“Augmented reality and virtual reality market”
Augmented Reality and Virtual Reality Market Based on Technology, Augmented Reality Market is Expected to Grow $114.5 Billion by 2027
The global augmented reality and virtual reality market is expected to grow from USD 37.0 billion in 2022 to USD 114.5 billion by 2027; it is expected to grow at a CAGR of 25.3% from 2022 to 2027. Major factors fueling the growth of this market include growing application of AR devices in healthcare, rising demand for AR in retail and e-commerce post-pandemic, increasing investment in Augmented Reality and Virtual Reality market, partnerships between telecom players and augmented reality manufacturers to reduce latency to imperceptible levels, increase in the demand for augmented reality in architecture, growing demand for virtual reality in training and education, strong growth of augmented reality and virtual reality in travel, tourism and business applications.
The AR and VR market is dominated by key global 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 market position.
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Google (US) is a recognized brand in the AR and VR industry; it offers a diverse product portfolio for AR and VR applications. The company has developed innovative products to meet the needs of customers in the AR and VR market. Google is one of the world’s technology leaders, and its core areas include advertising, search, operating systems and platforms, and enterprise and hardware products. Its search segment offers an extensive index of websites and other online content 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.
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 most of its revenue comes from Google. All non-Google businesses are collectively referred to as Other Bets. Google’s main products include Ads, Search, Maps, Chrome, Android, YouTube, Google Play, Commerce, Hardware and Gmail.
The company has more than 70 offices in more than 50 countries around the world. The company has a premier office and building at its headquarters and is well supported by other offices and buildings, R&D, and sales and support offices located in North America, Europe , Asia and South America. As of December 31, 2021, the company had 1,565,000 employees.
Microsoft (US) is a technology company that develops, licenses and supports a wide range of software products, devices and supply-related services. Microsoft Corporation is engaged in the development and support of 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 includes productivity, communication and information products and services spanning a variety of devices and platforms.
The Company is also engaged in the design, manufacture and sale of devices, such as PCs, game and entertainment consoles, tablets, other smart devices and related accessories. The company also provides services such as cloud-based solutions that provide customers with software, services, platforms and content. Additionally, the company provides consulting, online advertising and solution support services.
Microsoft Corporation provides a mixed reality device, HoloLens 2, which integrates a self-contained gadget with apps and solutions to help the user communicate and collaborate more effectively. The company has developed a hardware device called Microsoft HoloLens. It is a head-mounted display, which would be beneficial in applications such as consumer, medical, education and training. The company also provides a cloud platform, Azure, which supports AR applications across industries.
The company operates globally and is growing 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 located 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 (USA). The company also has partnerships with companies in the volumetric video market value chain such as 8th Wall, Volucap and Littlstar. As of mid-2021, the company’s headcount was 1,82,268.
Another important player in the AR and VR market, sony is one of the largest electronic conglomerate groups involved in the design, manufacture, development and sale of electronic equipment. It also offers electronic instruments and devices for the consumer and industrial markets, in addition to expanding its customer support services worldwide. The Company operates through its manufacturing facilities, located primarily in Asia. In addition, Sony is engaged in various financial services related businesses, including life and non-life insurance operations. Additionally, it is involved in network services and advertising agency business in Japan.
Sony classifies its business activities into the following reportable segments: Mobile Communications, Semiconductors, Network Games and Services, Imaging Products and Solutions, Home Entertainment and Sound, Pictures, Music, Financial Services and All Others. In the Mobile Communications business segment, the Company manufactures and markets mobile phones. The Game & Network Services category produces and sells home game products, software and network services. In 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.
Sony has a global presence and operates through its offices and factories in Japan, China, Malaysia and the United States. Sony Global Manufacturing & Operations Corporation (Japan), Sony Entertainment Inc. (USA), Sony Interactive Entertainment Europe Ltd. (UK) and Sony (China) Limited are among its subsidiaries. Sony has established a $100 million Sony Global Relief Fund to support people during this pandemic situation. The company provides support in 3 areas: medical, education 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 number of employees in the company was 1,09,700. Other major players in the AR and VR market are mainly focusing on acquisitions and partnerships as well as new product launches to achieve continuous and sustainable development.
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