Augmented Reality and Virtual Reality Market Expected to Grow at a CAGR of 18.5% during 2023-2030, says MarkWide Research
According to a new report published by MarkWide Research, titled “Augmented Reality and Virtual Reality Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030,” the augmented reality and virtual reality (AR/VR) market is anticipated to experience substantial growth with an expected Compound Annual Growth Rate (CAGR) of 18.5% over the forecast period from 2023 to 2030.
Augmented Reality and Virtual Reality are transformative technologies that overlay digital content onto the real world (AR) or immerse users in simulated environments (VR). The market’s expansion is driven by factors such as the increasing adoption of AR/VR in various industries, advancements in hardware and software, and the growing demand for immersive experiences.
The report highlights that the global AR/VR market is being driven by the widespread adoption of these technologies in sectors such as gaming, entertainment, healthcare, education, and manufacturing. Businesses are leveraging AR/VR to enhance user experiences, streamline training and education, and improve decision-making processes.
Furthermore, the market’s growth is attributed to advancements in hardware and software that have led to improved visual quality, performance, and accessibility of AR/VR devices. From more realistic graphics to more comfortable wearables, these advancements have widened the scope of applications and user engagement.
The market is also influenced by the growing demand for immersive experiences that offer interactive and engaging content. From virtual travel experiences to training simulations and remote collaboration, AR/VR technologies provide novel ways for individuals and businesses to interact with digital information and environments.
Geographically, North America leads the global AR/VR market due to the presence of major technology companies, strong consumer demand, and a supportive ecosystem for innovation. Europe and the Asia Pacific regions are also expected to witness substantial growth, driven by increasing investments in AR/VR startups and the adoption of the technology in diverse industries.
The report profiles key players in the AR/VR market, including technology providers, content creators, and hardware manufacturers. Some notable companies featured in the report are XYZ AR/VR Solutions, ABC Tech Innovators, PQR Content Studios, and LMN Immersive Technologies. These players are focusing on improving user experiences, expanding content libraries, and addressing technical challenges.
MarkWide Research anticipates that the AR/VR market will continue its rapid growth trajectory, driven by the expansion of applications, advancements in technology, and the desire for immersive experiences. The report also highlights potential challenges, such as technical complexity and the need for standardization.
In conclusion, the AR/VR market is expected to grow with an expected CAGR of 18.5% from 2023 to 2030. The market’s expansion is driven by factors such as widespread adoption across industries, technological advancements, and the demand for immersive experiences. As businesses and consumers embrace AR/VR to transform various aspects of daily life, the market is poised for substantial growth.