Global Consumer Spending on AR VR Content and Apps Market: Overview
Artificial reality (AR) and virtual reality (AR) content and apps market is in a nascent stage now with companies doubling down on their efforts to come up with more innovative and cutting-edge products. Both established big ticket software firms and maverick start-ups are jostling for supremacy in this domain. This makes the market somewhat fragmented and the competition tough. As a result the market is progressing at its fastest clip. A recent report by Transparency Market Research sheds light on the important aspects of consumer spending on AR and VR content and apps market. It has banked upon exhaustive primary and secondary research to uncover crucial facts about the market such as its size, the tailwinds and headwinds shaping its trajectory, and the promising product segments and players spearheading growth.
Global Consumer Spending on AR VR Content and Apps Market: Key Trends
The global market for AR and VR content and apps is seen making impressive progress because of the surging demand for such innovative tools in various end use sectors such as healthcare, retail, and e-commerce. In the healthcare segment, for example, the sophisticated technologies find usage in surgical simulations, diagnostic imaging, and in training medical professionals by providing them with a better understanding of physiology and anatomy. Similarly, in the domain of retail, savvy brands are lapping it up to improve customer experience both in-store and online. In fact, most consumers expect retailers to rollout an AR app sometime into the near future. And smarter ones have already adopted one in line with consumers’ expectations. Take for example footwear giant Lacoste’s latest AR app called the LCST Lacoste AR mobile app targeted at the tech savvy younger urban consumers. They could use it for virtually trying on shoes.
Apart from the aforementioned, areas where the consumer spending on AR VR content and apps is skyrocketing is the gaming, entertainment, and sports sections. Artificial reality (AR) gaming apps have seen spiking sales over the past couple of years and going forward too, are expected to majorly drive growth. The VR head-mounted displays (HMD) are seeing widespread uptake too both in gaming and entertainment.
Savvy players pouring money into developing more such innovative apps and content, alongside the rising demand from end use sectors for more effective products, is expected majorly fuel consumer spending on AR and VR content and apps.
Global Consumer Spending on AR VR Content and Apps Market: Regional Outlook
Geographically, the key segments of the AR VR content and apps market are Asia Pacific, South America, North America, Europe, and the Middle East and Africa. Of them, Europe and North America are major markets owing to greater spending capacity of people in the region, their eagerness to adopt latest technologies in their lives, and also because of the presence of key players in the regions. Apart from the two, Asia Pacific is emerging as another attractive market because of the numerous display panel manufacturers in the region. Rising disposable incomes of people in the region is also stoking its market. Japan, China, India, and South Korea are nations at the forefront of driving growth in Asia Pacific market. For example the proliferating healthcare market in Japan is heavily banking upon AR technology.
Global Consumer Spending on AR VR Content and Apps Market: Competitive Dynamics
Prominent participants in AR VR content and apps market include Oculus, Sony, Samsung, Google, HTC, PTC, Microsoft, DAQRI, Wikitude, Zugara, Osterhout Design Group, Blippar, Magic Leap, Visteon, Eon Reality, Upskill, Continental, and Vuzix.
The report segments the Consumer Spending on AR VR Content and Apps Market into the following:
Global Consumer Spending on AR VR Content and Apps Market, by Region:
- Asia Pacific
- North America
- South America
- Middle East and Africa
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.