The Future of Virtual Reality is Coming: The Best VR AR Companies of the Year 2022

The Best VR AR Companies 2022

Virtual Reality (VR) and Augmented Reality (AR) are both terms used to describe computer-generated environments that appear real to users. They are being developed for use in games, education, medicine, and additional areas.

Virtual reality (VR) and augmented reality (AR) are trendy topics of technology right now. And for good reason; virtual and digital worlds are beginning to merge in a very real way today! 

From traveling or zoo experiences, house tours, gaming, job training, finding the best horror VR games, and more. Allowing us to experience a new kind of extended reality and we are only just starting to see what VR and AR can offer us.

We are seeing the best VR AR companies use many different VR applications to bring digital content and avatars into our physical world. 

Companies like Magic Leap, Oculus Quest (Facebook/Meta), and Microsoft Hololens have all shown off their versions of VR AR headsets in recent years.

But which companies will be leading the charge when it comes to VR and AR? Here are some names of the Best VR AR Companies to keep an eye on as we move closer to 2023.

Niantic

Google

Microsoft

Magic Leap

NVIDIA

Vicarious Surgical

Psious

Sony

The Rapidly Growing AR VR Market

According to a report by Market Vantage Research, virtual reality and augmented reality market size in 2021 was 16.92 billion and projected to hit 105 billion plus by 2028.

 

This growth is due to the increasing adoption of VR & AR technology across practically all industries such as gaming, healthcare, automotive, entertainment, and more! 

 

The potential for VR AR is huge and it’s not about gaming and entertainment anymore, it’s evolved focusing in on education, training, telepresence, and more. There are so many ways to use VR AR in the workplace to make employees more productive, but also more engaged and happier. 

 

For example, it could be used for remote training where employees who would normally have to travel to a training facility can now do it from home or the office. 

 

The industry has evolved notably over the past few years, and it continues to gain momentum with the introduction of new technologies such as OLED displays and self-tracking sensors that are being used in both the consumer and corporation segments. 

 

The possibilities are endless with this technology, and it is guaranteed to become more popular over time as more people start using it.

Virtual Reality Market Size

vr market Large 1

Virtual reality is a computer-generated environment that can be viewed through special goggles. This can take many forms, but the two most common types are immersive virtual reality and augmented reality. 

 

Immersive virtual reality places the user inside an artificial world, while augmented reality uses technology to overlay digital objects over physical objects in the real world. If you are interested in taking a deeper dive into the history of VR & AR you can check out another article here. 

 

Virtual reality is used in a wide range of fields, including entertainment, education, simulation, and gaming. It is expected to become an increasingly important technology over the next few years as it becomes more widely adopted by both consumers and industry professionals.

 

Virtual Reality (VR) is having a moment. For example, Globally the market value in 2020 was 7 billion and is projected to rise to just shy of 27 billion by the year 2027. The huge growth it is experiencing in other areas like travel and education has changed people’s perspective on the value of virtual reality.

AR Market Size

While the growth hasn’t been compared to that of Virtual Reality, there is speculation that the market could catch up if not pass it within the next 10 years. Regardless, there are some promising statistics as well surrounding the growth of Augmented Reality (AR).

 

Accounting for 849 million dollars globally in 2019 and projected to hit 3.6 trillion by 2026. One of the major factors that have helped drive this growth is the increased adoption of smartphones and the adjustment to working from home and keeping away from the public as much as possible because of the pandemic. 

 

According to Oberlo, the number of people with a smartphone in the world, is 6.6 billion. Because of AR’s compatibility with smartphones, this population base is the perfect audience for augmented reality apps.

 

With all the available applications, it can be difficult to decide which ones to try out. To help you out, you can continue to where we have put together a list of the best VR/AR companies to keep an eye out for in the next few years.

What Makes a Great Company

  • Profitable Business Model
  • Efficient Marketing Strategy
  • Values Customer Service
  • Creative & Innovative
  • Strong Management Team

Creating a great company doesn’t happen overnight, especially in a complicated industry of Extended Reality. In fact, about 20% of businesses in the U.S. fail within the first year. 

