AR and VR Market Size, Status, Top Players, Trends in Upcoming Years

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.

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.

According to P&S Intelligence, North America emerged as the largest consumer of AR and VR technologies and devices in the recent past. Of the North American nations, the U.S. is the larger adopter of such technologies, due to the presence of several technology providers and the increasing application of these technologies in the e-commerce and healthcare industries in the country. For example, AccuVein Inc., a U.S.-based medical imaging solution providing company, offers AR technology for assisting doctors and nurses in locating veins in patients.

Whereas, the APAC AR and VR market is expected to display the fastest growth throughout the forecast period, owing to the rapid technological evolution in the region. Besides, the introduction of AR and VR devices in the region, owing to the booming population and the presence of a tech-savvy youth, and the soaring popularity of AR- and VR-based gaming, will also facilitate the market growth in the region in the forecast years.

For instance, in October 2019, LG Uplus Corporation and eyecandylab Corporation introduced an AR service, named U+AR Shopping for online shopping portals. Therefore, the rising penetration of smartphones and tablets and the surging adoption of advanced technologies by businesses will augment the need for AR and VR solutions and devices in the forthcoming years.



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