AR Market To Generate $1,274.4 Billion Revenue by 2030

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 gesture and haptic control devices in automation are expected to drive the growth of the AR and VR market at a CAGR of 42.9% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $37.0 billion revenue in 2019, and it is expected to reach $1,274.4 billion by 2030.


One of the prime factors aiding the AR 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. Another key factor driving the demand for AR and VR technologies is their increasing adoption by enterprises in several sectors, including gaming, education, entertainment, retail, tourism, e-commerce, and healthcare.

Business entities are targeted by major app developers, device manufacturers, and solution providers due to the wide application base of the AR and VR technologies. Almost all the Fortune 500 players have started adopting these technologies to reduce their operational costs. For instance, with the use of smart glass displays, The Boeing Company reduced its error rate and curtailed the time of wiring production by around 25%.

Comments

Post a Comment

Popular posts from this blog

Increasing Smartphone Usage Driving Enterprise Mobility Management Market Surge

Image
Owing to the increasing penetration of the internet, mushrooming use of smartphones, and growing enactment of the bring-your-own-device (BYOD) policy at workplaces in several countries, the global enterprise mobility management (EMM) market is expanding rapidly. According to the forecast of the market research company, P&S Intelligence, the value of the market reached $16 billion in 2020. The market is also expected to exhibit explosive growth during 2021–2030 (forecast period). In recent years, the penetration of the internet has surged sharply in several countries. According to the World Bank, around 49.0% of people all over the world were using the internet in 2017. This is fueling the demand for enterprise mobility management solutions and services. In addition, the rapid advancements being made in technologies, such as artificial intelligence (AI), and the surging number of smartphone users across the world are also propelling the requirement for EMM solutions. This is because...
Read more

Increasing Construction Activities Driving CAD Software Demand in India

Image
The expansion of the construction sector, on account of factors, such as the implementation of initiatives by the government for facilitating infrastructure development and increasing foreign direct investment (FDI), is fueling the demand for CAD software in India . According to the India Brand Equity Foundation (IBEF), India will be home to the third largest construction industry in the world by 2022. The organization also reported that the government allocated Rs. 111 lakh crore or USD 1.4 trillion under the National Infrastructure Pipeline (NIP) for FY2019–2025. The CAD software is being increasingly required in the construction industry for facilitating accurate designs and precise measurements, carry out advanced analysis of the designs, and spot flaws in the designs. Moreover, the CAD software enables construction managers to get a better insight into designs, reduce chances of error, achieve faster project completions, and higher project accuracy and efficiency. Therefore, with ...
Read more

Surging Deployment of Unified Communication Systems Driving Corporate Telephony Market

Image
A number of factors, such as the surging deployment of unified communication systems, increasing investments in corporate telephony, and rising need to improve productivity and reduce operational cost and time, are expected to drive the growth of the corporate telephony market during the foreseeable period (2021–2030). Moreover, the market is witnessing the increasing incorporation of the internet of things (IoT) with communication systems. IoT improves mobility and enables access to data virtually, by allowing data exchange among various divisions over a wireless network. This leads to better work scheduling and improved communication. The surging deployment of unified communication systems is one of the main factors boosting the growth of the corporate telephony market .   Organizations are rapidly adopting these systems to improve their communications and reduce their operational costs. Moreover, unified communication systems help organizations in improving the user experience,...
Read more