13.09.2021 Бизнес

Covid-19 Impact on AR and VR Market CAGR Rapidly Growing in Coming Years

The augmented reality (AR) and virtual reality (VR) market is expected to witness a strong CAGR, of 42.9%, during the forecast period (2020–2030), owing to the soaring focus of vendors on price reduction, growing penetration of tablet computers and smartphones, and surging adoption of AR and VR technologies in the healthcare, gaming, tourism, education, and entertainment industries.

According to P&S Intelligence, the market was valued at $37.0 billion in 2019 and it is projected to reach $1,274.4 billion by 2030. The rising focus of vendors on price reduction is one of the key contributors to the market growth, owing to the surging technological advancements in hardware and software.

Constant technological innovations in the field of optics will result in the development of flexible, compact, and cost-effective displays for smart glasses and headsets. Business organizations are the key targets of leading app developers, device manufacturers, and solution providers because they adopt a wide range of applications.

In recent years, market players have been providing software development kits (SDKs) to application developers at reasonable costs. In addition, the increasing adoption of AR and VR technologies among enterprises will also catalyze the AR and VR market growth, worldwide.

Moreover, most of the Fortune 500 companies are now experimenting with AR and VR technologies and some of them have already started their pilot projects. For instance, The Boeing Company decreased its wiring production time by 25% and reduced the error rate by deploying smart glass displays.