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Augmented and virtual reality market size was valued at $14.84 billion in 2020
augmented and virtual reality market size was valued at $14.84 billion in 2020 and is projected to reach $454.73 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 40.7%.
By: Valuates Reports
Key drivers of the market include growing potential in the gaming industry. The entertainment and media industry will fuel the growth of the augmented and virtual reality market during the forecast period. The aerospace and defense industry will drive the growth of the market in the coming years. The immense applications of Augmented and Virtual Reality in the Healthcare Market will surge the growth prospects of the industry in the forthcoming period. The rise of ar, vr marketing will boost the growth of the market in the upcoming years. The manufacturing sector will fuel the demand for the market in the subsequent years. The education sector will change drastically thereby positively impacting the expansion of the market during the upcoming years
Augmented and Virtual Reality Market Analysis
On the basis of organization size, the large enterprises' segment exhibited the highest growth in the augmented and virtual reality market in 2020 and is expected to maintain its dominance in the upcoming years. This is due to the rise in applications of augmented and virtual reality in automotive, manufacturing, construction, extractive industry, aircraft, healthcare, education, law enforcement, and real estate industries. However, the SMEs segment is expected to witness the highest growth, due to AR & VR technology benefits such as reduced field staff training costs, faster repairs, and greater customer satisfaction.
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