AR/VR/MR Market Revolutionizing Industries: Pathway to Surpassing USD 521.28 Billion by 2031 | SkyQuest

WESTFORD, Mass., July 16, 2024 /PRNewswire/ -- According to SkyQuest, the global, AR/VR/MR Market size was valued at USD 30.6 Billion in 2022 and is poised to grow from USD 42.46 Billion in 2023 to USD 521.28 Billion by 2031, at a CAGR of 39.1s% during the forecast period (2024-2031).

Technological advancements and increased adoption in various industries will change the world market for Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR) in ways like never before with digital overlays, AR improves real-world experiences; VR produces completely immersive virtual worlds; and MR seamlessly combines the real and virtual worlds. Gaming, healthcare, education, and retail industries are pioneers in the technologies to enhance user commitment and inventiveness. With the rise in the affordability of hardware and greater complexity of software, AR/VR/MR industry promises to grow phenomenally changing how we interact with the real world.

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AR/VR/MR Market Overview:

Segments covered in AR/VR/MR Market are as follows:

• Component

• • Hardware (Sensors [Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors], Semiconductor Components [Controllers & Processors, Integrated Circuits], Displays & Projectors, Position Tracker, Cameras, Others), Software (Software Development Kit, Game Engine, Modeling & Visualization Software, Content Management System, Training Simulation Software, Other Software)

• Device Type

• • Augmented Reality Devices (Head-Mounted Displays [Augmented reality smart glasses, Smart helmets], Head-Up Displays), Virtual Reality Devices (Head-Mounted Displays, Gesture-Tracking Devices [Data Gloves, Others], Projectors & Display Walls), Mixed Reality Devices (Head-up Display, HMD Display, Consumer Display, Others)

• Technology

• • Augmented Reality Technology (Marker-Based Augmented Reality [Passive Marker, Active Marker], Marker less Augmented Reality [Model-based Tracking, Image Processing-Based Tracking], Anchor-Based Augmented Reality), Virtual Reality Technology (Non-Immersive Technology, Semi-Immersive & Fully Immersive Technology), Mixed Reality Technology (Holographic Displays, Immersive Technology)

• Enterprises

• • Small Enterprises, Medium-Sized Enterprises, Large Enterprises

• Application

• • Augmented Reality (Consumer [Gaming, Sports & Entertainment {Museums, Theme Parks, Art Galleries & Exhibitions}], Commercial [Retail & e-commerce {Jewelry, Beauty & Cosmetics, Apparel Fitting, Grocery Shopping, Footwear, Furniture & Lighting Design}, Travel & Tourism, E-learning], Manufacturing, Healthcare [Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education, Others], Aerospace & Defense, Energy, Automotive, Other Applications [Agriculture, Construction, Transportation & Logistics, Public Safety, Telecom/IT Data Centers]), Virtual Reality (Consumer [Gaming & Entertainment, Sports], Commercial [Retail & E-commerce, Education & Training, Travel & Tourism, Advertising], Manufacturing, Healthcare [Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education, Others], Aerospace & Defense, Other Applications [Automotive, Real-Estate, Geospatial Mining, Others]), Mixed Reality (Healthcare [Medical Training, Surgery Assistance, Patient Care Management], Education, Retail & E-commerce, Gaming & Entertainment, Automotive, Real Estate, Industrial & Manufacturing, Defense & Aerospace, Others)

• End Use Industry

• • Media & Entertainment, Retail & Ecommerce, Training & Education, Travel & Hospitality, Real Estate, Manufacturing, Healthcare, Aerospace & Defense, Automotive, Other End Use Industry

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Significance of VR Gear and MR Devices in Driving Market Expansion and Innovation

In the AR/VR/MR market, device types such as AR glasses, VR headsets, and MR devices are essential. Their value lies in giving various immersive experiences, each catering to specific situations, uses and sectors. This increases user adoption and involvement in different industries, thus aiding in the expansion of markets.

Headsets and motion controllers are examples of virtual reality (VR) gear that are essential to generating completely immersive environments and revolutionising gaming, training, healthcare, and educational experiences. The good thing about them in the AR/VR/MR market is their ability to provide high realism and interactivity that cannot be matched which in turn spurs adoption in the different sectors.

Mixed Reality (MR) gadgets, like the Magic Leap and HoloLens, combine the real and virtual worlds in a seamless way, improving applications in industries like manufacturing, healthcare, and education. Their importance in the AR/VR/MR market comes from what they can provide in terms of interactive, real-time overlays, improved training, design, and collaboration, which then steers the growth and innovation in business.

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Transformative Impact of Immersive Technologies in Healthcare and Education

The AR/VR/MR industry depends heavily on end-use sectors like manufacturing, healthcare, education, and gaming. The growth of the industries is largely dependent on the use of immersive technology in training, user experiences, productivity improvement and development of innovative solutions.

In the AR/VR/MR space, the Media and Entertainment sector plays a key role in promoting adoption through virtual events, interactive content, and immersive storytelling. One of the reasons why this is important is that it raises user participation levels; also, it cultivates fresh ideas creating wider new markets while fostering inventive information production and distribution.

The AR/VR/MR market is mostly driven by the healthcare industry, which uses immersive technologies for patient care, surgical simulations, and enhanced training. This is very important for accuracy enhancement, improved results achievement, as well as cost reduction. These will fasten adoption and change leading to revolutionized medical practices and patient's experiences globally.

Transformative Surge of AR/VR/MR Technologies Across Diverse Industries, and Redefining User Experiences

Due to extensive acceptance across several sectors and technical breakthroughs, the worldwide AR/VR/MR market is expected to rise at a rate never seen before. Some highly required categories of equipment, for example, MR gadgbeet, VR headset and AR glasses in enhancing the quality of user experiences and creativity. The forefront sectors in this transition are gaming, healthcare, education, and retail which leverage immersive technology for ideation promotion as well as increased efficiency. Through virtual events and interactive content, the media and entertainment industry increase user engagement. With more advanced software and more accessible technology, the AR/VR/MR sector has the potential to completely change the way we interact with the outside world.

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Augmented Reality Market

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Metaverse Market

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Industry 5.0 Market

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SOURCE SkyQuest Technology