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The Augmented Reality and Virtual Reality Market is projected to grow by USD 442.99 Billion (2024-2028), driven by demand for AR and VR tech and AI-powered market evolution – Technavio

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NEW YORK, Oct. 8, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Global Augmented Reality and Virtual Reality Market  size is estimated to grow by USD 442.99 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  50.22%  during the forecast period. Growing demand for AR and VR technology is driving market growth, with a trend towards growing funding in startup AR and VR companies from investors. However, high development costs associated with AR and VR apps  poses a challenge – Key market players include Alphabet Inc., Apple Inc., Augmented Pixels Inc., Blippar Ltd., CyberGlove Systems Inc., Eon Reality Inc., HP Inc., HTC Corp., Innovega Inc., Lenovo Group Ltd., Magic Leap Inc., Maxst Co. Ltd., Microsoft Corp., PTC Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Toshiba Corp., Vuzix Corp., Wikitude GmbH, and Zugara Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Technology (AR and VR), Application (Consumer and Enterprise), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)

Region Covered

North America, APAC, Europe, Middle East and Africa, and South America

Key companies profiled

Alphabet Inc., Apple Inc., Augmented Pixels Inc., Blippar Ltd., CyberGlove Systems Inc., Eon Reality Inc., HP Inc., HTC Corp., Innovega Inc., Lenovo Group Ltd., Magic Leap Inc., Maxst Co. Ltd., Microsoft Corp., PTC Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Toshiba Corp., Vuzix Corp., Wikitude GmbH, and Zugara Inc.

Key Market Trends Fueling Growth

The global Augmented Reality (AR) and Virtual Reality (VR) market is witnessing significant growth due to increasing collaborations and partnerships among vendors. These strategic alliances enable companies to enhance their product offerings and explore new application areas. In March 2020, Valve, Microsoft Corp., and HP Inc. Collaborated to build a next-generation SteamVR headset, HP Reverb G2, focusing on innovative product development. Similarly, in February 2020, NexTech AR Solutions partnered with Poplar, a UK-based AR collaborative platform provider, to utilize each other’s advanced technologies for AR campaign creation and product integration. I2 Industrial Innovation Srl, an industrial AR technology pioneer in Europe, partnered with Upskill in July 2018, delivering its suite of AR products on Upskill’s Skylight AR software platform to support European enterprises’ Industry 4.0 initiatives. These collaborations and partnerships are expected to drive the growth of the global AR and VR market by enabling companies to stay competitive with innovative products and applications. 

The Augmented Reality (AR) and Virtual Reality (VR) market is experiencing rapid growth, with trends such as security compliance and self-monitoring devices driving innovation. Semiconductor components and SoC integration are crucial for delivering high-quality AR and VR experiences. In the consumer space, shopping, simulations, and smartphones are key areas of focus. Technical expertise in AR and VR technology, including 3D environments and models, is in high demand. Virtual Reality is revolutionizing industries like tourism and travel & tourism, offering experiences. VR technology is also making strides in aerospace & defense, architecture, and virtual reality gaming. AR applications are gaining traction in commercial industries, particularly in consumer electronics and AI. 5G networks are set to revolutionize AR and VR experiences, enabling real-time data transfer and low latency. Smart glasses are becoming increasingly popular for AR applications, while cloud-based AR applications offer greater accessibility. Virtual Reality exposure therapy is a promising area for mental health applications. In conclusion, the AR and VR market is buzzing with innovation, driven by trends in security, self-monitoring, semiconductors, consumer engagement, and more. Technical expertise and advanced components are essential for delivering high-quality experiences. The future looks bright for AR and VR, with applications in various industries and use cases. 

