Report Overview

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.

Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market - Industry Trends & Forecast Report, 2029

Vietnam augmented reality (AR) and virtual reality (VR) market size was estimated to be worth 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 CAGR of 23.07%, reaching a value of USD 1,472.53 million by 2029. Major growth factors for the Vietnam augmented reality (AR) and virtual reality (VR) market include the growing population, especially the younger demographic, along with growing demand for mobile gaming apps. The market for AR and VR is anticipated to flourish during the forecast period owing to high-end investments made by market players and the expanding acceptance of these technologies across key 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

Growth Drivers

Focus on Providing Improved Customer Experience

The Vietnamese retail and service sectors are significantly focusing on improving their customer experience to enhance their market share and boost their sales. Customers get a realistic experience using AR and VR that enables them to put themselves into their purchases. With AR-based self-service, clients may use their smartphones to access a business' knowledge base and find FAQs, manuals, and training materials that will help them handle more problems successfully on their own. Retail apps now include AR elements that let users virtually superimpose clothes and accessories on themselves using the camera on their smartphone. Such integrations are anticipated to boost the growth of Vietnam augmented reality (AR) and virtual reality (VR) market during the forecast period.

Restraints

Expensive Headsets and Health Risks Associated with AR & VR

The drawbacks of AR include bulky, expensive headsets with a small field of view (FoV), security issues when worker decisions are influenced by manipulated AR data, and a lack of truly accurate spatial location systems for AR objects. The health hazards connected to using VR headsets are one of the biggest drawbacks. These headsets may result in ocular issues like headaches, nausea, and eyestrain. Because they might give users the impression that they are moving when they are not, they can also create motion sickness. These issues may act as a major restraining factor for the Vietnam augmented reality (AR) and virtual reality (VR) Market.

Impact of COVID-19 on 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.

Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market

Segmental Coverage

Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market – By Product

Based on product, the Vietnam augmented reality (AR) and virtual reality (VR) market is divided into head–mounted displays, head–up displays, smart glass, and handheld device applications. The head–mounted display holds the largest market share owing to its availability of these products. The major head–mounted display manufacturers, including Song, Facebook, Google, HTC, and others, are constantly launching new products with advanced features that play a crucial role in propelling the market growth. Smart glasses are also registering a significant growth rate owing to their adoption across industry verticals such as manufacturing and automobiles.

Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market – By Application

Based on application, the Vietnam augmented reality (AR) and virtual reality (VR) market is split into consumer and enterprise segments. The consumer segment accounts for a higher share in the Vietnam augmented reality (AR) and virtual reality (VR) market. Consumer use of AR and VR is expanding as a result of the rising launches of AR and AR VR devices, including headgear, by top companies like Samsung and Microsoft. However, the enterprise application is projected to gain substantial market share during the forecast period as more organizations adopt advanced technologies to provide an immersive experience to their customers.

Vietnam Augmented Reality (AR) and Virtual Reality (VR) Market – By End User

Based on end user, 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.

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.

Scope of the Report

By Product Type

• Head–Mounted Display

• Head–Up Display

• Smart Glass

• Handheld Device Applications

By Application

• Consumer

• Enterprise

By End User

• Entertainment

• Manufacturing

• Healthcare

• Defense

• Consumer Electronics

• Automotive

• Others