Key Players and Trends in the Rapidly Growing AR and VR Markets

The global market for augmented reality (AR) and virtual reality (VR) is booming. A new report suggests that the AR market will grow from USD 25.1 billion in 2023 to USD 71.2 billion by 2028, growing at 23.2% each year. 

The VR market is also set to expand, expected to reach USD 29.6 billion by 2028, up from USD 12.9 billion in 2023, an annual growth rate of 18.0%.

A few key factors contribute to this growth: people’s use of smartphones, the growing popularity of gaming, and the fact that AR and VR solutions become more affordable. Plus, many businesses are using AR and VR, which is pushing the market even higher.

Some of the key players in the AR and VR industries include Google, Microsoft, Sony, META, Samsung, HTC, Apple, PTC, Seiko Epson, and Lenovo.

The enterprise, tech, offerings, device types, applications, and regions segments make up the market. While the enterprise segment is currently, even the consumer segment, especially in gaming industry, is catching up quickly.

North America is leading in the AR and VR market, especially in countries like the US, Canada, and Mexico. Businesses in this region are using AR a lot to enhance their work, and there’s a high value of investment.

In the Asia-Pacific (APAC) region, China stands out as a major player with many startups and a large consumer market. Nowadays, the country is seeing significant growth in mobile-based AR devices.

Overall, this market is expected to grow a lot in the coming years thanks to new technology and more businesses and using these tools.