Growing digital transformation and increasing adoption of industry 4.0 is expected to drive the demand for Vietnam Augmented Reality & Virtual Reality market in the forecast period.
According to TechSci Research report, “Vietnam Augmented Reality & Virtual Reality Market By Product Type (Head-Mounted Display, Head-Up Display, Smart Glass, Handheld Device Applications) By Organization Size (Large Enterprises, Small- & Medium-sized Enterprises) By Offering (Hardware & Software) By Application (Consumer, Enterprise) By End User (Entertainment, Manufacturing, Healthcare, Defense, Consumer Electronics, Automotive, & Others), By Region, Company Forecast & Opportunities, 2026”, The Vietnam Augmented Reality & Virtual Reality market is expected to witness significant growth in the forecast period. The easy availability of virtual reality devices and the launch of the different types of virtual devices is contributing to the market growth. The increasing adoption of virtual reality in the aerospace and defense sector for simulation and training purposes is expected to create lucrative opportunities for market growth. The growing digitization of government services and expansion of the digital infrastructure in Vietnam is expected to pave the way for market growth. Supportive government policies and launch of initiatives such as ITU Virtual Digital World 2020, ITU Digital World 2021 to promote the use of advanced technology, and held high-level advanced conferences and meetings is leading to the surge in the market growth.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities in Vietnam imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. The growing demand for advanced healthcare facilities and devices to provide quality treatment to patients is expected to act as a significant driver to surge the demand for the augmented reality & virtual reality market.
However, the high cost of hardware used for the application of this technology and lack of skilled professionals may restrain the growth of the Augmented Reality & Virtual Reality market in the forecast period.
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Vietnam Augmented Reality & Virtual Reality market is segmented into product type, organization size, offering, application, end-user, regional distribution, and company. Based on the application, the market can be bifurcated into consumer and enterprise. The consumer enterprise segment is expected to account for major market share in the forecast period, 2022-2026. Due to the high application of virtual reality technology in the entertainment and gaming sector, the market is expected to witness significant growth. The increasing adoption of mobile gaming and the display of mobile ads while playing is further expected to foster market growth. Based on the offering, the market can be divided into hardware & software. The hardware segment is expected to hold a significant share of the market in the next five years. The hardware segment consists of the semiconductor component, sensors, position trackers, cameras, and others. The use of the hardware segment in different applications and the use of a combination of the hardware and software segment is expected to contribute to the market growth.
Xtreme Studio, Hyperlink InfoSystem, Savvycom Software, Omaha Media Group LLC, Siclo, Amaris, InspiLab, Elinext, Wizeline, Ventuso LLC, Waverley Software, Co-Well Asia, Marvy Co. are the leading players operating in Vietnam Augmented Reality & Virtual Reality market. Service providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several Augmented Reality & Virtual Reality service providers are coming up with their technologically advanced offerings.
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“The growing use of augmented reality along with artificial intelligence technology in the retail sector to captivate customers is expected to spur market growth. Consumers can have real-time experience without even visiting the stores physically is expected to act as a significant driver to increase the sales of products. The use of advanced augmented reality technology is expected to enable the consumers to try apparel, jewelry, cosmetics, and many other products which are expected to elevate the consumer experience and make the shopping experience quick and convenient thereby fueling the market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Augmented Reality & Virtual Reality Market By Product Type (Head-Mounted Display, Head-Up Display, Smart Glass, Handheld Device Applications) By Organization Size (Large Enterprises, Small- & Medium-sized Enterprises) By Offering (Hardware & Software) By Application (Consumer, Enterprise) By End User (Entertainment, Manufacturing, Healthcare, Defense, Consumer Electronics, Automotive, & Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of Vietnam Augmented Reality & Virtual Reality market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Vietnam Augmented Reality & Virtual Reality market.
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