The market is primarily driven by the rising use of the internet and the developing video game industry. The increased adoption of virtual reality and augmented reality in industries including retail, entertainment, healthcare, media, aerospace, manufacturing, and defense will cause the AR and VR market to grow quickly over the projected period. To support the growth of the manufacturing and automotive industries, governments all over the world are promoting the adoption of various technologies, including new ones. Commercial and corporate solutions are also heavily dependent on AR technology for digitization and on-site enhancements. These elements consequently lead to an increase in market share.
In 2021, the market for augmented reality and virtual reality was valued at USD 22.6 billion. By 2030, it is anticipated to reach USD 451.5 billion. Let us know, 10 reasons why AR and VR market size will reach $451 by 2030:
Conclusion: These are some of the expected reasons why the AR and VR market size will reach $451 by 2030 and some of the prominent augmented reality and virtual reality market companies are Qualcomm Technologies Inc., Vuzix Corporation, Oculus VR, Samsung Electronics Co. Ltd., Laster Technologies, CyberGlove Systems LLC, Google Inc., Innovega Inc., Facebook Inc., Microsoft Corporation, NIVIDIA Corporation, EON Reality, Inc., Magic Leap, Inc., Augmented Pixels Co., and Advanced Micro Devices, Inc.