Dublin, Jan. 08, 2021 (GLOBE NEWSWIRE) -- The "Augmented Reality and Virtual Reality Market with COVID-19 Impact Analysis by Offering (Hardware & Software), Device Type (HMD, HUD, Gesture Tracking), Application (Enterprise, Consumer, Commercial, Healthcare), and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The virtual reality (VR) market is projected to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2025; it is expected to grow at a CAGR of 27.9% from 2020 to 2025.

The Augmented Reality (Ar) Market is Projected to Grow from USD 15.3 Billion in 2020 to USD 77.0 Billion by 2025; It is Expected to Grow at a CAGR of 38.1% from 2020 to 2025

The increasing demand for AR devices and applications in healthcare, rising investments in AR market, and growing demand for AR in retail and e-commerce sectors due to COVID-19 are the key factors driving the AR market growth.

The availability of affordable VR devices, growing adoption of HMDs in different industries, the advancement of technologies and growing digitization, penetration of HMDs in gaming and entertainment sectors after COVID-19, and high investments in VR market are the key factors driving the VR market growth. Security and privacy issues associated with AR and VR, and health issues associated with excessive usage of AR and VR are some of the major restraints.

Consumer application is expected to maintain its market dominance during forecast period for augmented reality

The consumer application is expected to hold the largest share of the AR market in 2020; it is also expected to dominate the market during the forecast period. The consumer sector includes gaming and entertainment applications, in which AR is used in games for creating 3D visual objects in the real world. The high growth of the gaming and sports & entertainment sector boosts the growth of the AR market for consumer applications.

Enterprise application is expected to grow at the highest CAGR during forecast period in virtual reality

VR is used in the industrial vertical mainly for the training of personnel, providing information about the industrial facility, remodeling and redesigning, and industrial simulations. HMDs are used in industrial applications for designing, training, and simulation. Through HMDs, industrial users can be trained quickly and effectively, as they can learn real-life practices through the fully immersive and interactive virtual world. The use of HMDs is expected to grow in several areas of the industrial vertical in the coming years.

North America holds a significant share of the market in 2020

Key players in the AR & VR market, such as Google (US), PTC (US), Microsoft (US), Oculus (US), and Apple (US), are based in North America, which is the key factor contributing to the growth of the AR & VR market in the region. The growing use of smartphones, increasing adoption of smart electronic devices, and surging demand for AR & VR technology in healthcare applications are the major factors boosting the North American AR & VR market's growth.

APAC is expected to lead the AR & VR market by 2025 due to the high demand for AR & VR devices in the region and the emergence of local manufacturers in China providing these devices at a low cost. Market players based in APAC are likely to grow through the growing use of HMDs in the healthcare and enterprise sectors.

Market Dynamics

AR Market

Drivers

Restraints

Opportunities

Challenges

VR Market

Drivers

Restraints

Opportunities

Challenges

Company Profiles

Key Players

Other Players

Start-Up Players

For more information about this report visit https://www.researchandmarkets.com/r/fwx3kp

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900