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Augmented and Virtual Reality Market worth $96.32 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 2, 2024 /PRNewswire/ — The Augmented and Virtual Reality Market was valued at USD 22.12 billion in 2024 and is expected to reach USD $96.32 billion by 2029, at a CAGR of 34.2% during the 2024-2029 period according to a new report by MarketsandMarkets™. The major factors driving the growth of the augmented and virtual reality market include the increasing adoption of AR and VR in entertainment and gaming industry, growing adoption of AR in retail and e-commerce sectors, and increasing need for remote working and virtual classrooms fuels the adoption of VR technologies. Moreover, the growing demand of AR and VR technologies in telemedicine industry provides future growth opportunities to the market players.

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Browse in-depth TOC on “Augmented and Virtual Reality Market” 
120 – Tables
65 – Figures
215 – Pages

Augmented and Virtual Reality Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 22.12 billion

Estimated Value by 2029

$ 96.32 billion

Growth Rate

Poised to grow at a CAGR of 34.2%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Enterprise, Technology, Offering, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Lack of flexibility and technical issues in various AR VR products

Key Market Opportunities

Growing implementation of government initiatives and investments

Key Market Drivers

Rapid growth of AR and VR applications in the gaming and entertainment industry

Head-mounted Displays (HMDs) segment is expected to have the largest market size in the augmented and virtual reality market during the forecast period.

The augmented and virtual reality head-mounted displays (HMDs) are expected to have the largest market size during the forecast period. Key factors driving the AR HMD market growth include the growing need to overlay computer-generated graphics, data, or 3D objects onto the field of view which is highly preferable in healthcare, automotive and aerospace & defense applications. Whereas the VR HMD market growth is primarily driven by the presence of companies like Sony, Oculus, HTC, Samsung, Google, TLC Alcatel, and Osterhout Design Group that have garnered significant acclaim from users. The primary applications for VR HMDs are gaming and entertainment, which are projected to dominate the market in the coming years.

Consumer and commercial applications is expected to witness the highest CAGR in the augmented and virtual reality market, respectively, during the forecast period.

The augmented reality market for consumer applications is expected to witness the highest CAGR during the forecast period which is attributed to the increasing need for enhanced gaming experience, additional features through which players can create virtual objects and characters and link them to specific locations in the real world, allowing for easy interaction with digital objects in real-world settings. Therefore, the demand for AR software is significant in the consumer sector, as they are widely used in nearly all gaming applications. On the other hand, the virtual reality market for commercial applications is expected to witness the highest CAGR during the forecast period which is attributed to the increasing integration of VR HMDs in commercial applications such as advertisements, marketing and retail, and fashion. This commercial application holds significant growth potential due to the increasing global expenditure on advertising various products.

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Asia Pacific is anticipated to have the largest market size in the augmented and virtual reality market during the forecast period.

Asia Pacific augmented and virtual reality industry is set to have the largest market size during the forecast period. Key factors driving this growth are the increasing adoption of AR and VR in consumer electronics, retail, BFSI (Banking, Financial Services, and Insurance), healthcare, transportation, and sports and entertainment. These industries can gain many benefits with the help of AR and VR such as increasing consumer awareness of technologies and the rapid integration of new technologies, particularly in countries such as China, India, and South Korea.

Key Players

The report profiles key players in augmented and virtual reality companies such as Meta. (US), Sony Group Corporation (Japan), Apple Inc. (US), ByteDance (China), DPVR (China), Intel Corporation (US), Magic Leap, Inc. (US), Ultraleap (US), Vuzix (US), Xiaomi (China), HTC Corporation (Taiwan), Google (US), SAMSUNG (South Korea), Microsoft (US), EON Reality (US), Maxst Co., Ltd. (South Korea), Blippar Group Limited (UK), Atheer, Inc. (US), Nintendo (Japan), Ultraleap (US), Penumbra Inc. (US), Psico Smart S.L. (Spain), Panasonic Corporation (Japan), Scope AR (US), Continental AG (Germany), Virtually Live (Switzerland), Intel Corporation (US), Craftars (Romania), BidOn Games Studio (Ukraine), Appentus Technologies (India), 3D Cloud (US), and WayRay AG (US).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Virtual Reality (VR) Market Size, Share & Industry Growth Analysis Report by Technology (Non-immersive, Semi & Fully Immersive), Offering, Device Type (Head-mounted Devices, Gesture Tracking Devices, Projectors & Display Walls), Application and Region – Global Forecast to 2029

