What Are Major Catalysts for the AR and VR Market and their Impact During the Short, Medium, and Long Terms?

The rapid decline in the prices of AR and VR solutions, due to technological advancements in the software and hardware, is also pushing up their demand across the globe. Technological advancements in the domain of optics, including light-field technology, are predicted to fuel the development of flexible, compact, and affordable displays for smart glasses and headsets. Currently, the industry players are providing software development kits (SDKs) to application developers at highly affordable prices.

Because of the growing application base of these technologies, the prices of the products will fall considerably in the coming years. The other important factor fueling the growth of the AR and VR market is the soaring adoption of these technologies by businesses. A large number of the Fortune 500 companies have already started experimenting with the AR and VR technologies and a few of them have launched pilot projects to determine the impact of these technologies on their productivity.

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For instance, The Boeing Company witnessed a 25% reduction in its wiring manufacturing time after adopting smart glass displays. Due to these factors, the worldwide demand for AR and VR technologies is skyrocketing, thereby driving the growth of the global AR and VR market. The market revenue is predicted to grow from $37.0 billion in 2019 to $1,274.4 billion by 2030. Furthermore, the market will advance at a CAGR of 42.9% from 2020 to 2030.

Depending on type, the market is divided into AR and VR. Between these, the VR category dominated the market from 2014 to 2019, as per the observations of the market research firm, P&S Intelligence. This was primarily because of the extensive usage of VR in various industries, particularly gaming, and the fall in the costs of VR devices. As VR provides an immersive experience to users, it is increasingly being adopted by businesses operating in the gaming industry.

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Geographically, the AR and VR market will exhibit the fastest growth in Asia-Pacific (APAC) in the forthcoming years. This is credited to the fact that the region is home to many developing countries and numerous hardware and display panel manufacturing companies. Additionally, the surging investments being made in the defense and commercial sectors and the expansion of the automotive and healthcare industries, especially in South Korea, India, China, and Japan, are also driving the market advancement in this region.

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This release was published on openPR.