The global augmented reality and virtual reality market is projected to grow from USD 37.0 billion in 2022 to USD 114.5 billion by 2027; it is expected to grow at a CAGR of 25.3% from 2022 to 2027. The key factors fueling the growth of this market include increasing application of AR devices in healthcare, increasing demand of AR in retail and e-commerce post pandemic, rising investments in AR and VR market, partnerships between telecom players and AR manufacturers to reduce latency to imperceptible levels, rise in demand for AR in architecture, increasing demand for VR in training and education, high growth of AR and VR in travel, tourism and enterprise applications.
The AR and VR market is dominated by key global established players such as Google (US), Microsoft (US), Sony Corporation (Japan), Samsung Electronics (South Korea), HTC (Taiwan), Apple Inc., (US), PTC Inc., (US), Seiko Epson (Japan), Oculus VR (by Facebook (US)), Lenovo (China). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.
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Google (US) is a recognized brand in the AR and VR industry; it offers a diversified product portfolio for AR and VR applications. The company has developed innovative products to cater to the customers from the AR and VR market. Google is one of the global technology leaders, and its primary areas include advertising, search, operating systems and platforms, and enterprise and hardware products. Its search segment offers a vast index of websites and other online content that is made available through its search engine. It is a media and high-tech company that provides solutions based on augmented reality (AR) and virtual reality (VR) technologies.
Alphabet, Inc. is the parent organization of Google Inc. Alphabet reports its revenue through 2 operating segments—Google and Other Bets. The company is a conglomerate, and its largest part of revenue comes from Google. All non-Google businesses are collectively called Other Bets. Google’s core products include Ads, Search, Maps, Chrome, Android, YouTube, Google Play, Commerce, Hardware, and Gmail.
The company has over 70 offices in more than 50 countries across the world. The company has a prominent office and building space at its headquarters and is well-supported by other offices and building spaces, R&D, and sales and support offices located in North America, Europe, Asia, and South America. As of 31st December 2021, the company had an employee strength of 1,56,5000.
Microsoft (US) is a technology company that develops, licenses, and supports a wide range of software products, devices, and offer-related services. Microsoft Corporation is engaged in the development of and support for software, services, devices, and solutions. Microsoft operates in 3 business segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment comprises productivity, communication, and information products and services spanning a variety of devices and platforms.
The company is also into designing, manufacturing, and selling of devices such as PCs, gaming and entertainment consoles, tablets, other intelligent devices, and related accessories. The company is also into the provision of services such as cloud-based solutions that provide customers with software, services, platforms, and content. In addition, the company provides consulting services, online advertising, and solution support.
Microsoft Corporation provides a mixed reality device—HoloLens 2, which integrates an untethered gadget with apps and solutions to assist the user in communicating and collaborating more efficiently. The company has come up with a hardware device known as Microsoft HoloLens. It is a head-mounted display, which would be beneficial in applications such as consumer, medical, and education & training. The company also provides a cloud platform, Azure, which supports AR applications across industries.
The company operates worldwide and expands through its subsidiaries such as Microsoft Ireland Research, Microsoft International BV, Microsoft Korea, Inc. Microsoft (China) Company, Limited, Microsoft UKP Limited, and Microsoft India Private Limited. Microsoft has its own mixed reality capture studio located in San Francisco and has Microsoft-licensed and certified mixed reality studios such as Dimension (UK), Metastage (US), Jump Studio (South Korea), and Avatar Dimenstion (US). The company also has partnerships with companies across the value chain of volumetric video market such as 8th Wall, Volucap, and Littlstar. As of mid 2021, the employee strength in the company was 1,82,268.
Another important player in AR and VR market, Sony is among the largest electronics conglomerate group involved in designing, manufacturing, developing, and selling electronic equipment. It also offers electronic instruments and devices for consumer and industrial markets, besides extending its customer support services worldwide. The company operates through its manufacturing facilities, located primarily in Asia. In addition, Sony is engaged in various businesses related to financial services, including life and non-life insurance operations. Moreover, it is involved in network services and advertising agency businesses in Japan.
Sony classifies its business operations under the following reportable segments—Mobile Communications, Semiconductors, Games & Network Services, Imaging Products & Solutions, Home Entertainment & Sound, Pictures, Music, Financial Services, and All Others. Under the Mobile Communications business segment, the company manufactures and markets mobile phones. The Game & Network Services category produces and sells home gaming products, software, and network services business. Under the Imaging Products & Solutions segment, it offers digital imaging products and professional solutions. Its Home Entertainment & Sound category includes television, audio, and video, while the Devices segment offers semiconductors and components.
Sony has a global presence and operates through its offices and plants in Japan, China, Malaysia, and the US. Sony Global Manufacturing & Operations Corporation (Japan), Sony Entertainment Inc. (US), Sony Interactive Entertainment Europe Ltd. (UK), and Sony (China) Limited are some of its subsidiaries. Sony established a Sony Global Relief Fund of USD 100 million to support people during this pandemic situation. The company provides support in 3 areas—medical, education, and creative community. Sony has a number of subsidiaries including Altair Semiconductor, Sony LSI Design, Sony Advanced Visual Sensing, Sony Pictures Interactive etc. As of 31st December 2020, the number of employees in the company was 1,09,700. Other major players in the AR and VR market are mainly focusing on acquisitions and partnerships along with new product launches to achieve continuous and sustainable development.
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