Head Mounted Display (HMD) Market Size, Share, Statistics and Industry Growth Analysis Report by Type, Technology (AR, VR), Application (Consumer, Commercial, Enterprise & Industry, Aerospace & Defense), Product Type (Head-mounted, eyewear), Component, Connectivity and Region – Global Forecast to 2029

AR and VR Display Market by Device Type (AR HMDs, VR HMDs, AR HUDs, VR Projectors), Technology, Display Technology (LCD, OLED, Micro-LED), Application (Consumer, Commercial, Enterprise, Healthcare, Aerospace & Defense) & Region – Global Forecast to 2028

Mobile Augmented Reality (AR) Market with COVID-19 Impact Analysis by Device Type (Smartphones, Tablets, PDAs), Offering (Software, Services), Application (Consumer, Healthcare, Enterprise, Commercial), and Region – Global Forecast to 2025

Wearable Display Market by Product Type (Smart Bands, Smartwatches, Head-Mounted Displays), Display Technology (LED-Backlit LCD, OLED), Panel Type (Rigid, Flexible, Microdisplay), Display Size, Vertical, and Geography – Global Forecast to 2023

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Technosylva Introduces First-of-Its-Kind Urban Conflagration Modeling for the Built Environment

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Significant enhancements deliver critical fire intelligence in the wildland-urban interface, helping utilities and emergency agencies protect lives and infrastructure

LA JOLLA, Calif., April 22, 2026 /PRNewswire/ — Technosylva, the global leader in wildfire and extreme weather science and technology, today launched major enhancements to its urban conflagration model that predicts how fires spread through populated areas and quantifies risk to buildings. The model addresses a key limitation of traditional wildfire science: much of it has focused on wildland areas, classifying urban areas as “non-burnable.” This limitation slows fire simulations at the community boundary, leaving fire agencies, utilities, and insurers with limited forward visibility into how fire will behave in populated communities.

 

Technosylva’s capabilities provide two notable wildfire modeling enhancements. First, the urban conflagration model simulates how fires will behave in the wildland urban interface (WUI), where characteristics such as structure density, vegetation encroachment, and fuel types result in fundamental differences compared to wildland fires. Second, the Dynamic Building Loss Factor provides unprecedented insight into the vulnerability of structures. This information enables utilities and agencies to undertake appropriate mitigations, such as asset hardening, undergrounding lines, vegetation management, and community education and engagement.

“Recent devastating fires have made one thing clear: populated areas face disproportionate impacts—and require greater focus to protect them,” said Bryan Spear, CEO of Technosylva. “Traditional wildfire models were designed for wildland fuels and fire behavior. Our approach builds on that foundation by showing how fires actually move through communities. By more accurately modeling the risks and consequences, utilities and fire agencies can make smarter, risk-based decisions to mitigate wildfire risks, communicate threats, maintain power, and better protect the communities they serve.”

According to a 2023 article in the Proceedings of the National Academy of Sciences [1], “community fire destruction has become a national crisis.” Recent disasters in Lahaina, Gatlinburg, and Marshall show why. Many communities aren’t built to withstand ignition, and once a structure catches fire, it can quickly spread flames and embers to neighboring buildings. The result is fast-moving, large-scale destruction with lasting impacts on entire communities.

Key Technology Advances Addressing Critical Industry Needs

Technosylva’s unique model was trained on a comprehensive database of WUI fires, examining environmental conditions, weather patterns, and fuel characteristics to understand the drivers of urban conflagration. One of the primary challenges in modeling fire behavior in the built environment is a limited number of historical fires upon which to draw conclusions and build scalable models. Technosylva’s modeling approach has overcome these challenges, effectively capturing the complex interactions between wildfire and the built environment.

