The increasing penetration of tablet computers and smartphones, rising emphasis of vendors on cost reduction, and growing adoption of augmented reality (AR) and virtual reality (VR) technology in enterprises will drive the global AR and VR market at a CAGR of 42.9% during the forecast period of 2020–2030. These factors will increase the size of the market from $37.0 billion in 2019 to $1,274.4 billion in 2030.
Additionally, there is a surge in the adoption of the technologies in the tourism, gaming, entertainment, healthcare, and education sectors. Smartphones and tablet computers offer an ideal platform for AR and VR, which is why these devices are becoming a popular hardware interface for AR and VR for these technologies. As the number of smartphone users is increasing, the usage of AR and VR applications is also surging.
Considering the resourcefulness of these devices, enterprises operating in the AR and VR industry are launching their products through different mobile application stores. Furthermore, vendors’ attempt to reduce the cost of their products will drive the AR and VR market growth during the forecast period. Technological innovations in software and hardware development will reduce the cost of AR and VR devices soon.
Market players are offering software development kits (SDKs) to application developers at reasonable prices. This will widen the application base of these technologies, thereby helping in the reduction of the cost of the products in the future. The reduced cost will lead to the increasing adoption of these technologies, especially in developing countries.
This market research report provides a comprehensive overview of the AR and VR market
- Historical and the present size 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
