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The AR & VR market in G7 countries is experiencing significant growth and development due to increasing customer preferences for immersive and interactive experiences, as well as advancements in technology.
Customer preferences: Customers in G7 countries are increasingly seeking immersive and interactive experiences, which is driving the demand for AR & VR technologies. These technologies offer a unique and engaging way to experience content, whether it be in the gaming, entertainment, or educational sectors. Additionally, the ability to virtually explore real estate properties or try on clothing before making a purchase is appealing to consumers, leading to increased adoption of AR & VR technologies.
Trends in the market: One of the key trends in the AR & VR market in G7 countries is the growing popularity of virtual reality gaming. With the availability of high-quality VR headsets and a wide range of gaming content, consumers are embracing VR as a new way to play games. This trend is expected to continue as more gaming companies invest in VR technology and develop immersive gaming experiences. Another trend in the market is the integration of AR & VR technologies in the healthcare sector. G7 countries are witnessing the adoption of AR & VR solutions in medical training, surgical simulations, and patient care. These technologies provide healthcare professionals with realistic and hands-on training experiences, as well as innovative ways to diagnose and treat patients. The potential for improving patient outcomes and reducing healthcare costs is driving the adoption of AR & VR in the healthcare industry.
Local special circumstances: Each G7 country has its own unique set of circumstances that contribute to the development of the AR & VR market. For example, in the United States, the presence of major technology companies and a strong gaming industry fuels the growth of the market. In Japan, a country known for its technological advancements, there is a strong focus on developing AR & VR technologies for entertainment and tourism purposes. In Germany, the automotive industry is driving the adoption of AR & VR in areas such as vehicle design and maintenance.
Underlying macroeconomic factors: The growth of the AR & VR market in G7 countries is also influenced by underlying macroeconomic factors. Factors such as GDP growth, disposable income levels, and technological infrastructure play a role in the adoption and development of AR & VR technologies. G7 countries, with their strong economies and high levels of technological advancement, provide a favorable environment for the growth of the AR & VR market. Additionally, government initiatives and policies that support innovation and technology development further contribute to the expansion of the market. Overall, the AR & VR market in G7 countries is experiencing growth and development driven by customer preferences for immersive experiences, advancements in technology, and favorable macroeconomic factors. As the market continues to evolve, we can expect to see further innovation and adoption of AR & VR technologies across various industries.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the AR & VR market. AR and VR enable consumers to experience a new dimension, using either a headset or installed units, as they combine the real and virtual worlds. Consumer revenue figures refer to revenues relating to AR hardware, AR software, VR hardware, VR software, and spending on AR and VR advertising. Both digital and non-digital revenues are included.Modeling approach / Market size:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports. In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending, internet penetration, 4G coverage, and historical developments. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.Additional notes:
The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)