The AR and VR market size is predicted to reach $451.5 billion by 2030
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The global provider of market research reports, Acumen Research and Consulting, has shared a report titled “Augmented Reality and Virtual Reality Market Size – Global Industry, Share, Analysis, Trends and Forecast 2022 – 2030.”
The VR and AR market is expected to be valued at around $451.5 billion by 2030 due to the increased use of technology in healthcare, entertainment, education, commercial, gaming, and many other sectors.
Acumen Research and Consulting has published a report, “Augmented Reality and Virtual Reality Market Report and Region Forecast,” which offers an analysis of the industry from 2022 to 2030. The size of the VR and AR market already reached $22.6 billion in 2021 and is predicted to grow to a booming $451.5 billion by 2030, with a CAGR (compound annual growth rate) of 38.5%.
For augmented and virtual reality, the major market drivers are the increasing use of the internet and the growing video game industry. Other global market drivers are the medical, real estate, entertainment, aerospace and military, and education sectors. The study indicates that over the next few years, the rise of AR and VR technology will create 2.3 million jobs in the U.S.
The use of VR and AR is expected to grow rapidly in retail, entertainment, healthcare, media, aerospace, manufacturing, and defense. In addition, governments worldwide are promoting emerging technologies to support the automotive and manufacturing industries. On-site improvement and digitization for commercial and business solutions are also dependent on AR technology. This results in an increased market share.
According to the industry report, Asia Pacific (especially Japan, South Korea, and China) is the fastest-growing market for VR and AR technologies.
Regarding VR gaming, the market value was $7.5 billion in 2021 and is predicted to reach $37 billion by 2028, with a CAGR of 30.5% from 2022 to 2028. Similarly to the entire VR and AR market, VR gaming is growing most rapidly in the Asia-Pacific region in terms of game creation and adoption. North America has the largest market share for VR gaming.
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