CHICAGO, December 21, 2022 /PRNewswire/ — In 2021, the augmented reality and virtual reality market had a total size of $28.5 billionand it is expected to strike $200.1 billion by 2030, growing at a rate of 24.2% from 2021 to 2030, according to a research report by P&S Intelligence.
This is mainly attributed to the growing acceptance of these technologies in the entertainment, tourism, healthcare, gaming, education and retail sectors.
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Additionally, governments in several countries are encouraging automation and other modern technologies for the growth of the manufacturing sector. Additionally, enterprise and industrial applications increasingly depend on AR technology for on-site enhancements and digitization.
The highest revenue generator is AR technology
Between AR and VR technologies, AR has the largest revenue share. This is mainly attributed to the growing focus of companies on creating innovative ways to explore the potential of AR technology and deliver an advanced and engaging experience to users.
Additionally, the increasing penetration of wearable devices, such as smart glasses and smartphones, as well as the significant growth in the use of mobile AR technologies to deliver immersive experience will contribute to the growth of the industry.
The hardware category is the main source of income
In 2021, the hardware category had the largest share of revenue, around 61%. This can be attributed to the falling prices of hardware and its ease of availability, as well as the high popularity of AR and VR in the gaming industry.
Also, it is expected to maintain its dominance in the years to come. This is mainly due to the growing demand for high-quality entertainment content and the pressure on companies to improve display features and also provide personalized products.
Firms are more eager to adopt advanced technologies
The corporate sector holds a large share of revenue. The potential of these technologies for businesses is huge, with all key players including app developers, device makers and solution providers targeting the market.
Browse the detailed report on AR and VR Market Share, Growth, Trends and Demand Forecast to 2030
In addition, several Fortune 500 companies have already launched experiments and pilot projects with AR and VR technologies. The goal of such pilot projects is to find out how they can help increase productivity and reduce operational expenses for organizations.
North America is the biggest user of AR and VR technology
In 2021, North America had the largest share of revenue, around 35%. The governments of Canada and the United States is investing heavily in the deployment of these technologies in several sectors, such as health, education, aerospace and defense, which will contribute to the growth in demand for regional solutions.
Global AR and VR Market Report Coverage
- AR based on markers
- Passive marker
- Active marker
- AR without marker
- Model-Based Tracking
- Image-based processing
- Not immersive
- Semi and fully immersive
- Position trackers
- Displays and projectors
- Semiconductor components
- Software Development Kits
- Cloud-based services
- AR software functions
- VR content creation
By device type
- AR devices
- Head-mounted displays
- Head-up displays
- Portable devices
- VR devices
- Head-mounted displays
- Gesture Trackers
- Projector and display walls
- Sports and entertainment
- Offline education and online learning
- In-store retail and e-commerce
- Health care
- Aerospace and Defense
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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About P&S intelligence
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SOURCE P&S Intelligence