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Augmented & Virtual Reality Market to Grow by USD 442.99 Billion (2024-2028), Boosted by AR and VR Demand – Market Evolution Powered by AI – Technavio

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NEW YORK, Feb. 11, 2025 /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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Augmented Reality And Virtual Reality Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 50.22%

Market growth 2024-2028

USD 442999.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

36.1

Regional analysis

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

Performing market contribution

APAC at 42%

Key countries

US, China, Germany, UK, and Japan

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.

Market Driver

Augmented Reality (AR) and Virtual Reality (VR) markets are experiencing significant growth due to the integration of 3D models in 3D environments. With the rollout of 5G networks, the speed and responsiveness of AR and VR technologies will increase, benefiting commercial industries such as aerospace & defense, architecture, and manufacturing. AR applications using cameras and gesture-tracking devices are revolutionizing consumer engagement in sectors like e-commerce, entertainment, and gaming. HMDs (Head-mounted displays) and heads-up displays are transforming industries like healthcare, industrial automation, and transportation. AR and VR technologies are also being used in IT & telecommunication, media & entertainment, and tourism businesses for innovative solutions. The investment activity in AR and VR is on the rise, driven by the integration of AI, semiconductor components, and SoC (System on Chip) technology. The future of AR and VR holds endless possibilities, from mental illness treatments to simulations and self-monitoring devices. 

The global Augmented Reality (AR) and Virtual Reality (VR) market is experiencing 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 for AR and VR software platforms. For instance, in March 2020, Valve, Microsoft Corp., and HP Inc. Announced a collaboration to develop a next-generation SteamVR headset, called HP Reverb G2. Such collaborative efforts are expected to fuel the growth of the AR and VR market during the forecast period. Vendors are leveraging these partnerships to expand their reach, improve product quality, and cater to the evolving needs of end-users. 

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Market Challenges

Augmented Reality (AR) and Virtual Reality (VR) markets are experiencing significant growth due to increasing demand from commercial industries. AR technology overlays digital 3D models onto real-world environments, enhancing consumer engagement in sectors like retail, architecture, and manufacturing. Challenges include developing 3D environments for AR applications, integrating AR technology with 5G networks, and creating technical expertise for hardware like HMDs (Head-mounted displays) and gesture-tracking devices. VR technology immerses users in entirely digital 3D environments, revolutionizing industries such as aerospace & defense, healthcare, and entertainment. Challenges include investing in network infrastructure for cloud-based VR applications, creating VR content for gaming and simulations, and ensuring security compliance. Consumer electronics, including smartphones and smart glasses, are driving mass adoption of AR and VR. Industries like e-commerce, real-estate, and tourism businesses are exploring AR applications for product visualization and customer engagement. Meanwhile, AR and VR are transforming industrial automation, IT & telecommunication, and the infotainment industry, improving efficiency and productivity. Semiconductor components and SoC integration are crucial for developing AR and VR hardware. AI and position trackers are essential for enhancing user experience and creating realistic simulations. VR exposure therapy is a promising application for mental illnesses, while VR technology is revolutionizing industrial tools and training. In conclusion, the AR and VR market presents numerous opportunities for innovation and growth, with challenges that require investment in hardware, software, and technical expertise. Industries from consumer electronics to aerospace & defense are embracing these technologies to enhance user experience, improve efficiency, and drive productivity.In the realm of Augmented Reality (AR) and Virtual Reality (VR) market, creating engaging projects involves various intricate components. Cost considerations are crucial, encompassing expenses for VR content creation and distribution, as well as hardware and software costs. For instance, 360-degree cameras are utilized to generate panoramic content at a relatively lower cost compared to computer-generated graphics. However, the real value of VR games lies in their interactive content. To create lifelike VR content, a combination of 360-degree cameras, computer graphics, and high-end photorealistic cameras is necessary. The approximate cost for developing only the VR content for an app falls between USD50,000 and USD100,000.

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Segment Overview

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

TechnologyARVRApplicationConsumerEnterpriseGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

1.1 AR- The Augmented Reality (AR) segment is experiencing significant growth due to increasing new product launches, expanding application areas, and rising investments in AR technology. AR is an innovative technology that overlays digital information onto the real world, offering an enhanced user experience. This technology can be accessed through apps or web platforms. AR’s versatile applications in various industries, including enterprise, retail, healthcare, media and entertainment, and education, are driving its demand. Key players, such as Alphabet and Microsoft, are investing in AR software development kits to create AR platforms. For instance, Microsoft’s Mesh service enables people to collaborate in AR environments. Technological advancements in AR hardware and software, including smartphones and AR development platforms, are making AR more accessible and user-friendly. The growing need for remote collaboration and training solutions, especially during the COVID-19 pandemic, is also accelerating AR adoption. Major vendors, including Microsoft, Google, and Apple, are providing AR technology for enterprise applications, such as remote assistance, training, and product visualization. The increasing adoption of AR across industries for remote collaboration, training, and customer engagement, technological advancements, and continued innovation in AR applications will fuel the growth of the AR segment in the Augmented Reality and Virtual Reality market.

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Research Analysis

Augmented Reality (AR) and Virtual Reality (VR) are revolutionary technologies that have been gaining significant traction in various industries. AR superimposes digital 3D models onto the real world, enhancing user experience in areas like gaming, simulations, and infotainment. Smartphones and smart glasses serve as popular devices for AR, while heads-up displays are used in vehicles. VR, on the other hand, immerses users in a completely virtual 3D environment. VR technology finds applications in gaming, simulations, and exposure therapy, among others. Investment activity in AR and VR is on the rise, driven by the potential of these technologies in sectors like manufacturing industries, industrial automation, and self-monitoring devices. Engineers and designers use AR and VR for creating and testing complex designs, while the infotainment industry leverages these technologies for providing experiences. VR technology is also transforming shopping, allowing customers to virtually try on clothes or explore homes before purchasing. SoC integration is making VR and AR more accessible and affordable for the masses.

