AR/VR/MR Market size was valued at USD 30.6 Billion in 2022 and is poised to grow from USD 42.46 Billion in 2023 to USD 521.28 Billion by 2031, at a CAGR of 39.1% during the forecast period (2024-2031).
The growing interest in using augmented reality (AR) in many applications among major market players such as Google LLC, Microsoft Corporation, Apple, Inc., and others is creating new opportunities. Augmented reality (AR) has experienced unprecedented growth in the current year with commercial applications of technology increasing dramatically. It is expected to be one of the more prominent areas in the coming years as an important technology market. Leaders such as Apple, Google, Facebook, Microsoft, Amazon invest in innovation and increased usage of smartphones, increasing adoption of AR in mobile gaming drives the market growth.
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Increasing smartphone and app integration is expected to drive the market. Increasing collaboration between market participants and 5G providers to reduce latency is expected to accelerate growth prospects.
Microsoft HoloLens 2: The HoloLens 2 is one of the most popular AR devices for various gaming and tech applications. It offers a high-quality augmented reality experience with advanced features such as gesture recognition and spatial imaging.
RealWear Navigator 520: The RealWear Navigator 520 is a high-tech wearable computer designed specifically for front-line employees in a variety of industries, such as manufacturing, field operations, and manufacturing This headset so this combines rugged performance with advanced technology to help employees with its hands-free operation.
Enhanced Competitive Landscape of AR/VR/MR Market by Commercial Verticals
Health care
Applications:
Surgical simulation and training: VR is revolutionizing surgical education by providing immersive training environments in which medical students and surgeons can perform complex procedures without risk to patients.
Patient treatment: AR enhances patient care by masking critical information during surgery, while VR is being used to manage pain and treat conditions such as PTSD.
Rehabilitation: VR and AR are used in physical therapy for engaging rehabilitation exercises, and in mental health to treat anxiety and panic attacks.
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Key players:
Osso VR: Offers virtual reality VR surgical training programs.
Augmedics: offers the xvision Spine System, an AR headset that gives surgeons an X-ray-like view.
XRHealth: They specialize in VR-based medical platforms for physical and mental rehabilitation.
Market Trends:
Regulatory approval: Obtaining certifications from health authorities such as the FDA is essential.
Clinical certification: Adoption is driven by proven efficacy in clinical trials.
R&D investment: Continuous innovation and development of new applications is essential to remain competitive.
Summary of Current Trends and Developments
In February 2024, Apple Inc. regular launch date of their anticipated Vision Pro device in the US. on February 2. Its sensors have been unveiled with an advanced R1 chip designed to accelerate data processing. Additionally, the company addressed the weight of the headphones by adding an external battery, ensuring up to 2 hours.
In July 2023, Apple, Inc. offered students a new interactive Deep Field AR app. The Deep Field iPad app lets you experiment with bright colors, textures, and shapes with Apple Pencil and draw your own flora and fauna.
In June 2023, Apple Inc. will use Apple Vision Pro integrated with visionOS, the world’s leading spatial operating system that allows users to interact with digital content through the highest quality display layout.
In January 2023, Xiaomi Corporation unveiled a prototype of augmented reality glasses. The device boasts a "retina-level display," allowing users to see objects as clearly as they are physically challenged.
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Future of the AR/VR/MR Market
V.R. AR will go beyond basic overlays towards seamless integration with physical environments and activation through natural user inputs such as gestures and voice. MR headsets will also become smaller, more expensive, and much easier for the masses to use. XR would be the link to unite them in the Metaverse.
Big tech companies like Meta and Google are investing heavily in developing XR interfaces and Metaverse platforms to take advantage of this technology and although their separate developments are undeniable, Metaverse is where they are all taken will be used to the best of their ability.
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