Notable enhancements to Technosylva’s modeling approach include:

WUI Fuel Mapping: Development of 12 unique WUI fuel types that more accurately reflect the manner in which the infrastructure in the built environment becomes a fuel source for the fire. This is critical for understanding how the characteristics of the built environment impact the rate of spread, intensity, and speed of fires in the WUI.Dynamic Building Loss Factor: Machine learning models to capture expected building loss, leveraging characteristics such as structure characteristics and building age that drive vulnerability. Combined with assessments of topography, vegetation, and other building properties such as density and proximity to roads, this intelligence identifies not just whether a community is threatened, but the types of structures and conditions that result in the highest risk.Characterization of Fire Behavior Under Extreme Conditions: Calibrated to accurately reflect urban encroachment and fire spread rates in WUI environments—particularly during the most extreme events. Capturing fires that have historically been labeled as “outliers” is critical for utilities and communities to understand and prepare for potential worst-case scenarios.High-Resolution Weather Integration: Captures localized wind patterns, humidity gradients, and temperature variations at a scale matched to “neighborhood-level” fire behavior.

Large-scale urban fires were once rare, but in recent years their frequency and severity has increased dramatically. When wildfires reach communities, the “fuel” is no longer just vegetation—it’s homes and businesses. In Lahaina alone, a single urban conflagration caused an estimated $4 to $6 billion in economic losses. The consequences can be devastating for both life and property. Technosylva’s modeling has evolved to capture how fires spread through the built environment, enabling utilities and agencies to make more informed, risk-based decisions.

[1] https://www.fs.usda.gov/rm/pubs_journals/2023/rmrs_2023_calkin_d001.pdf

About Technosylva
Technosylva is the leading provider of wildfire and extreme weather modeling, risk mitigation, and operational response software. Technosylva’s market-leading solutions, enhanced by AI and machine learning capabilities, provide real-time and predictive insights into developing wildfire and extreme weather risks to support electric utility, insurance, and government agency customers. Founded in 1997, Technosylva has offices in La Jolla, CA, León, Spain, and Calgary, Canada. Learn more at www.Technosylva.com.

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For Technosylva:
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Senior Digital Marketing Manager
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Mahoney Communications Group
412620@email4pr.com
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Parks Associates: Roku (28%) and Samsung (23%) Dominate Connected TV Platforms, Controlling Access to Streaming Audiences in the US Market

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Data shows Amazon, LG, and Vizio hold smaller shares as platform control drives content discovery, advertising, and monetization

PLANO, Texas, April 22, 2026 /PRNewswire/ — Parks Associates’ latest US household research from the Streaming Video Tracker shows the connected TV platform market remains concentrated among a small group of leading operating systems, with Roku OS (28%) and Samsung’s Tizen OS (23%) accounting for the largest share of usage in US broadband households.

The firm’s data shows Amazon Fire TV, LG webOS, and Vizio SmartCast maintain mid-tier positions, while platforms such as Apple tvOS, gaming consoles, and Android TV hold smaller shares. This distribution reinforces the role of smart TV operating systems as the primary gateway for streaming content and services.

“Control of the platform layer is central to competition in the connected TV market,” said Michael Goodman, Director, Entertainment, Parks Associates. “Operating systems determine what content consumers see, how services are positioned, and how advertising is delivered.”

Recent trends highlighted in the research include:

Platform concentration: A small number of operating systems account for the majority of CTV (connected TV) usage, limiting visibility for services without strong distribution partnerships.Stable market share: Platform rankings have remained consistent over time, with Roku showing modest growth and Samsung maintaining a strong installed base.Advertising control: Leading platforms manage ad inventory, data collection, and targeting, shaping monetization across the ecosystem.Discovery and engagement: The TV OS plays a key role in recommendations, search, and user experience, influencing viewing behavior.

The data highlights the importance of platform ecosystems, as control of the TV operating system impacts content distribution, advertising revenue, and consumer engagement across the CTV market. With the growing role of AI in the TV OS for search and personalization, the importance of platform ecosystems is only going to grow in the coming years.

For more information, contact Mindi Sue Sternblitz-Rubenstein. Request information about Parks Associates’ Streaming Video Tracker.

