“Market for Augmented Reality and Virtual Reality”
Augmented Reality and Virtual Reality Market Based on technology, the AR market is expected to grow from USD 114.5 billion by 2027
The global Augmented Reality and Virtual Reality market is projected to grow from $37.0 billion in 2022 to $114.5 billion in 2027; it is expected to grow at a CAGR of 25.3% from 2022 to 2027. The key factors driving the growth of this market include increasing application of AR devices in healthcare, rising demand for AR in retail and e-commerce post-pandemic, as well as rising investments in AR and VR market, partnerships between telecom players and AR Manufacturers to reduce latency to imperceptible levels, increasing demand for AR in architecture, increasing demand for VR in education and training, high growth of AR and VR in travel, tourism and enterprise applications.
The AR and VR market is driven by major global incumbent players such as Google (US), Microsoft (US), Sony Corporation (Japan), Samsung Electronics (South Korea), HTC (Taiwan), Apple Inc., (US), PTC Inc., (USA), Seiko Epson (Japan), Oculus VR (from Facebook (USA)), Lenovo (China). These companies focus on executing both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions and acquisitions to strengthen their position in the market.
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Google (US) is a recognized brand in the AR and VR industry; it offers a diversified product portfolio for AR and VR applications. The company has developed innovative products to serve customers from the AR and VR market. Google is one of the global technology leaders and its main areas include advertising, search, operating systems and platforms, as well as enterprise and hardware products. Its search segment provides an extensive index of websites and other online content made available through its search engine. It is a media and high-tech company that offers solutions based on augmented reality (AR) and virtual reality (VR) technologies.
Alphabet, Inc. is the parent company of Google Inc. Alphabet reports its revenue through two business segments – Google and other bets. The company is a conglomerate, and most of its revenue comes from Google. All non-Google companies are collectively referred to as “Other Bets”. Google’s core products include Ads, Search, Maps, Chrome, Android, YouTube, Google Play, Commerce, Hardware and Gmail.
The company has over 70 offices in more than 50 countries around the world. The company has prominent office and building space at its headquarters and is well supported by other offices and building space, R&D, and sales and support offices in North America, Europe, Asia and South America. As of December 31, 2021, the company had a workforce of 1,56,5000.
Microsoft (US) is a technology company that develops, licenses, and supports a wide range of software products, devices, and offering-related services. Microsoft Corporation is engaged in the development and support of software, services, devices, and solutions. Microsoft operates in three business segments: Productivity and Business Processes, Intelligent Cloud and More Personal Computing. The Productivity and Business Processes segment includes productivity, communications, and information products and services that span a variety of devices and platforms.
The company is also engaged in the design, manufacture and sale of devices such as personal computers, gaming and entertainment consoles, tablets, other smart devices and related accessories. The Company is also engaged in the provision of services such as cloud-based solutions that provide customers with software, services, platforms and content. In addition, the company offers consulting services, online advertising and solution support.
Microsoft Corporation offers a mixed reality device – HoloLens 2, which integrates a tethered gadget with apps and solutions to help the user communicate and collaborate more efficiently. The company has developed a hardware device known as the Microsoft HoloLens. It’s a head-mounted display that would be beneficial for applications like consumer, medical, and education and training. The company also offers a cloud platform, Azure, which supports AR applications across all industries.
The company operates globally and is expanding through its subsidiaries such as Microsoft Ireland Research, Microsoft International BV, Microsoft Korea, Inc. Microsoft (China) Company, Limited, Microsoft UKP Limited and Microsoft India Private Limited. Microsoft has its own mixed reality capture studio in San Francisco and has Microsoft licensed and certified mixed reality studios such as Dimension (UK), Metastage (US), Jump Studio (South Korea) and Avatar Dimension (US). The company also has partnerships with companies along the value chain of the volumetric video market such as 8th Wall, Volucap and Littlstar. In mid-2021, the number of employees in the company was 1,82,268.
Another major player in the AR and VR market, Sony is among the largest electronics groups engaged in the design, manufacture, development and sale of electronic devices. It also offers electronic instruments and devices for consumer and industrial markets and is expanding its customer service worldwide. The Company operates through its manufacturing facilities, which are primarily located in Asia. In addition, Sony is engaged in various businesses related to financial services, including life and property insurance. It is also involved in network services and advertising agency business in Japan.
Sony classifies its operations into the following reportable segments: Mobile Communications, Semiconductors, Games and Network Services, Imaging Products and Solutions, Home Entertainment and Sound, Pictures, Music, Financial Services and All Others. In the Mobile Communications business area, the company produces and markets mobile phones. The Game & Network Services category manufactures and sells home gaming products, software and network services. In the Imaging Products & Solutions segment, it offers digital imaging products and professional solutions. The Home Entertainment & Sound category includes television, audio and video, while the Devices segment offers semiconductors and components.
Sony has a global presence with offices and factories in Japan, China, Malaysia and the United States. Sony Global Manufacturing & Operations Corporation (Japan), Sony Entertainment Inc. (US), Sony Interactive Entertainment Europe Ltd. (UK) and Sony (China) Limited are some of its subsidiaries. Sony established a $100 million Sony Global Relief Fund to support people in this pandemic situation. The company offers support in three areas: medical, educational and creative community. Sony has a number of subsidiaries including Altair Semiconductor, Sony LSI Design, Sony Advanced Visual Sensing, Sony Pictures Interactive, etc. As of December 31, 2020, the company’s workforce was 1,09,700. Other big players in the AR and VR market are mainly focused on acquisitions and partnerships as well as new product launches to achieve continuous and sustainable development.
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