Augmented and Virtual Reality Market with COVID-19 Impact Analysis

BANGALORE, India - Jan. 28, 2023 - PRLog -- The 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%.

AR and VR technology have marked a level of immersive experience for gamers. With several professional and amateur players on the rise, the industry will grow tremendously owing to the pleasures of real-world 3D experience that will change the gaming systems of users. Gamers are not able to differentiate between virtual and real environments as these technologies provide seamless integration for real-time interaction. The perception levels of the person will rise as they will be able to play as their online avatars and teleport themselves to the gaming world complete with virtual interactions with other players. Developers are creating highly specialized content for engaging the viewers and increasing their footfall. All these factors will drive the growth of the augmented and virtual reality market during the forecast period.

The way of providing entertainment has changed drastically. The patterns of consumption are no longer similar to bygone years. Ar can track in real-time the speed and positioning of the balls, weather forecast, players' background, and other factors. The audience will feel as if they are in the match watching from the comfort of their homes. Music concerts can be streamed live and watched remotely via AR, and VR-enabled apps. 3d models, videos, and images can be used for advertising in print media. AR billboards will allow consumers to have a truly immersive experience just via their phone scans. Content can be customized as per the preferences of viewers with seamless web connectivity. This will boost the growth of the Augmented and Virtual Reality market during the forthcoming period.

Engineers and designers have realized the potential of AR, and VR technologies in the development of aerospace platforms and military systems. Engineers can use virtual prototypes to find out technical faults related to wiring systems and aircraft bodies. The 3D design is immensely beneficial as it impacts the entire production process thereby saving up costs and time. This results in the creation of tighter integrations, virtual assembly lines, and a straightforward designing process. These factors will boost the growth of the Augmented and Virtual reality market during the forecast period.

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