AR and VR Market Outlook and Opportunities in Grooming Regions
Posted by Devanshu Shrivastava on November 30th, 2021
Factors such as the surging focus of vendors on price reduction, increasing adoption of advanced technologies by enterprises, rising penetration of smartphones and tablets, and increasing need for the gesture and haptic control devices in automation are expected to drive the growth of augmented reality (AR) and virtual reality (VR) market at a CAGR of 42.9% during the forecast period (2020–2030). According to P&S Intelligence, the market generated 37 billion dollars in revenue in 2019, and it is expected to reach 1,274 billion dollars by 2030.
One of the prime factors aiding the AR and VR market growth is the surging focus of vendors on price reduction. Technological innovations in AR and VR solutions are curtailing their prices, as the revolution in the field of optics, such as light-field technology, is projected to drive the development of affordable, flexible, and compact displays for smart glasses and headsets. Presently, companies are providing software development kits at affordable prices to application developers.
Thus, the costs of the products are expected to decrease in the coming years owing to the rising application of such technologies. The AR and VR market is bifurcated into hardware and software, based on the offer. Between the two, the hardware category accounted for the larger share in the market in 2019, and it is expected to dominate the market during the forecast period as well.
This will be due to the decreasing costs of AR and VR devices, the high popularity of these devices in the gaming sector, increasing demand for high-quality entertainment content, easy availability of headsets, and growing focus of companies on offering customized items with improved features to enterprises. Geographically, the AR and VR market in the Asia-Pacific (APAC) region is expected to witness the most-rapid advance during the forecast period.
This can be ascribed to the increasing technological advancements, the rising popularity of AR- and VR-based games, the vast population of tech-savvy youth, and the presence of leading market players. Moreover, the surging investments in the defense and commercial industries and growing automotive and healthcare sectors in the region are expected to drive the demand for AR and VR solutions.
Thus, the surging focus of vendors on the price reduction and increasing adoption of the AR and VR technologies among enterprises across the globe are expected to propel the market growth during the forecast period.
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About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 105
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