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Market Challenges

•         The development of Augmented Reality (AR) and Virtual Reality (VR) projects involves various components, each with its associated costs. VR content creation entails expenses for 360-degree cameras, computer graphics, and high-end photorealistic cameras. The cost of creating panoramic videos is generally lower than computer-generated graphics. The value of VR games relies on interactive content. Developing VR software for various platforms, including web, mobile, and individual systems, also adds to the project cost. The development cost of VR applications varies based on the type of app and the company size. For instance, a non-gaming mobile VR application may cost between USD35,000 and USD75,000, while a mobile VR game may range between USD45,000 and USD100,000. Software development costs also impact the overall project cost. Moreover, the high cost of AR and VR gadgets, such as smart glasses and headsets, acts as a significant barrier to market growth. For instance, the cost of an AR headset ranges from USD500 to USD4,000, while an AR smart glass costs between USD500 and USD1,000. Microsoft Corp.’s HoloLens 2, launched in November 2019, costs around USD3,500. These high development and hardware costs challenge the growth of the global AR and VR market.

•         Augmented Reality (AR) and Virtual Reality (VR) markets are experiencing significant growth due to increasing demand from commercial industries. AR technology enables 3D models to overlay real-world environments, revolutionizing industries like architecture, engineering, and manufacturing. Challenges include developing 3D environments for AR applications, integrating AI for enhanced user experience, and the need for 5G networks for seamless connectivity. HMDs (Head-mounted displays) and gesture-tracking devices are key hardware components. AR has applications in consumer electronics, e-commerce, entertainment, and healthcare. Investment activity is high in IT & telecommunication, media & entertainment, and aerospace & defense sectors. AR technology is transforming industrial automation, consumer goods, and real-estate firms through cloud-based applications, heads-up displays, and infotainment industry integration. Network infrastructure and position trackers are crucial for AR’s success.

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Segment Overview 

This augmented reality and virtual reality market report extensively covers market segmentation by

Technology 1.1 AR1.2 VRApplication 2.1 Consumer2.2 EnterpriseGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 AR-  The Augmented Reality (AR) and Virtual Reality (VR) market is experiencing significant growth. Companies are integrating AR and VR technologies into their business strategies to enhance customer experiences and streamline operations. AR allows digital information to be overlaid onto the real world, while VR creates entirely new environments. These technologies are being used in industries such as retail, healthcare, and manufacturing to improve training, product visualization, and remote collaboration. The market is expected to continue growing as more businesses recognize the benefits of these innovative technologies.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2017 – 2021) 

Research Analysis

Augmented Reality (AR) and Virtual Reality (VR) are revolutionary technologies that have been gaining significant traction in various industries. AR overlays digital 3D models onto the real world, enhancing user experience in areas like gaming, simulations, infotainment, shopping, and self-monitoring devices. AR can be accessed through smartphones, smart glasses, and heads-up displays. Virtual Reality, on the other hand, immerses users in a completely digital 3D environment. Head-mounted displays (HMDs) are the most common device for accessing VR. The technology is popular in gaming, simulations, VR exposure therapy, and industrial automation industries. VR technology and AR technology have been seeing increased investment activity due to their potential to transform industries and provide new experiences. Engineers and professionals in manufacturing industries are using these technologies for SoC integration and information search. VR technology is also being used for training and education purposes. The infotainment industry is leveraging AR and VR for creating experiences for consumers. VR gaming and AR gaming are becoming increasingly popular, offering unique experiences that cannot be replicated in the real world.

