UK Augmented Reality and Virtual Reality Industry to Grow at a CAGR of 26.4% from 2022 to 2027
According to a research report UK Augmented Reality and Virtual Reality Market by Technology Type (AR: Markerless, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology), Device Type, Offering, Application, Enterprise, and Geography — Global Forecast to 2027", published by MarketsandMarkets, UK Augmented Reality and Virtual Reality Industry to Grow at a CAGR 26.4% from 2022 to 2027.
The rapid transition to digitalization in education, retail, and several other industries pushed market growth in the UK
In the UK, the growth of the technology sector has outpaced that of the non-technology sector by a factor of two. The nation’s ongoing investments should support the rapid growth of the digital ecosystem. The AR & VR market in the UK is expected to be driven by the existence of firms like Blippar (UK), Inde (UK), Engine Creative (UK), Inition (UK), and Holition (UK). Engine Creative and Holition are using AR technology to engage customers of their clients’ various brands. VR technology is also being used by UK technology clusters. The UK’s digital transformation is probably going to propel the AR and VR business there. Modern technologies like augmented reality and virtual reality are utilized by museums worldwide to draw visitors.
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The country has been a pioneer in the adoption of virtual reality, augmented reality, and artificial intelligence technologies across different industries. South Korea’s VR and AR market is set to grow immensely by 2027. The advent of 6G in the region along with growing demand for head-mounted displays (HMDs) for gaming applications, is expected to drive the market for AR and VR in the country.
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According to CyberCrew.uk, the nation boasted the sixth-largest video game sector in 2020. An important factor contributing to market expansion in the UK is the retail industry. For example, Westfield, a series of retail centers located in London, collaborated with Inition (UK), a producer of VR interactive experiences, to use VR technology to highlight major spring and summer fashion trends. Retailers’ efforts to give customers an immersive experience will increase demand for near-eye display modules. In the UK, London is home to the greatest number of AR and VR businesses. In the UK, content creation is the primary emphasis of most businesses. In the next years, businesses will be able to expand significantly because of the content needed for hardware products.
The presence of companies, such as Vuzix Corporation, supplying modern technology-based HMD products to the aerospace & defense sector has led to the high penetration of AR/VR devices to train the pilots of commercial aircraft, fighter jets, and commercial and private jets. This factor is expected to spike the demand for AR/VR HMD wearables in simulation and training activities conducted for aerospace & defense personnel.
The European Association for Virtual Reality and Augmented Reality (EuroVR) conference held in various European countries, such as London, Athens, and Laval, bring together the research workforce and local and international key players offering AR and VR devices to strengthen their domain expertise and form collaborations for future work. This is projected to support the AR and VR market growth in the country.
Top Key Market Players in Augmented Reality and Virtual Reality companies
- Google (US), Microsoft (US),
- Sony Corporation (Japan),
- Samsung Electronics (South Korea),
- HTC (Taiwan),
- Apple Inc., (US),
- PTC Inc., (US),
- Seiko Epson (Japan),
- Oculus VR (by Facebook (US)),
- Lenovo (China).among others
See Also :
UK Augmented Reality and Virtual Reality Market
China Augmented Reality and Virtual Reality Market
France Augmented Reality and Virtual Reality Market
Germany Augmented Reality and Virtual Reality Market
Japan Augmented Reality and Virtual Reality Market
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