The AR/VR Chip Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s AR/VR Chip, The ar/vr chip market size has grown exponentially in recent years. It will grow from $3.27 billion in 2023 to $4.02 billion in 2024 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to proliferation of augmented reality (ar) and virtual reality (vr) applications, advances in graphics processing unit (gpu) technologies, growth in gaming and entertainment industries, increased adoption of ar/vr in healthcare and education, demand for high-performance computing in ar/vr devices.
The ar/vr chip market size is expected to see exponential growth in the next few years. It will grow ton$8.62 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to expansion of augmented reality glasses and headsets, integration of ar/vr in enterprise and industrial applications, adoption of 5g technology for enhanced ar/vr experiences, increased demand for compact and power-efficient ar/vr chips, growth in extended reality (xr) and mixed reality (mr) applications. Major trends in the forecast period include development of ai-powered ar/vr experiences, use of edge computing for real-time ar/vr processing, integration of ar/vr chips in smart glasses and wearables, emphasis on haptic feedback and sensory, integration in ar/vr devices.High adoption of mobile devices is expected to propel the growth of the AR/VR chip market going forward.
The mobile device refers to a portable tablet or another gadget that is small and light enough to be carried around. It can now perform practically all tasks that were previously only possible with bigger personal computers due to the advancements in data storage, computing, and display technology. AR/VR chips embedded in smartphones enable very realistic virtual and augmented reality game experiences where the user interacts with his or her surroundings using their own hands. For instance, according to the report published by Samsung Electronics Co. Ltd., a South Korea-based electronics corporation, smartphone adoption over the globe increased in 2021, as smartphone sales reached 1.30 billion units in 2020 and grew to 1.36 billion units in 2021. Therefore, the high adoption of mobile devices is driving the AR/VR chip market growth.
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The ar/vr chip market covered in this report is segmented –
1) By Chip Type: Processor ICs, User Interface ICs, Power Management ICs
2) By Device Type: Head Mounted Display, Gesture Tracking Device, Projector and Display Wall, Head Up Display, Handheld Device
3) By End User: Gaming, Entertainment and Media, Aerospace and Defense, Healthcare, Other End Users
Technological advancement is a key trend gaining popularity in the AR/VR chip market. Major companies operating in the AR/VR sector are focused on technological advancement to sustain their position in the market. For instance, in November 2021, Qualcomm Technologies Inc., a US-based company engaged in the manufacturing and development of semiconductors, mobile, networking, Wi-Fi, small cells, wireless power, and augmented reality, launched the Snapdragon SpacesTM XR Developer Platform, a head-worn Augmented Reality (AR) developer kit with proven technology. It is a powerful machine perception technology that is designed for the next generation of AR glasses and optimized for performance and low power. It can sense the user, intelligently interact with them, adapt to their physical indoor environments, and provide positional tracking and hand tracking.
Major Players:
- Nvidia Corporation
- Imagination Technologies Limited
- MediaTek Inc
- Intel Corporation
- Spectra7 Microsystems Inc
The ar/vr chip market report table of contents includes:
1. Executive Summary
2. AR/VR Chip Market Characteristics
3. AR/VR Chip Market Trends And Strategies
4. AR/VR Chip Market – Macro Economic Scenario
5. Global AR/VR Chip Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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