COVID-19 Impact and Recovery Analysis- Global Augmented Reality (AR) and Virtual Reality (VR) Market 2020-2024 | Increasing Demand for AR and VR Technology to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#AugmentedRealityARandVirtualRealityVRMarket–The global augmented reality (AR) and virtual reality (VR) market is expected to grow by USD 125.19 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Market estimates include pre- and post-COVID-19 impact on the AR and VR market –
Customers are increasingly adopting VR and AR technology, either for professional or private use. This adoption rate has increased significantly over the last decade. Technological innovations will further drive the demand for AR and VR applications during the forecast period as these applications will enable users to use the technology in a more user-friendly manner. Wearable technology platforms are likely to further enhance the utility of AR in everyday life. In addition, the development of AR android applications is enabling users in the retail segment to provide customers new experiences. Virtual fitting rooms help buyers choose the right size and lower purchase returns. A similar benefit is associated while choosing the color for a new car or furniture. Thus, the growing application area of AR and VR technology in different fields, such as education, medical, retail, and training, will boost the growth of the global AR and VR market.
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The global outbreak of coronavirus is expected to have a positive impact on the AR and VR market globally during the forecast period. The growth of the market can be attributed to the rising preference for work from home and online shopping. With the increase in the number of online corporate meetings and events through web conferencing tools, market players are introducing applications that further enhance the experience. NexTech AR Solutions developed a technique to incorporate 3D photorealistic holograms of objects via ARitize App. In March 2020, NexTech AR Solutions announced early access for one-hundred brands and businesses of its revolutionary 3D/AR capture app, ARitize360.
As per Technavio, the increasing number of M&A activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Augmented Reality (AR) and Virtual Reality (VR) Market: Increasing Number of M&A Activities
Key vendors in the market are acquiring companies that operate in the AR and VR market. Such acquisitions strengthen their R&D capabilities and market position. The adoption of such strategies also expands vendors’ business and enables technological advances in the field. In March 2020 NexTech AR Solutions acquired Jolokia, a remote video training, live streaming software company, whose customers include Merck, Toyota, CBS, and Polycom. Through this acquisition, the company aims to enhance its product portfolio and accelerate its growth in the global AR and VR market. Such acquisitions will have a positive impact on the growth of the market during the forecast period.
“Factors such as the new product launches, rising adoption of technologically advanced applications among consumers, and strong research activities to increase the application of AR and VR technologies will have a significant impact on the growth of the AR and VR market value during the forecast period,” says a senior analyst at Technavio.
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Augmented Reality (AR) And Virtual Reality (VR) Market: Segmentation Analysis
This market research report segments the augmented reality (AR) and virtual reality (VR) market by technology (AR and VR) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the augmented reality (AR) and virtual reality (VR) market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth with China and Japan emerging as the key markets in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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