According to our latest market study on "Augmented Reality and Virtual Reality Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Technology, Component, and End-User Industry," the market is expected to grow from US$ 27.96 billion in 2021 to US$ 252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021-2028.
Immersive Learning Experience with VR, AR, and Gamification Boosts Augmented Reality and Virtual Reality Market Growth
In recent decades, learning analytics has greatly expanded, particularly in higher education, and gamification has emerged as an effective strategy for enhancing student engagement and learning outcomes. The use of gamification is already prevalent in e-learning platforms designed for K-12 students, and in December 2019, STEPapp launched India's first gamified learning edtech app to revolutionize K-12 education in the country, according to an article published by EducationWorld.
Furthermore, the integration of virtual reality (VR) and augmented reality (AR) into education has transformed the learning experience. VR offers a simulated reality, while AR provides an enhanced view of reality. As a result, the increasing adoption of gamification, VR, and AR technologies in education is expected to lead to better academic outcomes and drive demand for AR and VR solutions, contributing to the growth of the augmented reality and virtual reality market.
Despite the negative impact of the COVID-19 pandemic on cross-border trade and associated lockdowns, the AR and VR market has continued to grow as businesses increasingly adopt these technologies for remote and hybrid working. For instance, in 2020, the China Spring Cloud Auto Show combined AR technology, big data, Web 3D, panoramic content, and other technologies to present cutting-edge technologies and products from multiple perspectives, as reported by INEWS.
Key Findings of Study:
The augmented reality and virtual reality market is categorized into two segments based on technology- augmented reality and virtual reality. The augmented reality segment held a larger market share in 2021 due to the rising demand for remote assistance and collaboration, which helps with workflow optimization and management.
In terms of components, the augmented reality and virtual reality market is segmented into sensors, semiconductor components, and others. The increasing popularity of AR and VR-enabled devices has encouraged sensor manufacturers to invest significantly in research and development to introduce newer and more advanced sensors, enabling them to stay competitive. For example, TDK Corporation announced the development of a complete range of VR sensors in January 2019, which offers a cost-effective and accurate all-in-one VR solution
The augmented reality and virtual reality market is categorized based on end-user industry into entertainment, education, industrial, medical, real estate & architecture, retail, aerospace & defense, and others. The entertainment segment was the largest contributor to the market in 2021, owing to the extensive application of AR and VR technologies in gaming, movies, sports, travel, and other related platforms. With virtual reality, individuals can experience the real-world in a 3D environment and interact with it.
Geographically, the augmented reality and virtual reality market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America was the leading region in the global augmented reality and virtual reality market in 2021.
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