Looking to learn more about the market for augmented reality (AR) and virtual reality (VR) products? The following are some important figures and market trends in the area of augmented reality and virtual reality that you should be aware of:
Augmented Reality: The use of augmented reality (AR) technology allows for the live, real-time blending of digital information with the physical world. AR can mix real life with a superimposed image or animation utilizing the camera on a mobile smartphone or AR headset. This is done by adding graphics, sounds, haptic feedback, to the natural world as it is. The size of the worldwide AR market, which is a component of the larger extended reality (XR) industry, is anticipated to increase significantly over the next few years.Augmented reality (AR) and virtual reality (VR) headset shipment year-over-year growth worldwide from 2020 to 2024
According to forecasts from the first quarter of 2021, augmented reality (AR) headset shipments are expected to expand by 175.3 percent over the same period as virtual reality (VR) headset shipments, which are expected to grow at a slower rate. When compared to other upcoming years, 2022 is predicted to have the biggest year-over-year rise in headset shipments for both VR and AR.
The global augmented reality (AR), virtual reality (VR), and mixed reality (MR) market reached 28 billion U.S. dollars in 2021, rising to over 250 billion U.S. dollars by 2028.
Virtual reality (VR) is a virtual experience that is either comparable to or completely distinct from reality. VR attempts to provide the user with a sensory experience that may include sight, touch, hearing, smell, or even taste. The industry as a whole is rapidly expanding, with the global VR market expected to grow from less than five billion US dollars in 2021 to more than 12 billion US dollars by 2024. The predicted growth is likely to benefit both the enterprise and consumer segments, including the growing development of the VR gaming industry.
Global consumer virtual reality (VR) market size 2016–2023
The consumer virtual reality market, which is separated into hardware and software divisions, The market is expected to expand further in the next years, reaching more than five billion US dollars by 2023.
Investment in augmented and virtual reality (AR/VR) technology worldwide in 2024, by use case
In 2024, 4.1 billion US dollars are anticipated to be invested in training and industrial maintenance as the two commercial use cases for augmented and virtual reality (AR/VR) that would receive the most funding. The three biggest consumer use cases for augmented and virtual reality (AR/VR) are VR gaming, VR video/feature viewing, and AR gaming, with 17.6 billion US dollars anticipated to be spent in 2024.
How many people are using VR today?
There are over 171 million people using VR today. In the U.S. alone, there are 50.2 million VR users. This is about 15% of the U.S. population. However, there are even more AR users in the U.S., with 83.7 using this technology.
Is VR growing in popularity?
Yes, VR is growing in popularity. In 2017, there were just 22 million VR users in the U.S., and by 2020 there were 50.2 million users. This number is expected to continue to grow and reach just under 70 million by 2023. In addition, worldwide spending on AR and VR technology is expected to grow from $12 billion in 2020 to $73 billion in 2024.
The metaverse, which is thought of as the next version of the internet, is the intersection of the real and virtual worlds. The metaverse, an advancement in social technology, enables avatars — digital representations of people — to communicate with one another in a range of contexts. The metaverse offers a place for limitless, interconnected virtual communities using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices. These communities can be found at work, in an office, at concerts or sporting events, or even when trying on clothing.
With all of these projections, we can say that the future is already here, and the patterns are only expected to continue rising as more and more sectors enter the metaverse.
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Virtual reality and augmented reality technologies are no longer seen as impractical. The global VR market is now valued at $7.72 billion and is expected to reach $26.9 billion by 2027. Since 80,000 U.S. jobs currently use VR or AR and 2.32 million are expected to do so by 2030, these technologies are being used in work-related settings. Since operations improve by at least 10%, 75% of businesses that use AR and VR extensively are eager to implement it.
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