Rising Smartphone Penetration Fueling AR and VR Technologies Demand

Augmented reality (AR) and virtual reality (VR) technologies are reaching the masses through various platforms, such as tablet computers and smartphones. With the surging adoption of such consumer electronic devices, they are becoming a potential hardware interface for associated applications. In recent years, technological innovations in such devices have helped in reducing the prices of AR and VR solutions. Currently, AR and VR technologies developers and devices manufacturers are increasingly focusing on product launches and partnerships to strengthen their presence among customers.

Moreover, the rapid advancements being made in the domain of optics, including light-field technology, will lead to the development of flexible, affordable, and compact displays for smart glasses and headsets, which will further amplify the use of such solutions in the coming years. Additionally, the rising adoption of such technologies among enterprises will also accelerate the AR and VR market at 42.9% CAGR during the forecast period (2020–2030). 



The market generated a revenue of $37.0 billion in 2019 and it is expected to reach $1,274.4 billion revenue by 2030. Business organizations are the most preferred targets for app developers, device manufacturers, and solution providers because enterprises offer a wide application base for such solutions. In recent years, many Fortune 500 companies have started experimenting with AR and VR technologies.

For instance, in November 2019, Magic Leap Inc. partnered with Spotify AB for making Spotify the first music service on its One Creator Edition AR headset. Similarly, in June 2020, PTC Inc. entered into a partnership with Rockwell Automation Inc. to provide PTC Vuforia Chalk AR software for free. This move will help the customers in overcoming the challenges associated with remote working.

This market research report provides a comprehensive overview of the 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
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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