This market is driven primarily by the growing internet usage and the rapidly developing video game industry. The AR/VR market is expected to expand rapidly because of the increasing adoption of VR in all industries (retail, entertainment, healthcare, and manufacturing) and the growing use of augmented Reality. Governments around the world encourage the adoption and promotion of different technologies in order to support the growth of the automotive and manufacturing industries. AR technology to digitize and enhance on-site solutions is also important for commercial and corporate solutions. These elements result in an increase in market share.
Read also: The difference between virtual augmented and mixed reality
In 2021 the market for augmented and virtual Reality stood at USD 22.6 trillion. It is predicted that it will reach USD 451.5 billion by 2030. Here are 10 reasons AR & VR market size could reach $451 by 2030
- Healthcare is seeing a rise in the demand for augmented reality technology (AR). This technology can be used to help a surgeon view a virtual model of the patient’s body so that they can evaluate their condition. This may allow the surgeon to perform less invasive surgeries.
- AR-based apps are used for task analysis, problem-solving, production line operations, assembly activities, and other manufacturing functions. In the future, organizations will require more remote assistance and collaboration.
- This market will be driven by both the increasing use of AR technology in mobile phones to provide an immersive experience and the adoption of smart glasses and smartphones.
- Increased market size could be due to increased demand for high-quality entertainment content and companies focusing on customizing products and enhancing display features.
- Growing demand for lightweight displays and technological advances, as well as expanding patent portfolios of companies, will see the market for HMDs, a component of AR devices, experience significant growth in the next years.
- There is a growing demand for interactive and immersive games.
- AR and VR technologies are being driven by increasing smartphone demand, making them essential components of smartphones.
- Most Fortune 500 companies are testing AR and VR technology. Some even have pilot projects. This pilot project’s main goal is to discover how these technologies may help businesses increase productivity and reduce operational expenses.
- This technology is being used in a number of areas, including aerospace, defense, and education for training. The governments of Canada and the United States are investing heavily in this area. AR and VR are expected to grow in size.
- Because of the growing demand for gesture control and haptic control, the sector is expanding. The haptic technology allows for a sense of touch.
Conclusion These are the main reasons the AR/VR market size is expected to reach $451 by 2030.
Disclaimer: The author’s opinions and information are solely his. This article is not intended as investment advice. You agree to this article not being used as financial advice or investment advice. Before you make any investment decisions, it is important to do your own research.
Sources:
- https://inside.com/campaigns/inside-metaverse-2022-12-29-36013
- https://www.analyticsinsight.net/10-reasons-why-ar-and-vr-market-size-will-reach-451-by-2030/
- https://www.globenewswire.com/news-release/2022/12/27/2579642/0/en/Augmented-Reality-and-Virtual-Reality-Market-Size-is-Expected-to-Reach-at-USD-451-5-Billion-by-2030-registering-a-CAGR-of-38-5-Owing-to-Growing-Applications-in-Healthcare-Sector.html
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