U.S. Augmented and Virtual Reality Market Worth Observing Growth Rate of 41.6% from 2021 to 2030

The U.S. augmented and virtual reality market size was valued at $4.39 billion in 2020, and is projected to reach $134.76 billion by 2030, registering a CAGR of 41.6% from 2021 to 2030.

The enterprise segment is expected to experience significant growth in the coming years, owing to several real-world applications, which are emerging continuously in enterprise and growing need to transform the enterprises, mainly in the areas of collaboration & communication, training & simulation, and field & customer services.

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Augmented and virtual reality solutions are used to offer digital immersive user experience that can be used for entertainment and business applications among various industry verticals. Virtual reality is an extensive term for a multi-sensory computer-generated experience, which enables users to experience and interact with a simulated environment. On the contrary, augmented reality enhances the real world using digitally produced perceptual overlays. Furthermore, the key factor that drives the market growth includes rise in investment in AR market and surge in penetration of smartphones & mobile gaming boost the growth of the U.S. augmented and virtual reality market. In addition, increase in adoption of augmented & virtual reality solutions in education positively impacts the growth of the market.

However, security and privacy issues associated with AR is expected to hamper the U.S. AR & VR market growth. On the contrary, surge in usage of VR headsets in amusement and theme parks, commercial applications, and other places is expected to offer remunerative opportunities for the expansion of the U.S. augmented and virtual reality market during the forecast period.

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The outbreak of COVID-19 is anticipated to have a positive impact on growth of augmented and virtual reality market. In addition, the integration of advanced technologies such as artificial intelligence in augmented and virtual reality software help the providers to identify risks and fraud, boost the revenue, and add value to their customer. AI-based augmented and virtual reality software has increased the efficiency in risk identification in designing phase and helps in creating a better business insight. Moreover, with the rise in COVID-19 pandemic various travel and tourism industries are using AR & VR technology for providing virtual tourism for the general public which is enhancing the growth of the market in the pandemic situation. For instance, Travel World VR a New Jersey-based company specializing in sales and marketing for travel agents, resorts, cruise lines and other tourist attractions is creating 360-degree videos for clients and is allowing mobile users to enjoy 50 immersive experiences with more being added each week. This is increasing the use of VR among the populations that are yet to try VR headsets.

The key players profiled in the U.S. augmented and virtual reality market analysis are Apple Inc., Cyberglove Systems, Inc., Facebook Technologies, LLC (Oculus), Google, Inc. Intel Corporation, Magic Leap, Inc., Microsoft Corporation, Niantic, Inc., PTC and Sixense Enterprises, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the U.S. augmented and virtual reality industry.

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