The augmented reality and virtual reality market in North America is expected to grow from US$ 11,623.09 million in 2021 to US$ 100,109.48 million by 2028; it is estimated to register a CAGR of 36.0% from 2021 to 2028.
Rising Investments Fuel North America Augmented Reality and Virtual Reality Market Growth
Significant investments in Augmented Reality (AR) and Virtual Reality (VR) technologies are poised to propel the North American market forward. For instance, Niantic, a San Francisco-based AR platform developer, secured $300 million in November 2021 to advance its real-world metaverse initiatives, as reported by TechCrunch. Similarly, Crunchbase noted that Magic Leap, a Florida-based wearable tech manufacturer, raised $500 million in October 2021. These increasing investments are expected to create substantial growth opportunities for AR and VR market players, consequently driving the North America Augmented Reality and Virtual Reality Market.
North America Augmented Reality and Virtual Reality Market: Strategic and Regional Insights
Strategic Insights
Strategic insights for the North America Augmented Reality and Virtual Reality market offer data-driven analyses of the industry landscape, encompassing current trends, key players, and regional specifics. These insights provide actionable recommendations, enabling businesses to stand out from competitors by identifying untapped market segments or developing unique value propositions. By leveraging data analytics, these insights help industry players, including investors, manufacturers, and other stakeholders, anticipate market shifts. A forward-looking perspective is crucial, allowing stakeholders to foresee market changes and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and help them achieve their business objectives within the market
North America Augmented Reality and Virtual Reality Market: Regional Insights
The geographic scope of the North America Augmented Reality and Virtual Reality market defines the specific areas where businesses operate and compete. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and different regulatory environments, is essential for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
North America Augmented Reality and Virtual Reality Market Segmentation
The North America AR and VR market is segmented by technology, component, end-user industry, and country, providing a comprehensive view of industry dynamics.
North America Augmented Reality and Virtual Reality Market By Technology
- Augmented Reality (AR) – Dominated the market in 2020, holding the largest share.
- Virtual Reality (VR) – A growing segment driven by advancements in immersive experiences.
North America Augmented Reality and Virtual Reality Market By Component
- Semiconductor Components – Led the market in 2020, accounting for the largest share.
- Sensors – Essential for tracking and interaction in AR/VR applications.
- Others – Includes software, displays, and connectivity solutions.
North America Augmented Reality and Virtual Reality Market By End-User Industry
- Entertainment – The largest contributor in 2020, driven by gaming and media applications.
- Education – Increasing adoption for immersive learning experiences.
- Industrial – Used for training, simulations, and maintenance.
- Medical – Applications in surgery simulations and patient care.
- Real Estate & Architecture – Enhances virtual tours and 3D modeling.
- Retail – AR for virtual try-ons and enhanced shopping experiences.
- Aerospace & Defense – Utilized for training and mission planning.
- Others – Includes automotive, tourism, and more.
North America Augmented Reality and Virtual Reality Market By Country
- U.S. – Held a significant market share in 2020, driven by technological innovation.
- Canada – Emerging as a key market with growing investments in AR/VR.
- Mexico – Witnessing gradual adoption across industries.
North America Augmented Reality and Virtual Reality Market Key Players
Leading companies shaping the North America AR and VR market include:
- EON Reality
- Google LLC
- Immersive Gaze
- Innovega Inc.
- Vuzix Corporation
- YeppAR
- Zugara, Inc.
This segmentation highlights the diverse applications and growth opportunities in the North America AR and VR market.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
