Augmented Reality and Virtual Reality (AR & VR) in Gaming Market Size to Grow USD 10,110 Million by 2029 at a CAGR of 35.4% | Valuates Reports
BANGALORE, India, Oct. 24, 2023 /PRNewswire/ -- Augmented Reality (AR) and Virtual Reality (VR) in Gaming Market is Segmented by Type (Head Mounted Displays, Smart Glass, Handheld Devices), by Application (Private, Commerce): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The Global Augmented Reality and Virtual Reality in Gaming market is projected to reach USD 10,110 Million in 2029, increasing from USD 1,210 Million in 2022, with a CAGR of 35.4% during the period of 2023 to 2029.
Major Factors Driving the Growth of AR VR in Gaming Market:
The industry is being driven by the increasing acceptance and incorporation of AR and VR technologies into wearable devices such as mobile phones. Virtual reality and augmented reality are thought to be the most intriguing new technologies available for modern living. Businesses are becoming more productive in terms of developing cutting-edge technology and software as a result of the growing use of game design principles. This is thought to be the main AR VR in the Gaming Market driver.
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TRENDS INFLUENCING THE GROWTH OF AR & VR IN GAMING MARKET:
There is a shift in the AR and VR sector from a consumer-only to a more business market. Due to the high expense of utilizing technology, theme parks and amusement parks have been able to maintain one or two virtual rides. However, as the market becomes saturated, virtual reality parks might become popular once park owners can more easily afford the equipment. It's possible that more businesses will start creating applications, especially for park sellers. Outside of consumer applications, this new platform has led to a rise in demand for AR and VR in the gaming industry. This factor is expected to drive the growth of AR VR in the Gaming Market.
The alluring audio-visual elements that greatly enhance the gaming experience are the only reason for this spike in the number of users. Because of this, it is ultimately assisting businesses in turning a profit by interacting with a sizable portion of the population through various AR and VR game platforms. The emergence of AR and VR technology has motivated developers to provide players with compelling narratives, characters, gameplay elements, and so on. Businesses are quickly implementing these cutting-edge technologies while developing next-generation gaming applications because such efforts are already receiving a tremendous amount of feedback from the public. This factor is expected to drive the growth of AR VR in Gaming Market.
The use of excellent 3D visuals along with the incorporation of lifelike images and videos is what makes VR gaming so alluring. Every gaming scene is as vibrant and alluring as one would see in a movie thanks to it. In the end, this aids game developers in effectively capturing players' attention for extended periods of time on all AR and VR gaming platforms. Conventional games need you to either swipe the screens on your mobile devices or use the keyboard on your laptops or PCs while keeping your eyes fixed on the screen. You will eventually start to feel very bored with it. However, you now have the ability to naturally control and interact with your game characters thanks to the advent of AR and VR gaming applications. This factor is expected to drive the growth of AR VR in the Gaming Market.
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AR & VR IN GAMING MARKET SHARE ANALYSIS
In 2020, the Artificial Intelligence in Gaming Market is dominated by the North American region. Nevertheless, the gaming industry's AR and VR market is growing at the fastest rate in APAC. APAC's gaming market is anticipated to expand as a result of the growing number of players in the area, particularly in China and India. Japan will remain a significant player in the AR and VR industries, particularly in the mobile and head-mounted display markets.
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- Zco Corporation
- Samsung Electronics Co. Ltd
- HTC Corporation
- Lenovo
- Acer
- FOVE, Inc.
- Beijing ANTVR Technology CO., LTD
- Pico Interactive Inc.
- LG Electronics
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SIMILAR REPORTS
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- VR Education market is projected to reach USD 496650 million in 2029, increasing from USD 41800 million in 2022, with a CAGR of 42.5% during the period of 2023 to 2029.
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- Gaming Peripherals market size is projected to reach USD 4228.9 Million by 2027, from USD 2897 Million in 2020, at a CAGR of 5.5% during 2021-2027.
- Cloud Gaming market size is projected to reach USD 1169.1 million by 2027, from USD 133.7 million in 2020, at a CAGR of 35.4% during 2021-2027.
- AR and VR Lens market size is estimated to be worth USD 441.8 million in 2022 and is forecast to be a readjusted size of USD 1006 million by 2028 with a CAGR of 14.7% during the review period.
- The U.S. augmented and virtual reality market size was valued at USD 4.39 Billion in 2020, and is projected to reach USD 134.76 Billion by 2030, registering a CAGR of 41.6% from 2021 to 2030.
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- AR and VR Smart Glasses market is projected to grow from USD 22660 million in 2023 to USD 34780 million by 2029, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period.
- Commercial VR Service market is projected to reach USD 1800.1 Million in 2029, increasing from USD 1312 million in 2022, with a CAGR of 5.2% during the period of 2023 to 2029.
- The Metaverse Gaming market is projected to reach USD 2016.1 million in 2029, increasing from USD 125 million in 2022, with the CAGR of 48.5% during the period of 2023 to 2029.
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