The global augmented reality (AR) and virtual reality (VR) market is projected to account for a revenue of $1,274.4 billion in 2030, rising from $37.0 billion in 2019, progressing at a robust CAGR of 42.9% during the forecast period (2020–2030).
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The rising penetration of smartphones and tablet computers, increasing technology adoption among enterprises, and surging focus of vendors on price reduction are the key factors leading to the growth of the market. Between AR and VR, the VR division accounted for the major share of the market in 2019.
The application of VR is rising in several industries, majorly gaming, and the prices of VR are declining, thereby leading to the increasing adoption of the technology. VR provided an immersive experience to consumers, which is why, companies in the gaming industry are incorporating these features into their services and products.
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The AR category is predicted to grow at a faster pace during the forecast period, owing to the various benefits offered by the technology. On the basis of application, the AR and VR market is divided into enterprise, commercial, and consumer, out of which, the consumer division is predicted to hold the major share of the market in 2030.
This market research report provides a comprehensive overview of the AR and VR market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders