According to The Insight Partners latest market study on "Augmented Reality and Virtual Reality Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Component, and End-User Industry," the market is expected to grow from US$ 27.96 billion in 2021 to US$ 252.16 billion by 2028; it is estimated to grow at a CAGR of 36.9% during 2021–2028. The augmented reality and virtual reality market, based on geography, is segmented primarily into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share in the global augmented reality and virtual reality market.

You Can Get a Sample Copy of this Report @ https://www.theinsightpartners.com/sample/TIPTE100000114/

Augmented reality (AR) is a technology that creates a virtual experience by combining the digital and physical worlds. Apps for mobile or desktop integrate digital aspects with the actual world using AR technology. For example, score overlays for televised sports games can be displayed using AR technology and the pop-out of 3D images, text messages, and emails. AR uses computer vision, mapping, and depth sensing to offer the user relevant material. This feature allows cameras to collect, send, and process data to display digital material relevant to the viewer's current gaze. Virtual reality (VR) is a computer-generated simulation of fictional reality. It can be seen in 3D movies and video games. The use of computers and sensory gear such as headsets and gloves aids in constructing realistic simulations and an immersive experience for spectators. In addition to gaming and entertainment, virtual reality can be used for training, education, and science.

Immersive Learning Experience with VR, AR, and Gamification Boosts Augmented Reality and Virtual Reality Market Growth

In the last few decades, the learning analytics landscape has dramatically expanded, especially for higher education. Students learn faster when they engage in the gamified version of lessons. Gaming features help create a fun and productive learning experience for learners. Gamification is common in e-learning platforms meant for K-12 level students. According to an article published by EducationWorld in December 2019, STEPapp launched India's first-of-its-kind gamified learning edtech app to revolutionize K-12 education in the country.

Further, since the introduction of virtual reality and augmented reality into education, the sector has experienced tremendous transformation in learning. VR provides a built reality, and AR provides an image with an improved view. Thus, a surge in the integration of virtual reality, augmented reality, and gamification technologies into educational techniques would offer better academic results and create demand for AR and VR solutions contributing in augmented reality and virtual reality market growth.

Impact of COVID-19 Pandemic on Augmented Reality and Virtual Reality Market

The COVID-19 pandemic drastically affected the travel sector in the world in 2020 and early 2021. This sector is increasingly implementing AR and VR technologies to offer people a traveling experience by staying in their own homes. People could explore the world by sitting comfortably on their couches. Thus, companies are working hard to transform travel experiences with the help of self-guided tours technology. AR technology alters travelers' perceptions of their physical surroundings and provides supplemental tourism experiences and opportunities for interaction. According to an article published by Forbes in April 2021, City Guide Tour and similar AR mobile apps use object recognition to offer on-screen information about destinations of interest, including museums, landmarks, galleries, and parks, as tourists stroll through a town or city. The Street Life mobile app offers a library of crowd-sourced guided tours; viewers can watch this from home or navigate through in-person travel adventures while uploading their images. AR-powered glasses provide a more immersive experience, adding an element of fun and eliminating the need for a tour guide.

Key Findings of Study:

Based on technology, the augmented reality and virtual reality market is bifurcated into augmented reality and virtual reality. In 2021, the augmented reality segment led the market with a larger share. The increasing demand for remote assistance and cooperation from businesses to help with workflow management and optimization is projected to drive the market for the augmented reality segment.

Based on component, the augmented reality and virtual reality market is segmented into semiconductor components, sensors, and others. The growing popularity of AR and VR-enabled gadgets has driven sensor makers to invest heavily in research and development for the introduction of newer sensors, which helps them stay ahead of the competition. For example, TDK Corporation announced the development of a complete portfolio of VR sensors in January 2019, paving the way for a new class of economical and accurate all-in-one VR solutions.

North America is leading the augmented reality and virtual reality market in terms of share. The presence of major market players in the US is one of the prominent factors contributing to the growth of the augmented reality and virtual reality market in North America. According to Finances Online, Facebook was the market leader in headset shipments in the second quarter of 2020, accounting for more than 38% of all shipments. With 21.9%, Sony came in second place and Pico came in third with 9.2%. Immersive technologies are becoming more popular in the region as more money is invested in their development. The US government is keen on increasing the adoption of immersive technologies, bolstering the region's market dominance in AR and VR. In 2019, the US Defense Advanced Research Projects Agency expressed interest in IMT Atlantique and assigned the business a contract to build similar contactless lenses for the US military.

Read More@ https://www.theinsightpartners.com/reports/augmented-reality-and-virtual-reality-market