Market Research Overview

Augmented Reality (AR) and Virtual Reality (VR) are revolutionary technologies that transform the way we interact with our environment. AR overlays digital 3D models onto the real world, enhancing consumer engagement in various industries. 5G networks enable seamless AR experiences, from consumer electronics to commercial industries like aerospace & defense, architecture, and engineering. AR applications extend to e-commerce, gaming, and education, while VR offers experiences in entertainment, healthcare, and training simulations. HMDs (Head-mounted displays) and gesture-tracking devices bring AR and VR to life, with hardware advancements including SoC integration and semiconductor components. The IT & telecommunication sector invests heavily in AR/VR technology, while the manufacturing industries leverage AR for industrial automation and self-monitoring devices. Network infrastructure, position trackers, and cloud-based AR applications further expand the possibilities, with real-estate firms and tourism businesses exploring new opportunities. AR and VR technology also address specific needs, such as mental illnesses, security compliance, and technical expertise. Overall, AR and VR are transforming industries and offering innovative solutions for consumer goods, infotainment, and more.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyARVRApplicationConsumerEnterpriseGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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MITTI LABS & SALESFORCE PARTNER TO SCALE WATER-SAVING RICE FARMING PRACTICES THAT REDUCE METHANE EMISSIONS

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Salesforce will purchase 500,000 high-integrity, data-backed methane reduction credits from Mitti Labs by 2030, bringing water resilience to India’s smallholder farmers. 

SAN FRANCISCO and BENGALURU, India, Oct. 29, 2026 /PRNewswire/ — Deep-tech company Mitti Labs today announced a five-year carbon credit offtake agreement with Salesforce to scale Climate-smart rice farming across tens of thousands of smallholder farms in India. Coming just weeks after Mitti Labs’ offtake agreement with Google, this new partnership shows the growing corporate demand for satellite-verified rice methane credits as a scalable offset solution with near-term impact. 

Climate-smart rice farming replaces traditional continuous irrigation with alternate irrigation, where farmers let their fields dry out during safe windows in the growing cycle. This low-cost practice shift helps the world grow more rice with less water, while abating methane emissions derived from microbe growth in oxygen-free soils. Alternate irrigation can cut methane emissions by up to 50% and water usage by up to 40%, without affecting yields. 

Agriculture is responsible for 40% of all human-induced methane emissions, which are a powerful driver of climate change. Methane traps 85 times more heat than CO₂ but only stays in the atmosphere for a decade, meaning that every ton that is not emitted today delivers a fast, tangible reduction in near-term warming. 

Commitments from companies like Salesforce are helping Mitti Labs scale these practices. Mitti Labs plans to scale its operations to meet this demand: by 2028, it plans to issue 2 million credits per year from its projects located in India and Southeast Asia. 

“Salesforce is a founding member of the Beyond Alliance’s Superpollutant Action Initiative. We know that superpollutant reduction is one of the best ways to slow near-term warming, and we are committed to directing capital toward high-impact mitigation efforts. Reducing methane emissions from rice farming is a scalable climate solution that also helps preserve water resources for future generations,” said Jamila Yamani, PhD., Director of Climate & Energy at Salesforce.

Every credit delivered under the agreement will be backed by field-level evidence and satellite-verified field dry-downs. Mitti Labs’ GeoAI platform, developed with support from NASA, fuses high-resolution satellite radar with field-collected ground truth to track flooding, soil moisture and crop health across individual smallholder plots. This provides credit buyers with transparent, independently verifiable proof of impact at a scale that manual monitoring is not able to match.

Beyond reducing methane emissions, the partnership is projected to save 700 billion liters of water, or roughly eighteen months of Bengaluru’s annual supply, easing pressure on groundwater retrievals in regions where rice farming competes with urban and industrial water usages. 

“Carbon credit buyers are increasingly asking not just what impact a project delivers, but how they can see it for themselves. Having Salesforce join Google in backing rice methane reductions shows that high-integrity, data-verified agricultural credits are becoming a core part of serious climate offsetting strategies. This agreement lets us reach tens of thousands more farmers with practices that cut emissions, save water and strengthen livelihoods,” said Xavier Laguarta, co-founder at Mitti Labs.

With Salesforce’s support, Mitti Labs will deepen its engagement with rice farming communities and expand the ‘digital twins’ GeoAI datasets that support the roll-out of its programs. As demand for the world’s staple crop continues to grow and rainfall patterns become less predictable, the next five years in the partnership offer a chance to strengthen food security and realize the full potential of rice farming as a climate solution. 

