The Augmented Reality and Virtual Reality Market in North America is expected to grow from US$ 11,623.09 million in 2021 to US$ 100,109.48 million by 2028; it is estimated to register a CAGR of 36.0% from 2021 to 2028.
A few investments were made in the AR and VR technologies. For instance, as per an article published by Tech Crunch, Niantic, a San Francisco-based developer of augmented reality platforms, closed a deal of US$ 300 million in November 2021 to build the real-world metaverse. Similarly, according to an article published by Crunchbase, Magic Leap, a Florida-based wearable tech maker, raised a total of US$ 500 million in October 2021. Such rising investments in AR and VR technologies are likely to create future growth opportunities for the augmented reality and virtual reality market players, which is further anticipated to drive the market in North America.
Key Players in the North American AR & VR Market
Several companies are driving innovation and growth in the North American AR and VR space. Leading players include:
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EON Reality
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Google LLC
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Immersive Gaze
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Innovega Inc.
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Vuzix Corporation
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YeppAR
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Zugara, Inc.
These companies continue to shape the industry by developing cutting-edge solutions and expanding AR/VR applications across various sectors.
North America Augmented Reality (AR) and Virtual Reality (VR) Market: Strategic Insights
The AR and VR market in North America demands a data-driven approach to navigate its dynamic landscape. Strategic insights here focus on analyzing emerging trends, competitive dynamics, and regional variations to empower stakeholders—investors, manufacturers, and service providers—with actionable strategies. By leveraging advanced analytics, businesses can uncover niche opportunities, craft differentiated value propositions, and anticipate disruptive shifts. A forward-looking perspective is critical, enabling stakeholders to align innovations with evolving demands in sectors like healthcare, education, and industrial automation. These insights prioritize long-term growth, equipping decision-makers to optimize profitability and secure competitive advantages in a rapidly advancing market.
North America AR and VR Market: Regional Insights
Success in the North American AR/VR sector hinges on understanding regional diversity. Localized consumer preferences, such as demand for enterprise-grade hardware or immersive retail experiences, vary significantly across the U.S., Canada, and Mexico. Regulatory frameworks and economic conditions further shape market entry strategies—for instance, stringent data privacy laws in Canada or manufacturing incentives in Mexico. Companies can capitalize on underserved markets by tailoring solutions to regional needs, such as AR tools for Mexico’s growing industrial sector or VR training modules for U.S. healthcare. Targeted resource allocation and hyper-localized marketing enhance competitiveness, driving penetration in high-growth areas.
North America AR and VR Market: Segmentation Analysis
The market is segmented as follows:
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By Technology
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Augmented Reality (AR): Dominated the market in 2020, fueled by adoption in retail (e.g., virtual try-ons) and industrial maintenance.
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Virtual Reality (VR): Gaining traction in gaming and enterprise training.
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By Component
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Semiconductor Components: Led the market in 2020, driven by demand for high-performance processors and sensors.
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Sensors & Others: Includes motion tracking and gesture recognition technologies.
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By End-User Industry
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Entertainment: Largest share in 2020, propelled by gaming and immersive media.
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Healthcare, Education, Industrial, and Retail: Emerging as high-growth sectors for AR/VR applications.
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By Country
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U.S.: Commanded the largest market share (2020), supported by tech innovation hubs and venture capital influx.
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Canada & Mexico: Witnessing accelerated adoption in education and manufacturing.
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Other Report:
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About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
