AR & VR - Peru

Peru

In Peru, revenue in the AR & VR market market is projected to reach US$46.6m in 2024.
The revenue in this market is expected to show an annual growth rate (CAGR 2024-2029) of 9.28%, resulting in a projected market volume of US$72.6m by 2029.
The largest market within this market is AR Advertising, which has a market volume of US$15.4m in 2024.
Although most revenue is generated the United States, it is important to note the growth potential for Peru in this sector.
In the AR & VR market market, the number of users in Peru is expected to amount to 16,500.0k users by 2029.
User penetration in Peru will be 42.4% in 2024 and is expected to increase to 45.4% by 2029.
The average revenue per user (ARPU) in Peru is expected to amount to US$3.2.
In Peru, the AR and VR market is increasingly being embraced by educational institutions, enhancing interactive learning experiences and fostering technological innovation.

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.
For more information on the data displayed, use the info button right next to the boxes.

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Analyst Opinion

The AR & VR market in Peru is experiencing significant growth and development, driven by customer preferences for immersive experiences and the increasing availability of advanced technology. Customer preferences in Peru are shifting towards more interactive and engaging experiences, which is driving the demand for AR & VR technologies.

Consumers are increasingly seeking out virtual reality experiences for entertainment, gaming, and even education. Additionally, businesses are recognizing the potential of AR & VR for marketing and advertising, as these technologies offer unique and engaging ways to interact with customers. One of the key trends in the AR & VR market in Peru is the increasing adoption of these technologies in various industries.

For example, the tourism industry is leveraging AR & VR to provide virtual tours of popular destinations, allowing potential visitors to experience the sights and sounds of Peru without leaving their homes. Similarly, the real estate industry is using AR & VR to showcase properties to potential buyers, providing them with a virtual walkthrough of the property. This trend is driven by the desire to provide customers with more immersive and realistic experiences, ultimately leading to increased sales and customer satisfaction.

Another trend in the market is the development of locally-produced AR & VR content. As the demand for AR & VR experiences grows, local content creators and developers are emerging to meet this demand. This not only contributes to the growth of the AR & VR market in Peru but also promotes the local creative industry.

In addition to customer preferences and trends, there are also local special circumstances that contribute to the development of the AR & VR market in Peru. For example, the government has been actively promoting the adoption of new technologies, including AR & VR, as part of its efforts to drive economic growth and innovation. This support from the government creates a favorable environment for businesses and entrepreneurs to invest in AR & VR technologies.

Underlying macroeconomic factors also play a role in the development of the AR & VR market in Peru. The country's stable economic growth and increasing disposable income levels have contributed to the rising demand for new and innovative technologies. As more consumers have the means to invest in AR & VR devices and experiences, the market continues to expand.

Overall, the AR & VR market in Peru is experiencing growth and development due to customer preferences for immersive experiences, the emergence of local content creators, government support, and favorable macroeconomic conditions. As these factors continue to drive the market, we can expect to see further advancements and opportunities in the AR & VR industry in Peru.

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).