Immersive Media Industry Data Book - Augmented Reality, Metaverse and Virtual Reality Market Size, Share, Trends Analysis, And Segment Forecasts, 2022 - 2030
The global AR, VR, and metaverse markets combine to account for USD 86.02 billion in revenue in 2021, which is expected to reach USD 1,363.35 billion by 2030, growing at a cumulative rate of 36.3% over the forecast period. The combination bundle is designed to provide a holistic view of these highly dynamic market spaces.
Immersive Media Industry Data Book Coverage –
Immersive Media Industry Data Book Coverage Snapshot
Markets Covered | |
Immersive Media Industry USD 86.02 billion in 2021 36.3% CAGR (2022 - 2030) | |
Augmented Reality Market Size USD 25.33 billion in 2021 40.9% CAGR (2022 - 2030) | Virtual Reality Market Size USD 21.83 billion in 2021 15.0% CAGR (2022 - 2030) |
Metaverse Market Size USD 38.85 billion in 2021 39.4% CAGR (2022 - 2030) | |
Access the Global Immersive Media Industry Data Book, 2022 to 2030, compiled with details like market sizing information forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies
Augmented Reality Market Growth Trends
The global augmented reality market size is anticipated to reach USD 597.54 billion by 2030, expanding at a CAGR of 40.9% from 2022 to 2030, according to the latest report by Grand View Research, Inc. The growth of the market can be attributed to the growing adoption of augmented reality (AR) technology in various end-use industries and industry verticals, including automotive, healthcare, and education, among others. The immersive experience AR technology can potentially offer, and subsequently, the growing real-life use cases of AR technology are expected to contribute to the growth of the market in the forecast period.
AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. As such, apart from automotive, healthcare, and education; AR technology is also finding applications in other industries and industry verticals, such as construction. The development of website-based AR is typically allowing users to experience AR online without having to download any application.
Having realized that AR technology is more interactive; incumbents of various industries and industry verticals are aggressively implementing new, innovative solutions based on AR technology in their products and processes, particularly in the wake of the outbreak of the COVID-19. For instance, educational institutions, which rely significantly on mutual interaction with learners, have adopted AR technology to enhance the learning experience for students. Similarly, retailers have also adopted AR technology to provide an immersive experience to shoppers and help them in making informed buying decisions.
AR technology is finding applications in niche markets as well. Mobile AR is particularly gaining traction as most mobile device vendors are making their mobile devices AR compatible. As such, the augmented reality market is poised for significant growth over the forecast period as AR technology continues to evolve and more real-life use cases are introduced.
Virtual Reality Market Growth Trends
The global virtual reality market size is expected to reach USD 87.0 billion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.0% from 2022 to 2030. The rapid penetration of Head-Mounted Display (HMD) in various industries, particularly in entertainment and gaming, has led to significant market growth. Additionally, the advent of 5G technology has positively impacted the adoption of virtual technology.
The emerging demand for virtual training across industries such as education, aerospace and defense, automotive, and healthcare is driving the market. For instance, in October 2021, Accenture ordered 60,000 Oculus headsets to simplify its onboarding process and train new employees. The company considers VR to be an engaging and productive technology that provides a time-efficient solution for training.
With the deployment of VR technology, the e-commerce industry has enabled shoppers to virtually try new clothes and accessories. This supports buyers in making the right purchase choices. Furthermore, the temporary closure of educational institutions to combat the spread of coronavirus has forced them to conduct their academic sessions on VR-based online platforms to facilitate better collaboration.
The VR technology has also enabled medical personnel to deliver instructions and aid therapies through the audio-visual tool. The increasing use of automation and Artificial Intelligence (AI) across many industries is one of the primary growth drivers of the market. North America is anticipated to maintain its lead during the forecast period owing to the dominance of technology companies in the region. Additionally, the emergence of various start-ups related to advanced technology is expected to impact the growth of the market.
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Metaverse Market Growth Trends
The global metaverse market size is predicted to attain USD 936.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 41.6% from 2023 to 2030, owing to increasing demand from end-use industries, which prominently include media and entertainment, education, and aerospace and defense is anticipated to propel the industry growth over the forecast period.
The market is also expected to witness growth due to the steady adoption of XR technologies to enhance user experience on various platforms. The growing demand for metaverse to purchase digital assets using cryptocurrencies is expected to drive the market significantly. The development and distribution of Augmented reality (AR), Virtual Reality (VR), and Mixed Reality (MR) devices are anticipated to spur market growth in years to come.
The prefix "meta" is commonly used in Greek to denote "after" or "beyond." The metaverse is a three-dimensional interactive and immersive environment where several people can interact through avatars. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Gaming websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse is the advent of new online environments in which people's interactions are more multidimensional and they can engage more deeply with digital content rather than merely reading it.
The metaverse is widely used as a real-time virtual world to build and leverage vast opportunities for brand connection. It would also set the stage for the next phase of post-COVID-19 digital activity, namely the emergence of digital social experiences. On Metaverse platforms that allow blockchain technology to be utilized, users can create, own, and trade autonomous digital assets and virtual regions using cryptocurrencies like Bitcoin and Ethereum, as well as nonfungible tokens (NFTs).
During the forecast period, rising demand for blockchain-based metaverse networks and platforms for trading digital assets is expected to drive considerable market revenue growth. One of the major factors driving the future expansion of the metaverse business is the rise of the gaming industry.
Competitive Landscape
Key players operating in the immersive media industry are –
- Alphabet Inc. (Google)
- Barco
- Blippar
- Epic Games, Inc
- HTC Corporation
- Infinity Augmented Reality Inc.
- Lilith Games
- Magic Leap, Inc.
- Meta Platforms, Inc
- Microsoft Corporation
- NetEase, Inc.
- Nextech AR Solution Corp.
- Nvidia Corporation
- Qualcomm Inc.
- Samsung
- Sony Corporation
- Tencent Holdings Ltd.
- The Sandbox
- Unity Technologies, Inc.
- Vuzix
Grand View Research’s Immersive Media Industry data book is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
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