Market Research Overview

Augmented Reality (AR) and Virtual Reality (VR) are revolutionary technologies that transform the way we interact with our surroundings and digital content. AR overlays 3D models and information onto real-world environments in real-time using cameras and AR technology. VR creates 3D environments, transporting users to new worlds. Both technologies are gaining traction in various industries, including aerospace & defense, architecture, engineering, and manufacturing industries, for design and simulation. 5G networks enable seamless AR and VR experiences. AR applications are being used in commercial industries, consumer electronics, e-commerce, and tourism businesses for consumer engagement, product visualization, and information search. VR is popular in gaming, entertainment, healthcare, and education for training, therapy, and experiences. HMDs (Head-mounted displays), gesture-tracking devices, and position trackers are essential hardware components. The IT & telecommunication industry is investing heavily in AR and VR technology, with semiconductor components playing a crucial role. Technical expertise is required for software development and integration with SoCs (Systems on Chips). AR and VR are also being used in industrial automation, security compliance, and mental illnesses treatment. The future of AR and VR is bright, with endless possibilities in entertainment, education, and everyday life.

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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Axon Announces Body 5: Next-Generation Camera Built for the AI Era

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Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field

SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.

For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.

“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”

Axon Body 5: Built for the AI Era

Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day. 

For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.

Both models feature several key advancements, including:

25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.

The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:

A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.

Bringing More of Axon’s AI Era Into the Field

Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.

Increasingly, Axon is also bringing AI into real-time operations.

Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:

Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.

Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.

Innovating Responsibly

Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.

General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.

About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility. 

Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.

Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.

Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com

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In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design

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The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.

ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.

The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.

The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.

Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.

The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.

Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.

Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.

Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.

The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.

As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.

A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang

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WENZHOU, China, Oct. 24, 2026 /PRNewswire/ — This is a report by China Daily:

On October 24, the World Young Scientist Summit 2026 opened in Wenzhou, Zhejiang. The event is hosted by the China Association for Science and Technology (CAST), the Zhejiang Provincial People’s Government, and the World Association of Young Scientists. Nearly 800 representatives, including scientists, educators, and entrepreneurs from more than 60 countries and regions, are attending the summit.

He Junke, Vice President of CAST in charge of daily work and First Secretary of its Secretariat; Lian Yimin, Chairman and Party Group Secretary of the Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference; Marcelo Knobel, Executive Director of The World Academy of Sciences; and Zhang Zhenfeng, Member of the Standing Committee of the CPC Zhejiang Provincial Committee and Secretary of the CPC Wenzhou Municipal Committee, attended the summit and delivered remarks. Yao Gaoyuan, Vice Governor of the Zhejiang Provincial People’s Government, presided over the first segment of the plenary session.

With the theme “Gathering Talents Worldwide to Create a Better Future,” the summit’s annual agenda is “Global Youth Action in the AI Era: Building a Sustainable Future.” It aims to draw on the insights of young people around the world, deepen international sci-tech cooperation, and jointly address questions about young people, science, the world and the future.

Efim Zelmanov, Fields Medalist and Foreign Member of the Chinese Academy of Sciences; Chen Yunji, Deputy Director of the Institute of Computing Technology, CAS, and Director of the National Key Laboratory of Processor Chips; Mary Garson, President of the International Union of Pure and Applied Chemistry; and Lu Chaoyang, Member of the Standing Committee of CAST, Executive Dean of the Shanghai Institute of Advanced Study, University of Science and Technology of China, and Chairman of the Council of the World Association of Young Scientists, delivered keynote speeches respectively on education reform in the AI era, AI and processor chips, young women scientists’ participation in science, and quantum computing. They explored new opportunities for scientific research, talent cultivation, and international cooperation in the AI era.

This year’s summit placed greater emphasis on the growth needs of young scientists, with young talents under the age of 45 accounting for 88 percent of participants. It aimed to build a cluster of international journals, bring together young scientific talent, facilitate a batch of international collaborative projects and advance the application and commercialization of scientific and technological achievements. The summit released the Report on the Distribution and Mobility of Young Scientists in the Field of Embodied Intelligence, launched the World Young Scientist Summit Partner Journal Program and the 2026 World Young Scientist Innovation and Entrepreneurship Growth Support Program. It also published the “Young Scientist Pioneers 2035” list and announced the 2026 Sustainable Development Young Scientist Award. The awards were presented to four Chinese and foreign scientists.

Chen Tianrun, Founder of Hangzhou Moxin Technology Co., Ltd.; Yuan Yang, Assistant to the Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University; and two of the 2026 Sustainable Development Young Scientist Award winners, César de la Fuente and Nicola Segata, among other Chinese and foreign young scientist representatives, spoke at the flash-talk session to share their research practices and reflections.

In addition, the conference focused on fields such as future manufacturing, quantum information, embodied intelligence, brain-computer intelligence, environmental science, deep-sea resources, and life and health, and held 12 parallel forums. It also included the “Gravitation π” Future Technology and Concept Products Exhibition and Exchange, local thematic side events, and sci-tech and humanities study visits, further building an interdisciplinary, cross-regional and cross-sector platform for youth sci-tech exchange and cooperation.

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SOURCE China Daily

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