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Augmented Reality and Virtual Reality Market to Grow by $125.19 Billion during 2020-2024

Strategic Insights

— 1 min read

The augmented reality (AR) and virtual reality (VR) market is poised to grow significantly, driven by the increasing demand for AR and VR technology. The market is expected to progress at a compound annual growth rate (CAGR) of over 35 percent during the forecast period. The report highlights the current market scenario, latest trends, and drivers, and the overall market environment. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.

Key Takeaways:

  • The market is expected to grow by $125.19 billion during 2020-2024, progressing at a CAGR of over 35 percent.
  • The increasing demand for AR and VR technology is instrumental in driving the growth of the market.
  • The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
  • Major market participants include Alphabet Inc., DAQRI LLC, Facebook Inc., HP Inc., HTC Corp., Magic Leap Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Corp., and Toshiba Corp.
  • The increasing number of M&A activities is expected to drive the market growth during the next few years.
  • The market report covers areas such as market size, trends, industry analysis, and vendor analysis.
  • The study identifies around 25 vendors operating in the augmented reality (AR) and virtual reality (VR) market, including prominent players such as Alphabet Inc. and Magic Leap Inc.

Statistics:

  • The market size is expected to grow by $125.19 billion during 2020-2024.
  • The CAGR of the market during the forecast period is over 35 percent.
  • The market is expected to progress at a CAGR of over 35 percent during the forecast period.
  • Around 25 vendors are operating in the augmented reality (AR) and virtual reality (VR) market, including prominent players such as Alphabet Inc. and Magic Leap Inc.
  • The market is expected to grow by over 35 percent during the forecast period.

Sources:

  • Technavio. (2020). Augmented Reality (AR) and Virtual Reality (VR) Market. Retrieved from
  • Technavio. (2020). Augmented Reality (AR) and Virtual Reality (VR) Market Vendors. Retrieved from
  • Alphabet Inc. Retrieved from
  • Magic Leap Inc. Retrieved from

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