AR & VR - Sweden

Sweden

In Sweden, revenue in the AR & VR market market is projected to reach €302.6m in 2024.
Revenue in this market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 9.21%, leading to a projected market volume of €470.1m by 2029.
The largest market within this market is VR Hardware, which will have a market volume of €96.8m in 2024.
While most revenue is generated the United States with a projected market volume of €10,110.0m in 2024, the AR & VR market market in Sweden is also expected to grow.
The number of users in the AR & VR market market in Sweden is anticipated to reach 9.3m users by 2029.
User penetration in Sweden will be 84.4% in 2024 and is expected to increase to 84.7% by 2029.
Additionally, the average revenue per user (ARPU) in Sweden is expected to amount to €33.6.
Sweden's AR & VR market is witnessing a surge in innovative applications within healthcare, enhancing patient care and training simulations significantly.

Definition:

Augmented reality (AR) and virtual reality (VR) make it possible to combine the real and virtual worlds. AR is generally accessed via mobile phones and primarily relies on lenses. AR effects can be created by using lenses in social media apps, for example. AR is also used for displaying digital 3D objects in our surroundings, e.g., in gaming or eCommerce apps. Meanwhile, VR technology allows users to dive into the virtual world, and, unlike AR technology, it requires a headset device which enables the creation of virtual worlds.

Structure:

The AR & VR market consists of six different markets: AR Advertising, AR Hardware, AR Software, VR Advertising, VR Hardware, and VR Software. AR Advertising covers mobile advertising that is displayed in the most prominent social media apps. AR Hardware comprises AR headsets and glasses. AR Software is divided into three different application types, namely social media, gaming, and eCommerce applications, which can be accessed via the most prominent app stores. VR Advertising covers in-game advertising as well as advertising in VR videos. VR Hardware comprises both tethered head-mounted displays (HMDs) and stand-alone HMD headsets. Lastly, VR Software covers VR games and VR videos, which require headsets.

Additional information:

The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through in-app purchases, advertising spending, and consumer spending on apps, games, and hardware such as headsets or glasses. Sales channel data shows both online and offline revenues, which include VAT. The market only displays B2C revenues and users for the above-mentioned markets and markets; B2B and B2G revenues are not included. Additional definitions for each market can be found on the respective market pages.
Market numbers for VR headsets are also featured in the Consumer Market Insights, namely in the Gaming Equipment market of the Consumer Electronics market. Unlike the VR Hardware market in the Advertising & Media Outlook, the Gaming Equipment market also covers smartphone VR devices.
Key players in the market include companies such as Meta (Oculus VR), Microsoft (HoloLens), Snap Inc. with different lenses, and Nvidia, which offers computing hardware components.
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Analyst Opinion

The AR & VR market in Sweden has been experiencing significant growth in recent years, driven by customer preferences for immersive and interactive experiences, as well as advancements in technology.

Customer preferences: Customers in Sweden have shown a strong preference for immersive and interactive experiences, which has fueled the demand for AR & VR technology. This can be attributed to the country's tech-savvy population and high levels of digital adoption. Swedish consumers are known for their openness to new technologies and willingness to embrace innovative solutions. As a result, there is a growing demand for AR & VR applications across various industries, including gaming, entertainment, education, and healthcare.

Trends in the market: One of the key trends in the AR & VR market in Sweden is the increasing adoption of these technologies in the gaming industry. Sweden has a thriving gaming industry, with a number of successful game development studios and a large community of gamers. The use of AR & VR in gaming has opened up new possibilities for immersive gameplay and enhanced user experiences. This trend is expected to continue as more game developers explore the potential of AR & VR technology. Another trend in the market is the integration of AR & VR in the education sector. Swedish schools and educational institutions are increasingly using these technologies to enhance learning experiences and engage students in a more interactive way. AR & VR can provide students with immersive simulations, virtual field trips, and hands-on learning experiences, which can greatly enhance their understanding and retention of information.

Local special circumstances: Sweden has a strong technology infrastructure and a highly skilled workforce, which has contributed to the growth of the AR & VR market. The country is home to several leading technology companies and startups that are driving innovation in the field of AR & VR. Additionally, the Swedish government has been supportive of the development and adoption of these technologies, providing funding and incentives to companies in the sector.

Underlying macroeconomic factors: The growth of the AR & VR market in Sweden is also influenced by underlying macroeconomic factors. The country has a strong economy and high levels of disposable income, which allows consumers to invest in new technologies and experiences. Additionally, Sweden has a well-developed digital infrastructure and high internet penetration rates, which facilitates the adoption of AR & VR technology. In conclusion, the AR & VR market in Sweden is experiencing significant growth due to customer preferences for immersive experiences, advancements in technology, and supportive local circumstances. The increasing adoption of AR & VR in gaming and education, along with the country's strong technology infrastructure and favorable macroeconomic factors, are driving the market forward.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the AR & VR market. AR and VR enable consumers to experience a new dimension, using either a headset or installed units, as they combine the real and virtual worlds. Consumer revenue figures refer to revenues relating to AR hardware, AR software, VR hardware, VR software, and spending on AR and VR advertising. Both digital and non-digital revenues are included.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports. In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending, internet penetration, 4G coverage, and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).