 

A company with a strong brand identity, a clear vision, and an effective management team will succeed in the future. In addition, a company must also have a solid business model, a well-defined product strategy, and a good understanding of its customers. 

 

To create a great company, the business needs to listen to its customers and the market to find and craft a product that connects with its users. It is also important to find a place in the market that is underserved or unserved. 

 

Some of the best companies in the world are investing in virtual reality and augmented reality (VR/AR). Creating new products and services to adapt to advances in hopes to control a big share of the extended reality market as it continues to grow.

The Best Virtual Reality and Augmented Reality Companies

VR

Virtual reality (VR) and augmented reality (AR) are two emerging technologies that are changing how we interact with our environment. They allow us to see things as they really are, rather than just what we think they are. 

 

This technology has been used by military forces for years, but now it is being applied to other industries such as education, healthcare, entertainment, and more. VR has been around for a few years now, experiencing a large amount of hype. 

 

Even some larger companies like Facebook and Google have also entered the VR market either by acquiring companies or creating their own products as the market continues to grow. The virtual reality headset market in 2020 was 9.4 trillion dollars, globally. If you want to invest in the best VR companies in the next 5 years, check out the list below:

AR

guy holding iPad viewing architecture/landscape via augmented reality.

Augmented Reality (AR) is a technology that blends real life and the virtual world. You can find out more about Augmented Reality’s history here. 

 

AR has been around for years now and at a cheaper expense compared to Virtual Reality applications and hardware, it has become very popularized with the public. Some of the best companies investing in AR are Facebook, Google, and Magic Leap.

 

The AR industry is still in its infancy, so it is difficult to pinpoint the future direction, but we expect there to be huge growth over the next few years, especially with the recent interest from big tech companies, like Apple and Microsoft! 

 

We have compiled this list of top-rated businesses supporting augmented reality but will also include some smaller startups who support or even take part directly in augmented space.

  • Sight Call
  • STRIVR
  • Omnivirt
  • The Virtual Reality Company
  • EON Reality
  • Marxent Labs
  • SpaceVR
  • Scope AR

In addition to the above-mentioned companies, several smaller startups are creating innovative solutions for various industries. Here are some examples (Start Up Date 2016 and later):

 

Metaio – A German company that specializes in 3D mapping and localization.

 

Vuzix – A company that develops wearable devices for use in augmented reality.

 

Holoride – is a German company with the goal to turn car rides into virtual theme parks.

 

2iXR – Spanish company that provides solutions via augmented reality sales and industrial training.

 

Anarchy Labs – A Finnish company, and developer of AirHUD; an AR-based drone controller used in mining industries, energy, and agriculture.

Wrap Up

virtual reality goggles and connected handheld device sitting on desk with Apple iPods and other tech accessories.

The future of virtual reality and augmented reality holds unimaginable promise. These technologies are set to transform industries like entertainment, marketing, travel, and healthcare, and will create entirely new ways of interacting with the world. 

 

VR and AR will also enable new ways to communicate, share experiences, and collaborate with others. 

 

The stakes are high, but, these technologies will only become more popular with time. It’s important to keep track of companies that are working on VR and AR technologies to help ensure you have a leg up when it comes to experiencing the future.

Best VR AR Companies FAQ

Who is the Current Leader in Virtual Reality?

Oculus – Purchased by Facebook.

How Virtual Reality is Used in Education?

Girl in orange shirt making calculations with her finger in the air using virtual reality goggles to learn.

VR enhances the learning experience by allowing students to also interact and experiment with the lesson plan differently. Giving kinesthetic and visual learners such as myself some opportunity to absorb and retain information at a much better rate. Virtually simplifying potentially complicated topics!

How has Augmented Reality has been used in Movies?

  • Iron Man
ironman
Source: intelligenesisllc
  • Avatar
  • Spider-Man Far from Home

Who is currently the Leader in the Augmented Reality Space?

Microsoft

What are some other AR/VR Start-Up Companies?

  • Immersal
  • Virtual Speech
  • Vuzix
  • SuperFan Labs

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