology permits other clinicians to locate themselves in a separate room, and while using Microsoft Teams, they can observe a live video streaming of the physician who is tackling with the COVID-19 patients. This is done by using the remote assistance features which have been previously used by Hololens users for producing, maintenance, and other similar purposes. By utilizing this technology, the staff has cut down the duration of time they were required to spend by being physically present in a high-risk area by around 83%.
Moreover, they are making less use of PPE, pertaining to the fact that only a few physicians are present in the high risk zone during patient care. The utilization of AR/MR systems for directing skilled individuals, maintaining operating layouts in front of surgeons and substituting the smart devices for data consumption is considerably growing. In the moments to come, these advanced technologies are predicted to revolutionize the techniques with which we function and communicate with each other.
Within the VR headsets, advanced, unconventional lens options are used so that there is increasing usage to solve the shortcomings of the Fresnel lens-based architectures that have been serving us until now. For AR/MR, an entire department of specialized, usually fabless, optics firms has sprung up, which provides a huge range of advanced technologies to headset producers that are as per the demands in these present market situations. There is a strong demand from many industries like the automotive industry and the health care industry as it provides automation virtual propel the market growth. Many new opportunities will be provided to the major market players due to the significant demand for augmented reality and virtual reality in the manufacturing industries across the globe. Augmented reality and virtual reality market has seen dominant growth in the recent years. Increasing utilization of these capabilities for the corporate communications and the accomplishment of the gains will lead to the growth of the market in the forecast period.
Report Scope of the AR/VR/MR Optics and Display Market
|Market Size by 2030||USD 29 Billion
|Second Largest Market||Europe|
|Fastest Growing Region||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Organization Size, Application, Display Type, Technology, Geography|
|Companies Mentioned||Blippar, Google LLC, EON Reality Inc., Hewlett-Packard Company, awe.org Pty Ltd (buildar.com), Zapper Limited, Virtalis Limited, Samsung Group, Facebook Inc., Terminal Eleven (SkyView), Wikitude GmbH, Sony Corporation, Microsoft Corporation|
Organization Size Insights
Depending upon the organization size, the large enterprises segment is expected to have the highest revenue share in 2021. This segment is expected to maintain its dominance in the coming years due to an increase in the application of augmented and virtual reality in different industries. There is an increased use of augmented and virtual reality in the manufacturing industry, automotive industry, extract the windows tree aircraft industry, construction industry, education industry, law enforcement industry and the real estate industry.
The small and medium sized enterprises segment will also witness a good growth during the forecast. The small and medium enterprises segment have benefited in the recent years due to the augmented reality and virtual reality technology. The use of augmented reality and virtual reality in the small and medium enterprises provides benefits like reduction in the costs acquired for the training of the Staffs, less time required for repairs, and increased customer satisfaction due to the use of these technologies.
On the basis of application, the consumer segment had the largest market share in the augmented reality and virtual reality market during the forecast period. The consumer segment is expected to maintain its dominance. Due to an increase in the number of enterprises the enterprise segment will also have a good amount of growth. The gaming and other consumer entertainment sub sectors are also expected to see a substantial growth during the forecast period. Many industries are adopting and testing the augmented reality and virtual reality technologies for many work related applications. Gaming and entertainment form a major part of the total revenue produced by this market. The need for high resolution displays that are essential to have a top notch experience while gaming have been fulfilled by this latest technology.
The entertainment sector has also provided a great opportunity pertaining to the increasing number of shows displayed on the screens. The healthcare sector has also provided a boost to the market pertaining to get requirement of high resolution displays while performing orthopedic surgeries, neurological procedures and cardiac surgeries. The accuracy of the displays helps to have a maximum success rate. The education sector provides a great scope to the market owing to he increasing shift of the system to smart devices and techniques which are adopted by the institutions. Military and defense service a make use of these technologies and obtain accurate coordinates and pictures through the satellites, thus proving to be an inevitable equipment in the defense system.
Automotive and manufacturing sector have also contributed to the market growth due to the heavy use of digital products in the recent vehicles. Retail industry is another potential sector for the growth of this market during the forecast period. Other applications include the increasing use of smart devices and technology in the households and commercial spaces that may propel the market growth in the near future.
Display Type Insights
On the basis of display type, the Liquid Crystal Displays (LCD) segment has garnered largest market share in 2021. Liquid Crystal Displays (LCD) screens have been using this advanced technology for the production of precise visual displays for a seamless experience to the consumers.
Organic Light-Emitting Diode (OLED) are used for manufacturing display screens which guarantees low energy consumption while providing top notch experience to the consumers. Other display types which are manufactured also use this latest technology to produce reasonable outputs with high resolution while consumption of less energy is taken into consideration.
The North American region leads the market and it will maintain its market position continuously throughout the forecast period. The factors that are proving to be helpful for the growth of this market are the presence of major market players in the North American region. Google Microsoft and Facebook are the major market players in the augmented reality and virtual reality market that are helping in the growth of the North American region. The growing industrial sector is also driving the market growth in the North American region. Due to the increasing demand for connected devices and advancements in technologies of the augmented reality the market is expected to grow.
Europe is the second significant market for this technology. Due to the increasing adoption of augmented reality and virtual reality technologies in the media and entertainment industry, education, healthcare industry and the increasing use of mobile phones and play stations will help in the growth of the market. There is an increasing demand from the healthcare industry and the manufacturing industries for the use of augmented reality and virtual reality. In the European region the countries that contribute to the growth of this market are Germany, Italy, Spain, France etc.
In the Asia Pacific region the augmented reality and virtual reality market is expected to grow due to its use in various industry verticals. The adoption of augmented reality and virtual reality market solutions for 3D animation, 3D modeling and virtualization applications is driving the growth of this market. There's a continuous rise in the demand for this technology and the government in the Asia Pacific region is making significant investments to offer innovative solutions. The major market players are also investing a significant amount to offer new solutions in the healthcare segment retail segment and the ecommerce segment. In the Asia Pacific region China is the largest augmented reality on virtual reality market. China has an increased demand for augmented reality and virtual reality technologies in the industrial sectors and the infrastructural sectors. It is expected that in China there shall be a rise of 65% CAGR during the forecast period.
Key market players
Segments covered in the report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Organization Size
By Display Type
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