10 Reasons Why AR And VR Market Size Will Reach $451 By 2030 (2024)

Watch out for these 10 reasons why AR and VR market size will reach $451B by 2030

The market is primarily driven by the rising use of the internet and the developing video game industry. The increased adoption ofvirtual realityandaugmented realityin industries including retail, entertainment, healthcare, media, aerospace, manufacturing, and defense will cause theAR and VRmarket 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 onAR technologyfor digitization and on-site enhancements. These elements consequently lead to an increase in market share.

In 2021, the market foraugmented reality and virtual realitywas valued at USD 22.6 billion. By 2030, it is anticipated to reach USD 451.5 billion. Let us know, 10 reasons whyAR and VR market sizewill reach $451 by 2030:

1. The demand for augmented reality (AR) technology and its uses in healthcare are growing. A surgeon may use these tools to view a virtual representation of a patient’s body parts so they may assess the patient’s condition. The surgeon may be able to do less invasive surgery as a result.
2. AR-based apps are used by manufacturers for task analysis, problem-solving, production line operations, assembly activities, and manufacturing functions. As a result, organizations will have a greater need for remote help and collaboration in the future.
3. The market is expected to be driven shortly by the rising use of mobile AR technologies to give a more immersive experience, as well as the increased adoption of portable devices, such as smartphones and smart glasses.
4. The desire for high-quality entertainment content as well as companies focusing on enhancing display features and providing businesses with tailored products may increase market size.
5. Due to the growing demand for lightweight displays, technological improvements, and expanding patent portfolios of firms, the market for HMDs, which are a component of AR devices, is also anticipated to experience a significant increase in the upcoming years.
6. the expanding demand for more interactive and immersive games, as well as the growing awareness of these cutting-edge technologies.
7. The need for AR and VR technologies is being pushed by the increasing demand for smartphones, which is making these technologies essential components of smartphones.
8. The majority of Fortune 500 firms are experimenting with AR and VR technology, and some of them have even launched pilot projects. These pilot projects’ major goal is to determine how these technologies might assist in boosting productivity and lowering operational expenses for businesses.
9. The deployment of such technologies for a variety of sectors, including aerospace & defense, healthcare, and education for training purposes, is receiving significant investment from the governments of the U.S. and Canada, which is anticipated to fuel regional demand. The market size for AR and VR could grow as a result.
10. The sector is expanding because of the increased need for the gesture and haptic control. Utilizing haptic technology, a sense of touch is produced.

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.