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A number of factors such as the mounting focus of vendors on price reduction, surging penetration of tablet computers and smartphones, and increasing adoption of advanced technologies by enterprises will drive the 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 a revenue of $37.0 billion in 2019, and it is projected to reach $1,274.4 billion revenue by 2030.
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One of the key growth drivers for the market is the surging adoption of smartphones and tablet computers across the world. Consumer electronics, such as tablets, smartphones, laptops, and gaming consoles, have become potential hardware interfaces for the associated applications. For instance, the 2018 “Measuring the Information Society Report” published by the International Telecommunication Union (ITU) states that the global average mobile subscription rate is 107.0 per 100 inhabitants. As per the report, almost every individual in the world resides within the reach of a mobile-cellular signal.
Geographically, North America accounted for the largest share in the AR and VR market during the historical period, and it is projected to register notable growth throughout the forecast period. This can be credited to the increasing application of AR and VR technologies in the e-commerce and healthcare industries in the region. Of the North American nations, the U.S. emerged as the global leader due to the existence of leading market players, such as AccuVein Inc., in the country.
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Whereas, the Asia-Pacific (APAC) region is expected to demonstrate the fastest growth in the AR and VR market throughout the forecast period. This will be due to the presence of a vast population of tech-savvy youth and the high popularity of AR- and VR-enabled gaming in the region. Due to these reasons, numerous leading players are focusing on introducing AR and VR devices in the region. For instance, in October 2019, LG Uplus Corporation and eyecandylab Corporation launched U+AR Shopping, an AR service for online shopping portals, in APAC.
Thus, the rising use of smartphones and tablet computers and mounting investments being made in AR and VR start-ups will support the market growth in the foreseeable future.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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