About Mitti Labs

Mitti Labs combines satellite technology, AI and field operations to create a water and climate resilient future for rice farming. To date, its programs have saved 500 billion liters of water — the equivalent of Bengaluru’s annual supply. In July 2026, Mitti Labs received an ‘A’ rating from leading ratings agency Sylvera in recognition of its rigorous implementation and measurement protocols. 

Mitti Labs customers include global technology, service, food and agriculture businesses such as Google, Cool Effect, Ebro Foods, and Syngenta. Since launching in 2023, Mitti Labs has grown to 150 employees and secured $12.5 million from investors such as Lightspeed India, Aramco Ventures, Voyager Ventures, Godrej Industries Group, Cisco Foundation, Francis Family Fund, and Volta Circle. Visit mittilabs.earth to learn more.

 

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Xobin Introduces AI Interview Auditor to Make AI-Led Hiring More Trustworthy

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A new AI agent designed to review AI-conducted interviews, identify evaluation inconsistencies, and help organizations make more reliable hiring decisions.

CHENNAI, India, Oct. 29, 2026 /PRNewswire/ — Xobin, a talent intelligence platform, today announced Xobin AI Interview Auditor, a new AI-powered solution designed to independently review interviews conducted by AI.

As more organizations adopt AI interviews to screen and evaluate candidates, a new challenge is emerging: How can companies be confident that the AI interviewer is making reliable assessments?

Xobin aims to address this challenge with an AI agent that reviews the interview itself.

Who Is Checking the AI Interviewer?

AI interviews are helping companies evaluate candidates at scale. But organizations also need a way to check whether those interviews were conducted and evaluated appropriately.

Xobin AI Interview Auditor is designed to examine AI interview conversations and help organizations answer important questions:

Did the AI ask relevant questions for the role?Did it properly evaluate the candidate’s answers?Did it overlook important information?Was the evaluation consistent with the interview conversation?Are the final scores and recommendations supported by evidence?

The goal is simple: AI interviews should be auditable, not just automated.

An Independent Review of AI Interviews

Xobin AI Interview Auditor introduces an additional layer of review to the AI hiring process.

Instead of relying entirely on the conclusions generated by an AI interviewer, organizations can use the auditor to identify potential inconsistencies and areas requiring human attention.

Each AI interview report now carries a quality badge, a short scorecard and plain-language flags. These show hiring teams at a glance whether the interview met Xobin’s quality standards and which sessions need a closer look, such as “this interview had long delays” or “the candidate tried to steer the AI off topic.”

Xobin’s in-house team also reviews all flagged audit reports to keep improving how the auditor and AI interviewer perform.

This approach is intended to improve transparency and give hiring teams greater confidence in AI-assisted hiring decisions.

Building on Xobin’s Existing AI Interview Capabilities

Xobin already offers Guided AI Interviews, enabling organizations to evaluate candidates through structured, interactive AI-led conversations.

These interviews also support the evaluation of emerging AI-era skills, including AI fluency, prompt engineering, and vibe coding.

Through Xobin’s existing real-time prompt editor, candidates can demonstrate how they interact with AI, construct and refine prompts, and approach practical problem-solving challenges.

For software development roles, this enables employers to assess how candidates use AI-assisted coding tools, rather than relying exclusively on traditional coding questions or theoretical knowledge.

With the introduction of AI Interview Auditor, Xobin is adding an independent review capability to its existing AI interviewing technology.

While Guided AI Interviews assess candidates, AI Interview Auditor assesses the quality and reliability of the AI interviewer’s evaluation.

Building Trust in AI Hiring

“AI is increasingly being trusted to interview candidates and recommend who should move forward. But who is checking whether the AI got it right?” said Guruprakash Sivabalan, Founder and CEO of Xobin.

“We believe the future of AI hiring requires more than automation. It requires accountability. Every AI interview should be explainable, reviewable, and supported by evidence.”

