AR & VR - Chile

Chile

In Chile, revenue in the AR & VR market market is projected to reach €125.6m in 2024.
Revenue in this sector is expected to show an annual growth rate (CAGR 2024-2029) of 9.57%, resulting in a projected market volume of €198.4m by 2029.
The largest market in this area is AR Software, with a market volume of €39.3m in 2024.
Most revenue, however, is generated the United States, which has a projected market volume of €10,000.0m in 2024.
In the AR & VR market market withChile, the number of users is expected to amount to 11.4m users by 2029.
User penetration in this market will be 56.7% in 2024 and is anticipated to reach 57.1% by 2029.
The average revenue per user (ARPU) in Chile is expected to amount to €11.3.
In Chile, the AR & VR market is increasingly adopted in education and tourism, enhancing experiential learning and immersive travel experiences.

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.
For more information on the data displayed, use the info button right next to the boxes.

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Analyst Opinion

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

Customer preferences: Customers in Chile are increasingly seeking out unique and engaging experiences, and AR & VR technologies provide just that. By using these technologies, customers can explore virtual worlds, interact with digital objects, and even participate in virtual events. The ability to escape reality and be transported to a different world is highly appealing to consumers, and this is reflected in the growing demand for AR & VR products and services in Chile.

Trends in the market: One of the key trends in the AR & VR market in Chile is the adoption of these technologies in various industries. For example, the tourism industry is using AR & VR to provide virtual tours of popular destinations, allowing customers to experience the sights and sounds of different locations without actually being there. Similarly, the education sector is using AR & VR to enhance learning experiences, bringing textbooks to life and allowing students to explore complex concepts in a more interactive way. Another trend in the market is the increasing availability and affordability of AR & VR devices. As technology continues to advance, AR & VR devices are becoming more accessible to consumers, with a wider range of options available at different price points. This has contributed to the growing adoption of AR & VR technologies in Chile, as more people are able to experience the benefits of these immersive technologies.

Local special circumstances: Chile has a strong technology sector, with a growing number of startups and companies focusing on AR & VR development. This has created a favorable environment for innovation and investment in the AR & VR market. Additionally, the government has shown support for the development of the technology sector, providing incentives and funding opportunities for companies in this space. These local special circumstances have contributed to the growth of the AR & VR market in Chile, attracting both domestic and international players to invest in the market.

Underlying macroeconomic factors: Chile has a stable and growing economy, which has provided a conducive environment for the development of the AR & VR market. The increasing disposable income of consumers has allowed them to spend more on leisure activities and entertainment, including AR & VR experiences. Additionally, the country's strong infrastructure and internet connectivity have facilitated the adoption of AR & VR technologies, as consumers are able to access and enjoy these experiences with ease. In conclusion, the AR & VR market in Chile is experiencing significant growth due to customer preferences for immersive and interactive experiences, the adoption of these technologies in various industries, the increasing availability and affordability of AR & VR devices, local special circumstances that support innovation and investment, and the underlying macroeconomic factors that provide a conducive environment for the development of the market.

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).