The market for AR and VR products and services will reach USD

Dallas, Texas, Oct. 21, 2022 (GLOBE NEWSWIRE) — Market experts and the latest studies forecast that the global market Augmented Reality and Virtual Reality Products and Services Market revenue could reach $80.60 billion by 2029 and grow at an annualized rate of 31.7% over the forecast period 2022-2029.

Rising interest in augmented and virtual reality devices and applications in healthcare is driving the growth of the market. Augmented Reality and Virtual Reality play a vital role in the healthcare industry. Augmented and virtual reality can be used to provide surgeons with a virtual view of a patient’s body parts to help assess the patient’s condition. This helps surgeons perform minimally invasive surgery. The healthcare industry stands to benefit from the use of augmented reality modeling and 3D visualization. The expansion of the augmented reality and virtual reality market in this sector is due to the use of augmented reality and virtual reality to improve physical fitness, teach medical students complex subjects, train doctors , running pharmacies and subsequently caring for patients, and is favored by supporting discharge from hospital.

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The AR and VR Products and Services report profiles the following companies, including

  • Games
  • Entertainment and media
  • Aeronautics & Defense
  • Health care
  • Education
  • Manufacturing
  • Detail

Increased preference for advanced devices in medical education, patient care management and teaching; increased use in online shopping, retail and e-commerce; increased investment from tech giants in the adoption of augmented and virtual reality. The rise of digital information display applications is expected to drive the growth of the market for augmented reality and virtual reality products and services for the retail sector. The factors driving the growth of the market are growing application of augmented reality in healthcare, growing application of augmented and virtual reality in retail and e-commerce, and high demand for driving the growth of the augmented reality and virtual reality market.

Augmented Reality is defined as a gadget that combines the real and virtual worlds, enables real-time interaction, and enables accurate 3D recording of virtual and real elements. Virtual reality, alternatively, is a type of generation that uses laptop technology to create a simulated environment that offers hands-on revelation to the user. Virtual reality is the maximum common time period for this, and it can be artificial, which includes animated, or it’s probably real space that’s been photographed and integrated into virtual reality.

Based on the type of organization, the AR and VR Products and Services market is categorized into-

  • Large companies
  • Small and medium enterprises

According to the applications, the market for AR and VR products and services is classified into

  • Google
  • Microsoft
  • Sony Company
  • Samsung Electronics
  • HTC
  • Apple Inc.

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Regional Overview of AR and VR Products and Services Market 2022-2029:

Regions Sub-regions
North America United States, Canada
Europe Germany, France, United Kingdom, Rest of Europe
Asia Pacific China, India, Japan, Rest of Asia-Pacific
South America Mexico, Brazil, Rest of South America
Middle East and South Africa

The company for augmented reality and virtual reality is facing protection and privacy issues. Augmented and virtual reality services are expensive and therefore not affordable for the middle class. These concerns are due to insufficient augmented reality programming, in addition to the neglect and scrutiny of individual augmented reality apps and device manufacturers and users.

The Augmented and Virtual Reality Products and Services market is segmented into industrial organization size and application considering industry, it is bifurcated into Aerospace & Defense, Manufacturing, Entertainment & Media, Gaming, Healthcare, Education , retail and others. According to demand, the market share was dominated by the consumer segment. Geographically, North America accounted for a major market share in the global market for AR and VR products and services. The key driver is the growing demand for games, entertainment and media.

In February 2022, HTC Vive announced Viveverse, a cross-platform metaverse. It is an open-source VR metaverse consisting of various apps, interactive worlds, and games.

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