AR & VR - Greece

Greece

The AR & VR market in Greece is projected to reach a revenue of US$83.2m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 9.35%, resulting in a projected market volume of US$130.0m by 2029.
Among the various segments, the largest market is AR Software with a market volume of US$24.9m in 2024.
The United States generates the most revenue in the AR & VR market, with a projected market volume of US$10,900.0m in 2024.
In terms of user base, the number of AR & VR market users in Greece is expected to amount to 5,561.0k users by 2029.
The user penetration rate is projected to be 52.2% in 2024 and is expected to increase to 55.0% by 2029.
The average revenue per user (ARPU) is expected to amount to US$15.5.
Please note that the revenue values displayed here only account for B2C revenues.
This means that the market share displayed only covers the B2C segment and does not include the B2B segment, which constitutes 0.00 of the total market (B2C & B2B).
Greece's AR & VR market is experiencing rapid growth due to the country's rich cultural heritage, attracting both local and international investors.

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 Greece has been steadily growing in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Greece have shown a growing interest in AR & VR technologies, particularly in the gaming and entertainment sectors. The immersive and interactive nature of these technologies appeals to a wide range of consumers, from casual gamers to avid tech enthusiasts. Additionally, the younger generation in Greece has shown a strong affinity for AR & VR, embracing these technologies as a form of escapism and entertainment.

Trends in the market: One of the key trends in the AR & VR market in Greece is the increasing adoption of these technologies in the tourism industry. Greece is a popular tourist destination, known for its rich history and cultural heritage. AR & VR technologies offer a unique way for tourists to experience and engage with the country's historical sites and landmarks. Virtual reality tours and augmented reality guides have become popular among tourists, providing them with an immersive and informative experience. Another trend in the market is the integration of AR & VR technologies in the education sector. Greece has a strong emphasis on education, and educators are increasingly recognizing the potential of AR & VR to enhance learning experiences. These technologies can bring abstract concepts to life, making learning more engaging and interactive. Virtual reality field trips and augmented reality simulations are being used to supplement traditional teaching methods, providing students with a hands-on and immersive learning experience.

Local special circumstances: Greece has a thriving startup ecosystem, with many innovative companies focusing on AR & VR technologies. These startups are driving the development and adoption of AR & VR in the country, creating a vibrant and competitive market. Additionally, the Greek government has been supportive of the tech industry, providing funding and incentives for startups in the AR & VR space. This supportive ecosystem has contributed to the growth of the AR & VR market in Greece.

Underlying macroeconomic factors: The Greek economy has been recovering from a prolonged recession, and the AR & VR market is seen as a potential driver of economic growth. The government recognizes the potential of these technologies to create jobs and attract investment. As a result, there has been a push to develop the AR & VR industry through initiatives such as tax incentives and grants. This favorable business environment has attracted both domestic and international companies to invest in the AR & VR market in Greece. Overall, the AR & VR market in Greece is experiencing steady growth, driven by customer preferences for immersive and interactive experiences, trends in the tourism and education sectors, local special circumstances such as a supportive startup ecosystem, and underlying macroeconomic factors that promote economic growth. As these factors continue to evolve, the AR & VR market in Greece is expected to further expand and diversify in the coming years.

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).