What are Major Factors Driving Growth of AR and VR Market?

The augmented reality (AR) and virtual reality (VR) market is expected to witness a strong CAGR, of 42.9%, during the forecast period (2020–2030), owing to the soaring focus of vendors on price reduction, growing penetration of tablet computers and smartphones, and surging adoption of AR and VR technologies in the healthcare, gaming, tourism, education, and entertainment industries. According to P&S Intelligence, the market was valued at $37.0 billion in 2019 and it is projected to reach $1,274.4 billion by 2030.

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The rising focus of vendors on price reduction is one of the key contributors to the market growth, owing to the surging technological advancements in hardware and software. Constant technological innovations in the field of optics will result in the development of flexible, compact, and cost-effective displays for smart glasses and headsets. In recent years, market players have been providing software development kits (SDKs) to application developers at reasonable costs.

Globally, the North American AR and VR market generated the highest revenue in 2019. This is ascribed to the widening application base of AR and VR technologies in the e-commerce and healthcare industries, in the region. In North America, the U.S. accounts for larger share, due to the presence of leading market players in the country. For instance, AccuVein Inc., a U.S.-based medical imaging solution provider, provides AR solutions to assist medical professionals in locating veins in patients.

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Whereas, the Asia-Pacific (APAC) AR and VR market is expected to register the fastest growth in the forecast years. This can be majorly credited to the rapid technological evolution in the region. Moreover, the increasing availability of the latest AR and VR devices, owing to the surging population of tech-savvy youth and escalating popularity of AR- and VR-based gaming consoles, will also support the regional market growth. For example, eyecandylab Corporation and LG Uplus Corporation launched U+AR Shopping, an AR service for online shopping portals in October 2019.

Therefore, the surging adoption of AR and VR technologies in end-use industries and the plunging costs of these technologies and AR- and VR-enabled devices will augment the market growth.

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