The AR and VR market is witnessing growth and projected to reach USD 200.1 billion by 2030. This is mainly ascribed to the growing acceptance of such technologies in the entertainment, tourism, healthcare, gaming, education, and retail sectors. 

Additionally, governments in numerous countries are supporting the integration of automation and advanced technologies to stimulate growth in the manufacturing sector and foster industrial initiatives. Furthermore, businesses and industrial applications are increasingly relying on augmented reality (AR) technology for on-site improvements and digital transformation. 

AR beats VR in the revenue generation category, as AR consistently generates the majority of revenue. In particular, businesses have intensified their efforts in employing disparate arts to free up AR facilities and satisfied their customers in a compelling and interactive way. 

In addition, the improved penetration of portable devices, like smart glasses and smartphones along with the significant growth in the use of mobile AR technologies to provide a better immersive experience, is projected to contribute to the growth of the market. 

In the past few years, the hardware category had the larger revenue share of approximately 61%. This can be credited to the incline in the prices of hardware equipment, their high popularity in the gaming sector, and their availability is easy. 

In addition, it is projected to continue its dominance in the years to come. Mainly because of the growing demand for high-standard entertainment content and the stress on businesses to improve their display features and also provide customized products to enterprises. 

The enterprise sector holds a significant revenue share. The potential of such technologies between enterprises is massive, with all key players including app developers, device manufacturers, and solution providers targeting the market. 

Furthermore, several Fortune 500 companies have already started testing with AR and VR technologies, and many of them have already started pilot projects with such technologies. The objective of such pilot projects is to find how they can help in growing productivity and also reducing the operational expanse of organizations. 

In the recent years, North America held the largest revenue share of approximately 35%. The governments of Canada and the U.S. are doing heavy expenditures on the deployment of these technologies for several industries, such as healthcare, training purposes, education, and aerospace & defense, which is projected to drive the regional demand. 

The major drivers of the AR and VR market include the rising advancements in artificial intelligence (AI) and machine learning (ML) technologies, and the appealing designs and utility of AR and VR have attracted a big number of clients in a short period. 

SOURCE: P&S Intelligence