Vietnam AR and VR Market
Vietnam AR and VR Market Size Booming to Touch USD 1.5 Billion by 2029
Published | 13 July 2023
The Vietnam augmented reality (AR) and virtual reality (VR) market is gaining traction because of the increasing digitalization efforts and growing mobile gaming and internet penetration.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam augmented reality (AR) and virtual reality (VR) market size at USD 345.37 million in 2022. During the forecast period between 2023 and 2029, the Vietnam augmented reality (AR) and virtual reality (VR) market size is projected to grow at a robust CAGR of 23.07% reaching a value of USD 1,472.53 million by 2029. The growing population in Vietnam, particularly the younger demographic, and the rising popularity of mobile gaming apps are significant growth factors for the Vietnam augmented reality (AR) and virtual reality (VR) market. The market for AR and VR is predicted to grow over the forecast period due to high-end investments made by market participants and the rising acceptance of these technologies across major industry verticals.
Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market – Overview
The term "augmented reality" (AR) refers to the use of technology to add digital content to the real world while maintaining all of its other characteristics. In order to merge digital information onto a physical surface, augmented reality technology combines a CPU, sensors, and a display unit. This combination serves as the technology's fundamental component. With the use of virtual reality (VR) technology, people can engage in real-time while immersed in a synthetic, computer-generated environment. Users may visualize and comprehend difficult concepts, imitate human interactions, and explore virtual worlds through the immersive and engaging experience that virtual reality (VR) can offer.
Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market – By End User
Based on end users, the Vietnam augmented reality (AR) and virtual reality (VR) market is segmented into entertainment, manufacturing, healthcare, defense, consumer electronics, automotive, and others. The entertainment industry dominates the market. The integration of augmented reality and virtual reality can create immersive visual spectacles, get real-time analytics, and bring performers closer to the audience. The gaming business has been greatly impacted by AR and VR, which has made it possible to create new types of interactive and location-based games.
Impact of COVID-19 on the Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market
The unprecedented COVID-19 presented lucrative growth opportunities to Vietnam augmented reality (AR) and virtual reality (VR) market. As more businesses and e-commerce platforms started to provide "try before you buy," which enables customers to visually test out products before making a purchase, the adoption of AR and VR gained tremendous pace in the retail industry. According to Forbes, the pandemic also pushed and accelerated the use of VR collaboration platforms, enabling firms to increase productivity by adjusting training curricula and enhancing customer support during the pandemic.
Competitive Landscape
Major players operating in Vietnam augmented reality (AR) and virtual reality (VR) market include Xtreme Studio, Hyperlink InfoSystem, Savvycom Software, Omaha Media Group LLC, Siclo, Amaris, InspiLab, Elinext, Wizeline, and Ventuso LLC.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: July 2023
Increasing digitalization efforts, growing mobile gaming, and deepening internet penetration are expected to boost the growth of Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market during the forecast period between 2023 and 2029.
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