Declining Costs of AR and VR Technologies Fueling AR and VR Market Growth

From $37.0 billion in 2019, the augmented reality (AR) and virtual reality (VR) market revenue is predicted to surge to $1,274.4 billion by 2030, exhibiting a CAGR of 42.9% from 2020 to 2030 (forecast period). The market is being driven by the mushrooming adoption of AR and VR technologies in the healthcare, gaming, education, and entertainment sectors. 

In addition, the plunging costs of these technologies, owing to various advancements, are also propelling their popularity across the world. Technological advancements in the field of optics, including light-field technology, are expected to drive the development of affordable compact, and flexible displays for headsets and smart glasses. 


Currently, the players operating in the market are offering software development kits (SDKs) to application developers at extremely affordable prices. Owing to the increasing adoption of these technologies, the prices of products will plunge sharply in the upcoming years. Further, several businesses operating in many industries are actively focusing on using AR and VR technologies for improving their operations.

For example, the wiring production time fell by as much as 25% and the error rate after the incorporation of smart glass displays, says The Boeing Company. Based on type, the AR and VR market is classified into AR and VR. Of these, the VR category held larger share in the market during the last few years. This was due to the extensive use of VR in various industries, especially gaming, and the plunging prices of VR devices.

This market research report provides a comprehensive overview of the market
  • The 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

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