Stable Growth Predicted in AR and VR Market in Coming Years

Augmented reality (AR) and virtual reality (VR) technologies are making their way into the masses through smartphones and tablet computers. Therefore, owing to the increasing tablet and smartphone penetration, AR and VR technology providers are tapping on the resourcefulness of these media to launch their products through numerous mobile application stores. Furthermore, leading technology-providing companies are introducing their AR and VR hardware for their existing and potential customers.

Additionally, the plunging cost of these solutions owing to the constant technological advancements in the software and hardware will help the AR and VR market progress at a robust CAGR of 42.9% during 2020–2030. According to P&S Intelligence, the market revenue will rise from $37.0 billion in 2019 to $1,274.4 billion by 2030. For example, technological advances in the field of optics are facilitating the development of flexible, affordable, and compact displays for headsets and smart glasses.


Geographically, the North American region dominated the AR and VR market in the recent past due to the increasing application of these technologies in the e-commerce and healthcare industries. For instance, AccuVein Inc., a U.S.-based medical imaging solution provider, develops the AR technology for the healthcare industry, to assist doctors and nurses in locating veins in patients. Thus, the presence of leading solution providers in the U.S. encourages the usage of AR/VR in the region.

Whereas, the Asia-Pacific (APAC) region is expected to adopt these technologies at the highest rate in the foreseeable future. This can be primarily ascribed to the ongoing technological revolution here owing to the presence of a vast population, especially of tech-savvy youth. Additionally, the increasing availability of such advanced devices on account of the surging popularity of AR- and VR-based gaming will augment the adoption of these solutions in the region.

Thus, the rising smartphone penetration and declining AR and VR device cost will augment their adoption across the world.

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