Parks Associates will host the ninth annual Future of Video at the Marina del Rey Marriott in California, November 17-18. 

About Parks Associates
Parks Associates helps companies identify new opportunities, refine strategy, and accelerate growth in connected technology markets through data-driven insights and industry expertise. With more than 40 years of experience, the firm delivers proprietary consumer and industry research, market forecasts, and strategic analysis that guide business decisions across personal, connected home, small business, and commercial technology ecosystems. Parks Associates supports clients in navigating evolving markets including AI, security, smart home, broadband, entertainment, energy, multifamily, smart buildings, and connected health.

The firm also fosters industry growth and collaboration by convening thousands of leaders each year through its flagship executive conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. Learn more at https://www.parksassociates.com.

Follow Parks Associates on LinkedIn, Facebook, and Instagram.

Mindi Sue Sternblitz-Rubenstein
Parks Associates
972.490.1113
412621@email4pr.com 

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FINBOA Named Double Finalist for 2026 Banking Tech Awards

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FINBOA recognized in ‘Best of RegTech’ and ‘Best-as-a-Service’ categories

HOUSTON, April 22, 2026 /PRNewswire/ — FINBOA, Inc., a leader in process automation solutions for regulatory compliance in financial institutions, is proud to announce it has been named a finalist in two categories for the 2026 Banking Tech Awards: Excellence in Tech Awards. The company was recognized in the Best RegTech Solution category for its FINBOA BI-Disputes solution and in the Best “as-a-Service” Solution category for its FINBOA Treasury Onboarding solution. As a shortlist finalist, FINBOA’s software has been identified as an innovation leader in the U.S. Banking and RegTech space.

“Being named a finalist in two categories at the Banking Tech Awards is a strong validation of our mission to simplify and modernize complex banking operations,” said Raj Singal, CEO of FINBOA. “FINBOA Treasury Onboarding and BI-Disputes solutions were built to solve real challenges our bank and credit union clients face every day; such as eliminating manual effort, improving regulatory compliance and timely access to information to guide decision-making. We’re proud to see both solutions recognized for their impact and innovation.”

The FINBOA Treasury Onboarding solution was selected as a finalist in the Best “as-a-Service” category for providing intuitive automated workflows to replace manual, paper-based, and fragmented processes for new account setups. The solution accelerates account activation, shortens time to revenue, and enhances the commercial client experience, without requiring core system integration. Its zero-integration deployment model enables financial institutions to modernize quickly while minimizing operational disruption. FINBOA clients using the solution have noted the time-saving impact of process automation on their workflows. For example, First Oklahoma Bank’s Senior Vice President, Kristy Smith noted, “Within just two months, we transformed our Treasury Onboarding from a slow, manual process—relying on paper and email—to a fully digitized workflow. The feedback from both customers and staff has been overwhelmingly positive. FINBOA made that possible.”

FINBOA BI-Disputes, recognized in the RegTech category, extends the value of FINBOA Payment Disputes solution by transforming dispute data into clear, actionable insights through an intuitive interface that eliminates time-consuming manual reporting and provides instant visibility into detailed views of dispute information. The solution enables stakeholders to quickly generate audit and board-ready reports while strengthening compliance by tracking Reg E deadlines, provisional credits, and resolution requirements. Advanced fraud analytics provide insights on emerging trends and high-risk merchants, empowering financial institutions to make more confident decisions, reduce risk, and optimize dispute management performance.

The 2026 Banking Tech Awards celebrate excellence and innovation in the use of IT in financial services worldwide. Winners will be announced on May 28, 2026 at a special awards event in New York.

About FINBOA

FINBOA provides intelligent process automation software to banks, credit unions and service providers to simplify compliance processing by eliminating manual systems. Solutions include FINBOA Payment Disputes, FINBOA BI-Disputes, FINBOA Exception Management, and FINBOA Treasury Onboarding. FINBOA delivers transformative software proven to enable institutional growth by reducing operational costs and risk. Headquartered in Houston, FINBOA is trusted to help over 500 financial institutions nationwide achieve targeted business outcomes and peace of mind. Learn more at www.finboa.com or follow us on LinkedIn and X social media platforms.

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