The augmented reality and virtual reality market is expected to grow from $ 27.96 billion in 2021 to $ 252.16 billion in 2028; it is estimated to grow with a CAGR of 36.9% during 2021-2028.
New York, April 26, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Augmented Reality and Virtual Reality Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Technology, Component and End-User Industry – https : //www.reportlinker.com/p06269978/? utm_source = GNW
Customer support departments in various companies have improved significantly due to advances in AI-powered chatbots and virtual assistants. Chatbots, however, struggle with remote troubleshooting, which is a major challenge for customer care teams.
The incorporation of virtual reality into customer service has been a game-changer for retailers, which has increased consumer engagement and satisfaction. Moreover, after the completion of the communication between customers and customer care departments, this technology can solve fundamental and challenging problems in less time.
For businesses, implementing excellent customer service initiatives is better than any other way of showing how much they respect their customers. Virtual reality is the most advanced technology that helps the retail sector.
It creates an immersive experience with a powerful sensory effect and a solid emotional connection. Companies use this connection to engage with customers in new and relevant ways. When customers are emotionally connected to a brand, customers are likely to repeat purchases and become brand loyal. In addition, virtual reality provides consumers with an extremely realistic experience. Marketers can create exciting, thrilling, scary and even emotionally charged VR ads to showcase products in new ways. For example, The North Face, a company with outdoor recreation products, created an immersive virtual reality experience by using the landscape of Nepal to help customers get in touch with the brand’s identity. The growing use of virtual reality solutions across retail stores is thus driving growth in the augmented reality and virtual reality market.
The introduction of AR is increasing worldwide due to increasing investment in the AR industry, increasing demand for AR devices and solutions in the healthcare industry and increasing demand for AR in the e-commerce and retail industry. In the healthcare industry, AR can offer a surgeon a virtual view of a patient’s body parts so they can assess their condition, helping surgeons perform invasive procedures accurately.
AR is also used to teach medical students, train doctors, improve physical fitness, and manage pharmacies; the AR-enabled solutions also help hospitals provide patient care and support after they leave the hospital. Affordable VR devices, increasing use of HMDs in various industries, technological advances and growing digitalization, proliferation of HMDs in the gaming and entertainment sectors following the COVID-19 pandemic and high investment in VR- industry are the primary factors driving the growth of the market for VR.
However, the growth of the augmented reality and virtual reality market is hampered by the lack of user interface, processing power and AR device storage.
Impact of the COVID-19 Pandemic on the Augmented Reality and Virtual Reality Markets
As augmented reality (AR) and virtual reality (VR) technologies are used in mainstream monitors (HMDs), they are expected to be widely used by medical professionals as protective equipment in the coming years. Despite the negative impact of COVID-19 pandemic-associated lockdowns and low cross-border trading, the augmented reality and virtual reality market continues to grow with the increasing shift towards adopting AR and VR technologies, and companies are switching to telework or hybrid work.
According to an article published by INEWS, the China Spring Cloud Auto Show in 2020 was organized by combining AR technology, big data, Web 3D, panoramic content and other technologies to present cutting-edge technologies and products from multiple perspectives. , the overall impact of the COVID-19 pandemic on the global augmented reality and virtual reality market in 2020 was positive.
In 2021, HTC Corporation hosted an online conference for developers using VR technology. The digital transformation of several companies in sectors such as retail (e-commerce), education (e-learning) and healthcare (advanced equipment) will also support the growth of the augmented reality and virtual reality market in the coming years.
Based on technology, the market for augmented reality and virtual reality is divided into augmented reality and virtual reality.
Based on component, the market for augmented reality and virtual reality is segmented into semiconductor components, sensors and others.
Based on the end-user industry, the augmented reality and virtual reality market is divided into entertainment, education, industry, medicine, real estate and architecture, retail, aerospace and defense and others. In 2021, the entertainment segment accounted for the largest market share.
By geography, the augmented reality and virtual reality markets are segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA) and South America (SAM). In 2021, North America accounted for the largest share of the augmented reality and virtual reality market.
The size of the augmented reality and virtual reality market has been deduced using both primary and secondary sources.
The process also serves the purpose of gaining an overview and forecast for the augmented reality and virtual reality market with respect to all segments: North America, Europe, Asia Pacific, Middle East & Africa and South America.
Primary interviews were also conducted with industry participants to validate data and gain more analytical insight. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers and external consultants – including valuation experts, research analysts and key opinion leaders – specializing in augmented reality and the virtual reality market.
The key companies operating in the augmented reality and virtual reality market include Immersive Gaze; Google LLC; EON Reality; Vuzix Corporation; Blippar Group Limited (Layar BV); Innovega Inc .; Simulanis Solutions Private Limited; Kanda ApS; YeppAR; and Zugara, Inc.
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