AR & VR - Ireland

Ireland

Revenue in the AR & VR market market in Ireland is projected to reach US$136.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.07%, resulting in a projected market volume of US$210.9m by 2029.
The largest market in this market withIreland is VR Hardware, with a market volume of US$43.6m in 2024.
While most revenue is generated the United States, the projected market volume in Ireland is anticipated to be US$10,900.0m in 2024.
In the AR & VR market market, the number of users in Ireland is expected to amount to 4,216.0k users by 2029.
User penetration in Ireland will be 78.8% in 2024 and is expected to increase to 80.5% by 2029.
The average revenue per user (ARPU) in Ireland is expected to amount to US$34.1.
Ireland is increasingly embracing AR and VR technologies, fostering innovation in sectors such as education and entertainment, and positioning itself as a European hub for immersive experiences.

Definition:

Augmented reality (AR) and virtual reality (VR) make it possible to combine the real and virtual worlds. AR is generally accessed via mobile phones and primarily relies on lenses. AR effects can be created by using lenses in social media apps, for example. AR is also used for displaying digital 3D objects in our surroundings, e.g., in gaming or eCommerce apps. Meanwhile, VR technology allows users to dive into the virtual world, and, unlike AR technology, it requires a headset device which enables the creation of virtual worlds.

Structure:

The AR & VR market consists of six different markets: AR Advertising, AR Hardware, AR Software, VR Advertising, VR Hardware, and VR Software. AR Advertising covers mobile advertising that is displayed in the most prominent social media apps. AR Hardware comprises AR headsets and glasses. AR Software is divided into three different application types, namely social media, gaming, and eCommerce applications, which can be accessed via the most prominent app stores. VR Advertising covers in-game advertising as well as advertising in VR videos. VR Hardware comprises both tethered head-mounted displays (HMDs) and stand-alone HMD headsets. Lastly, VR Software covers VR games and VR videos, which require headsets.

Additional information:

The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through in-app purchases, advertising spending, and consumer spending on apps, games, and hardware such as headsets or glasses. Sales channel data shows both online and offline revenues, which include VAT. The market only displays B2C revenues and users for the above-mentioned markets and markets; B2B and B2G revenues are not included. Additional definitions for each market can be found on the respective market pages.
Market numbers for VR headsets are also featured in the Consumer Market Insights, namely in the Gaming Equipment market of the Consumer Electronics market. Unlike the VR Hardware market in the Advertising & Media Outlook, the Gaming Equipment market also covers smartphone VR devices.
Key players in the market include companies such as Meta (Oculus VR), Microsoft (HoloLens), Snap Inc. with different lenses, and Nvidia, which offers computing hardware components.
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Analyst Opinion

The AR & VR market in Ireland has been experiencing significant growth in recent years, driven by customer preferences for immersive and interactive experiences, as well as advancements in technology.

Customer preferences: Customers in Ireland are increasingly seeking out immersive and interactive experiences, and AR & VR technologies offer just that. With AR, users can overlay digital content onto the real world, enhancing their perception and interaction with their surroundings. VR, on the other hand, transports users to entirely virtual environments, providing them with a truly immersive experience. These technologies are particularly appealing to younger generations who are tech-savvy and eager to explore new forms of entertainment and communication.

Trends in the market: One of the key trends in the AR & VR market in Ireland is the adoption of these technologies in various industries. For example, in the gaming industry, VR headsets are becoming more popular, allowing gamers to fully immerse themselves in virtual worlds. In the healthcare sector, AR is being used for surgical training and medical education, providing a more realistic and interactive learning experience for healthcare professionals. In the retail industry, AR is being utilized to enhance the in-store shopping experience by allowing customers to visualize products in their own homes before making a purchase. Another trend in the market is the increasing availability and affordability of AR & VR devices. As technology advances and production costs decrease, AR & VR devices are becoming more accessible to a wider range of consumers. This has led to an increase in demand and adoption of these technologies, driving the growth of the market in Ireland.

Local special circumstances: Ireland has a strong tech industry and is home to many multinational companies, including major players in the AR & VR market. This has created a favorable environment for the development and adoption of these technologies. Additionally, the Irish government has been supportive of the tech industry, providing incentives and funding for research and development in emerging technologies such as AR & VR. This has further contributed to the growth of the market in Ireland.

Underlying macroeconomic factors: The growth of the AR & VR market in Ireland is also influenced by underlying macroeconomic factors. Ireland has a strong economy and a high level of disposable income, which allows consumers to invest in new technologies and experiences. Furthermore, the country has a young and tech-savvy population, who are early adopters of new technologies and are willing to spend on innovative products and services. In conclusion, the AR & VR market in Ireland is experiencing significant growth due to customer preferences for immersive and interactive experiences, as well as advancements in technology. The adoption of these technologies in various industries, the increasing availability and affordability of AR & VR devices, the favorable local circumstances, and the underlying macroeconomic factors all contribute to the development and expansion of the market in Ireland.

Methodology

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).