Augmented Reality Market: Industry Overview, Top Key Players Analysis And Growth Factors 2031

 

They project the global augmented reality and virtual reality market to grow from USD 37.0 billion in 2022 to USD 114.5 billion by 2027; I expect it to grow at a CAGR of 25.3% from 2022 to 2027. The key factors fueling the growth of this market include increasing application of AR devices in healthcare, growing demand for AR in retail and e-commerce post-pandemic, rising investments in the AR and VR market, partnerships between telecom players and AR manufacturers to reduce latency to imperceptible levels, rise in demand for AR in architecture, increasing demand for VR in training and education, high growth of AR and VR in travel, tourism and enterprise applications.

The AR and VR market is dominated by key global established players such as Google (US), Microsoft (US), Sony Corporation (Japan), Samsung Electronics (South Korea), HTC (Taiwan), Apple Inc., (US), PTC Inc., (US), Seiko Epson (Japan), Oculus VR (by Facebook (US)), Lenovo (China). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.

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 cater to the customers from the AR and VR market. Google is one of the global technology leaders, and its primary areas include advertising, search, operating systems and platforms, and enterprise and hardware products. Its search segment offers a vast index of websites and other online content that is made available through its search engine. It is a media and high-tech company that provides solutions based on augmented reality (AR) and virtual reality (VR) technologies.

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Alphabet, Inc. is the parent organization of Google Inc. Alphabet reports its revenue through 2 operating segments — Google and Other Bets. The company is a conglomerate, and its largest part of revenue comes from Google. All non-Google businesses are collectively called Other Bets. Google’s core products include Ads, Search, Maps, Chrome, Android, YouTube, Google Play, Commerce, Hardware, and Gmail.

Google has a separated platform ‘ArCore’ which focuses on AR based technologies. Google provides AR eyeglasses named Google Glass. The company is also integrating AR technology into its old products. For instance, the company offers solutions such as AR in Google Search, Live View Beta in Google Maps, and AR in the Pixel Camera. Google has developed Tango, an AR computing platform. It uses computer vision to enable mobile devices, such as smartphones and tablets, to detect their position relative to the world around them without using GPS or other external signals. The company has developed various AR and VR products, such as head-mounted devices, software development kits (SDKs), software solutions, and apps.

The company has over 70 offices in more than 50 countries across the world. The company’s headquarters has a prominent office and building space, and it is well-supported by other offices and building spaces, R&D, sales, and support offices located in North America, Europe, Asia, and South America.. As of 31st December 2021, the company had an employee strength of 1,56,5000.

Microsoft (US) is a technology company that develops, licenses, and supports a wide range of software products, devices, and offer-related services. Microsoft Corporation is engaged in the development of and support for software, services, devices, and solutions. Microsoft operates in 3 business segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment comprises productivity, communication, and information products and services spanning a variety of devices and platforms. The Intelligent Cloud segment offers the public, private, and hybrid server products and cloud services that power modern businesses. The company’s products include operating systems, server applications, cross-device productivity applications, video games, desktop and server management tools, business solution applications, and training and certification of computer system integrators and developers. The More Personal Computing segment encompasses products and services geared toward the interests of end users, developers, and IT professionals across all devices.

Microsoft Corporation provides a mixed reality device — HoloLens 2, which integrates an untethered gadget with apps and solutions to assist the user in communicating and collaborating more efficiently. The company has come up with a hardware device known as Microsoft HoloLens. It is a head-mounted display, which would be beneficial in applications such as consumer, medical, and education & training. The company also provides a cloud platform, Azure, which supports AR applications across industries.

Sony classifies its business operations under the following reportable segments — Mobile Communications, Semiconductors, Games & Network Services, Imaging Products & Solutions, Home Entertainment & Sound, Pictures, Music, Financial Services, and All Others. Under the Mobile Communications business segment, the company manufactures and markets mobile phones. The Game & Network Services category produces and sells home gaming products, software, and network services business. Under the Imaging Products & Solutions segment, it offers digital imaging products and professional solutions. Its Home Entertainment & Sound category includes television, audio, and video, while the Devices segment offers semiconductors and components. The Pictures segment of the company includes motion pictures, television productions, and media networks. Further, the Music segment provides recorded music, music publishing, and visual media and platform.

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