About Xobin

Xobin is a talent intelligence platform used by 5000+ organizations in 55+ countries, helping organizations make evidence-based decisions across hiring, talent development, and workforce management. Its solutions include AI interviews, skill assessments, psychometric assessments, and talent intelligence.

Website: https://xobin.com

Media contact
Guruprakash Sivabalan
Founder and CEO, Xobin
Email: guru@xobin.com 
Website: www.xobin.com

 

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Inntot Recognized as an official STMicroelectronics Authorized Partner for Software-Defined Radio Digital Radio Receiver Solutions

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Collaboration brings together STMicroelectronics’ automotive tuner technology and Inntot’s Software-Defined Radio IP to support cost-effective, multi-standard digital radio solutions

KOCHI, India, Oct. 29, 2026 /PRNewswire/ — Inntot Technologies, a leading provider of Software-Defined Radio (SDR) and in-cabin audio technologies, today announced that it has been recognized as an official STMicroelectronics Authorized Partner. The collaboration combines STMicroelectronics’ high-performance automotive radio tuners with Inntot’s highly competitive and optimized SDR software IPs, offering global Automotive Tier-1 suppliers and automakers a complete, cost-effective digital radio receiver solution.

The combined solution enables automakers and Tier-1 suppliers to support multiple digital radio standards, including Digital Radio Mondiale (DRM), Digital Audio Broadcasting (DAB/DAB+) and China Digital Radio (CDR), within automotive infotainment systems without the need for dedicated hardware decoders.

As the global automotive industry shifts toward integrated cockpits and Software-Defined Vehicles (SDVs), Tier-1 suppliers face increasing pressure to lower Bill of Materials (BOM) costs while maintaining high audio performance.

By pairing STMicroelectronics’ RF tuner ICs (such as the STA709/STA710 series, TDA7707/TDA7708 series) with Inntot’s high performing, lightweight, low-CPU-usage SDR stacks, the solution offers several benefits:

Reduced Hardware Complexity: Eliminates dedicated baseband Integrated Circuits (ICs), minimizing board space, power consumption, and thermal dissipation.Multi-Standard Global Coverage: Supports key broadcast standards across global regions (Europe, APAC, GCC, India, and the Americas) via software configuration.Faster Time-to-Market: Pre-validated middleware, hardware abstraction layers and OS abstraction layers accelerate system integration for Automotive Grade Linux (AGL), Android Automotive OS, and RTOS environments.Seamless Switching and Rich Data Services: Fully supports advanced features including seamless blending from analog to digital and vice-versa, alerts including emergency warning, album art/slideshows, Service and Program Information (SPI) and TPEG traffic notifications.

“Automotive radio is increasingly becoming a software-defined experience, giving automakers greater flexibility to address different standards and markets through software,” said Rajith Nair, CEO of Inntot Technologies. “Our partnership with STMicroelectronics is an important step in advancing that transition and bringing scalable digital radio solutions to more vehicle platforms globally.”

The joint STMicroelectronics and Inntot SDR receiver solutions supporting DRM, DAB/DAB+, CDR standards are now available for evaluation, sampling, and integration into automotive Tier-1 infotainment programs.

About Inntot

Inntot is a leading Software-Defined Radio (SDR) and In-Cabin Audio Technology company. Inntot’s SDR IP portfolio supports Digital Audio Broadcasting (DAB/DAB+), Digital Radio Mondiale (DRM), China Digital Radio (CDR), HD Radio, DTS AutoStage, and RadioDNS. With SDR deployments in more than 2.6 million cars and deployment underway in 4.4 million cars, the company holds 13 granted patents in the digital radio domain. Inntot is a member of WorldDAB and its technical committee and DRM Consortium and its technical committee. Inntot is also the winner of Digital Radio Mondiale Enterprise Award 2020.

Inntot Contacts

Media: info@inntot.com

Website: www.inntot.com

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