The market is mostly driven by how many people are using the internet and how the video game business is growing. The AR and VR market will grow quickly over the next few years because more industries are using AR and VR. These industries include retail, entertainment, healthcare, media, aerospace, manufacturing, and defense.
Governments all over the world are encouraging the use of different technologies, including new ones, to help the manufacturing and auto industries grow. AR technology is also used a lot in business and corporate solutions to digitize and improve things on-site. Because of these things, a company’s market share goes up.
The augmented reality and virtual reality market were worth USD 22.6 billion in 2021. It is expected to reach USD 451.5 billion by 2030. Tell us 10 reasons why the size of the AR and VR market will reach $451 billion by 2030:
- Augmented reality (AR) technology is becoming more popular and is being used more and more in healthcare. A surgeon could use these tools to see a virtual copy of a patient’s body parts so they could figure out how sick the patient is. Because of this, the surgeon may be able to do surgery with less damage to the body.
- AR-based apps are used by manufacturers for analyzing tasks, solving problems, running production lines, putting things together, and making things. Because of this, organizations will need more remote help and more ways to work together in the future.
- The market is likely to grow soon because more people are using mobile AR technologies to give a more immersive experience and because more people are using portable devices like smartphones and smart glasses.
- The size of the market could grow if more people want high-quality entertainment content and more companies work on improving display features and making products specifically for businesses.
- In the coming years, the market for HMDs, which are a part of AR devices, is also expected to grow a lot. This is because people want lighter displays, technology is getting better, and companies are getting more patents.
- People are becoming more aware of these cutting-edge technologies and want more interactive and immersive games.
- As the number of smartphone users grows, so does the need for AR and VR technologies. This makes AR and VR technologies essential parts of smartphones.
- Most Fortune 500 companies are trying out AR and VR tech, and some have even started pilot projects. The main goal of these pilot projects is to find out how these technologies could help businesses increase productivity and lower operational costs.
- The governments of the U.S. and Canada are putting a lot of money into putting these technologies to use in sectors like aerospace and defense, healthcare, and education for training purposes. This is expected to increase demand in the region. Because of this, the size of the market for AR and VR could grow.
- The industry is growing because there is more demand for the gesture and touch control. Using haptic technology, something that feels like it can be touched is made.