U.S. Augmented and Virtual Reality Market Expected Massive Growth Forecast $134.76 Billion by 2030

Augmented and virtual reality (AR and VR) solutions provide immersive digital experiences for entertainment and business applications across various industry sectors. Virtual reality delivers a comprehensive, multi-sensory, computer-generated environment that allows users to interact with simulated settings. In contrast, augmented reality enhances the real world with digital overlays, creating perceptual additions to real-world views.

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Key factors driving market growth include increased investment in the AR sector and the widespread adoption of smartphones and mobile gaming, which fuel the U.S. AR and VR market. The growing use of AR and VR in education also positively impacts the market. However, concerns around security and privacy in AR may hinder growth. On the other hand, expanding VR use in amusement parks, commercial settings, and other venues presents valuable growth opportunities for the U.S. AR and VR market.

According to a recent report published by Allied Market Research, 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 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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Regarding industry applications, the gaming segment currently holds the largest share of the AR and VR market and is expected to maintain its leading position due to the adoption of advanced gaming technologies like VR, AR, and 3D & 4D graphics. AR and VR enhance video applications with real-time motion, environmental and lighting features, noise reduction, and lifelike graphics, driving demand among younger audiences for high-quality gaming experiences.

The healthcare segment, however, is anticipated to grow the fastest due to increasing demand for medical applications such as ultrasound visualization and detailed internal imaging. Moreover, hospitals are reportedly increasing budgets for simulation centers to incorporate AR and VR equipment, which is likely to further drive U.S. AR and VR market growth.

From a component perspective, the solution segment currently commands the largest share of the AR and VR market and is projected to remain dominant, as leading players continue to enhance virtual meeting software with new features, presenting substantial growth opportunities. The services segment is expected to experience the highest growth rate due to rising adoption among end-users, ensuring seamless software operation and platform support.

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The COVID-19 pandemic has positively impacted the AR and VR market, with advancements such as AI integration into AR/VR software enabling better risk and fraud detection, revenue optimization, and customer value enhancement. AI-powered AR and VR software improve efficiency in risk assessment during the design phase, creating more robust business insights. Additionally, as travel restrictions increased, AR and VR solutions gained traction in the tourism industry, offering virtual travel experiences to the public. For instance, Travel World VR, a New Jersey-based firm, produces 360-degree videos for tourism clients, offering mobile users 50 immersive travel experiences, with more added weekly, thereby increasing VR adoption among new users.

The report focuses on growth prospects, restraints, and trends of the U.S. augmented and virtual reality market analysis. The study provides Porter's five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the U.S. augmented and virtual reality market share.

The adoption of augmented and virtual reality in the U.S. has steadily increased, as augmented reality technology enhances the physical world by adding digital visual elements, sounds, or other sensory inputs through technological means. Additionally, retailers and other businesses are leveraging augmented reality to showcase products and services, launch innovative marketing campaigns, and gather unique user data, all of which support the market's growth.

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