AI in Virtual Reality and Augmented Reality Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI in Virtual Reality and Augmented Reality Market – (By Type (AI-powered Virtual Reality (VR), AI-enhanced Augmented Reality (AR)), By Application (Gaming and Entertainment, Education and Training, Healthcare and Medical, Retail and E-commerce, Real Estate and Architecture, Automotive and Transportation, Tourism and Travel, Social Media and Communication, Industrial and Manufacturing, Military and Defense), By Technology (Natural Language Processing (NLP), Computer Vision, Machine Learning, Deep Learning, Gesture Recognition, Speech Recognition, Simulated Environments), By Platform (Mobile Devices, Head-Mounted Displays, Projectors and Smart Glasses, Wearable and Body Tracking Devices, Desktop Computers and Consoles)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global AI in Virtual Reality and Augmented Reality Market is valued at US$ 33.5 Bn in 2023, and it is expected to reach US$ 351.0 Bn by 2031, with a CAGR of 34.6% during the forecast period of 2024-2031.
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Artificial intelligence (AI) boosts the quality of virtual reality (VR) and augmented reality (AR) experiences by boosting their realism, interactivity, and personalization. Virtual Reality (VR) utilizes Artificial Intelligence (AI) to create interactive and ever-changing virtual environments, facilitates the behavior of intelligent Non-Player Characters (NPCs), and allows for seamless user interaction through voice and gesture detection. Significant innovation is being driven across multiple industries by the synergy between AI and VR/AR technology. The way students study is being revolutionized in the education industry by the use of AI in VR and AR apps. Students can investigate historical events or even dissect a virtual frog in immersive and interactive VR classrooms powered by AI, all from the comfort of their own homes. Another field where AI-powered VR and AR have significantly improved things is healthcare.
List of Significant Players in the AI in Virtual Reality and Augmented Reality Market:
• Microsoft Corporation
• Google LLC
• Sony Corporation
• HTC Corporation
• Magic Leap Inc.
• NVIDIA Corporation
• Apple Inc.
• Samsung Electronics Co., Ltd.
• Intel Corporation
• Vuzix Corporation
• Qualcomm Incorporated
• Meta Company
• PTC Inc.
• Lenovo Group Limited
• Marxent Labs LLC
• Atheer Inc.
• EON Reality Inc.
• Upskill (formerly APX Labs)
• Scope AR
• Daqri LLC
• Sixense Enterprises Inc.
• Avegant Corporation
• Dassault Systèmes SE
• Zappar Ltd.
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Market Dynamics:
Drivers-
Retailers use AI-driven augmented reality to give customers a better shopping experience. Due to augmented reality applications, when customers can see things in their natural surroundings, they are more engaged and return rates are lower. Artificial Intelligence helps customize these experiences based on user preferences and actions. Customers may now access VR and AR more easily because of the increasing use of smartphones and other advancements in mobile technology. Augmented reality mobile apps driven by AI are becoming more and more popular, especially in the social media, gaming, and e-commerce sectors.
Challenges:
Creating VR and AR apps with AI capabilities can be costly, which presents a problem for small and medium-sized businesses (SMEs). High prices for software, hardware, and trained labour may impede market expansion. Furthermore, concerns regarding data security as well as privacy are raised by the usage of AI in VR and AR. Trust-building and ensuring user data safety are important issues that must be resolved. Additionally, despite developments, AI-driven VR and AR applications may perform less well due to technological constraints on processing power, latency, and device capabilities.
Regional Trends:
The North American AI in the virtual reality and augmented reality market is expected to report a major market share, and it is estimated to grow at a high CAGR in the near future. The growth of AI in the virtual reality and augmented reality industry in the region is attributed to the presence of major players, the growing gaming industry, rising adoption from the retail and e-commerce industry, technological advancements, innovative product launches, regulatory support and others. Besides, Europe had a remarkable share in the market due to its developed economy & growing adoption of advanced products. Moreover, Technological research and innovation receive substantial funding and support from European countries and the European Union. AI-driven VR and AR technology development and adoption are aided by programs like Horizon 2020 and Horizon Europe.
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Recent Developments:
• In July 2024, Apple made available the visionOS 2 Beta 3 specifically for developers. The operating system version is specifically tailored to accommodate the needs and specifications of augmented reality (AR) and virtual reality (VR) devices. Developers can engage in the test by accessing the Settings menu, navigating to Software Updates, selecting the option for beta updates, and activating the developer beta.
Segmentation of AI in Virtual Reality and Augmented Reality Market-
By Type-
• AI-powered Virtual Reality (VR)
• AI-enhanced Augmented Reality (AR)
By Application-
• Gaming and Entertainment
• Education and Training
• Healthcare and Medical
• Retail and E-commerce
• Real Estate and Architecture
• Automotive and Transportation
• Tourism and Travel
• Social Media and Communication
• Industrial and Manufacturing
• Military and Defense
By Technology-
• Natural Language Processing (NLP)
• Computer Vision
• Machine Learning
• Deep Learning
• Gesture Recognition
• Speech Recognition
• Simulated Environments
By Platform-
• Mobile Devices
• Head-Mounted Displays
• Projectors and Smart Glasses
• Wearable and Body Tracking Devices
• Desktop Computers and Consoles
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
