In 2021, AR and VR market had a total size of $28.5 billion, and it is predicted to hit $200.1 billion by 2030, progressing at a rate of 24.2% from 2021 to 2030, according to a research report by P&S Intelligence.
This is mainly ascribed to the growing acceptance of such technologies in the entertainment, tourism, healthcare, gaming, education, and retail sectors.
Moreover, the governments of several countries are promoting automation and other modern technologies for the growth of the manufacturing sector. Further, enterprise and industrial applications are becoming increasingly dependent on the AR technology for on-site enhancements and digitization.
Higher revenue generator is AR Technology
Between the AR and VR technologies, AR holds the larger revenue share. This is primarily attributed to the surging focus of businesses on creating innovative methods to explore the potential of the AR technology and provide an advanced and appealing experience to users.
In addition, the rising penetration of portable devices, such as smart glasses and smartphones, along with the significant growth in the use of mobile AR technologies to provide an immersive experience will contribute toward the industry growth.
Hardware category is major revenue contributor
In 2021, the hardware category had the larger revenue share, of approximately 61%. This can be credited to the decline in the prices of hardware and its ease of availability, as well as the high popularity of AR and VR in the gaming sector.
In addition, it is projected to continue its dominance in the years to come. This is mainly because of the growing demand for high-quality entertainment content and the stress on businesses to improve display features and also provide customized products.
Enterprises are keener to adopt advanced technology
The enterprise sector holds a significant revenue share. The potential of such technologies for enterprises is massive, with all the key players, including app developers, device manufacturers, and solution providers, targeting the market.
Furthermore, several Fortune 500 companies have already started experiments and pilot projects with the AR and VR technologies. The objective of such pilot projects is to find how they can help in increasing the productivity and reducing the operational expense of organizations.
North America is greatest user of AR and VR technology
In 2021, North America held the largest revenue share, of approximately 35%. The governments of Canada and the U.S. are investing heftily on the deployment of these technologies in several industries, such as healthcare, education, and aerospace & defense, which will help the regional solution demand grow. PR Newswire